What is Axie Infinity (AXS) How It Works & Where To Buy It?

Axie Infinity (AXS) is one of the most popular novel play-to-earn (P2E) games in the crypto space. It rocketed to stardom because players could earn cryptocurrency for playing the game.

It has a die-hard community and at its peak, it had more than 1.5 million daily players.

Players are rewarded in SLP tokens (small love potion) but the game’s governance token is AXS (Axie Infinity Shards).

AXS saw a significant surge since its launch and it’s currently the 4th largest gaming token by market capitalization.

 

How Axie Infinity (AXS) Works

The Axie Infinity blockchain game has transformed the gaming industry by giving players the ability to own characters in the game they’re playing.

All in-game parts, including Axies body parts and the land in the game, are non-fungible tokens (NFTs). Essentially, the NFTs are a unique representation of proof of ownership.

To start playing the game, users will need to purchase three Axies. These Axies are used to battle, to earn the tradeable in-game currency, Smooth Love Potion (SLP).

Smooth love potion is rewarded to users who defeat other Axies in battle. SLP tokens can then be traded in for profit or used to upgrade Axies.

The entire premise of the game has a very Pokemon-like and Yugi-Oh setting to it. Cards are used to represent actions occurring in the game during battle like Axie creatures combo moves, and other unique actions are also illustrated via cards.

Axies can only be bred a certain number of times, along with other rules such as Axies that are the same can’t breed Axies together.

The game uses two in-game currencies, namely AXS (Axie Infinity Shards) which is the governance token, and SLP which is the in-game token rewarded to users after they win a battle.

Besides a few other rules and intricacies, the Axie Infinity Game innovatively allows users, for a small participation fee (the purchase of three Axies), to earn cryptocurrency from playing the Axie Infinity game. They can also decide on future decisions affecting the game if they’re staking AXS tokens.

The AXS cryptocurrency has rallied by more than 16,000% in the past year and had a market cap of more than $9,7 billion at its peak in November 2021.

 

What Is Axie Infinity (AXS) Used For?

Axie Infinity is a game that rewards players with cryptocurrency. And since players own their characters, Axie Infinity facilitates proof of ownership through NFTs.

The characters they own in the Axie Infinity Universe earn them the game’s reward token, SLP, if their Axies win in battle. This in-game currency as well as the AXS governance token are tradable on most crypto exchanges.

Essentially, players are incentivized to play the game to earn rewards – this creates a micro-economy within the game, which has been a revolutionary advancement in gaming.

Both in-game tokens have real-world value; these values fluctuate according to how many of each token is in circulation, the popularity of the game, and some other important factors.

In an abstract sense, users own a share of the Axie universe and their shares appreciate and depreciate according to market fluctuations and the expansion of the project.

Axie Infinity has garnered an immense amount of support in the Philippines, which endorsed the game amid the corona pandemic, supporting several local communities financially during times of hardship.

Playing Axie Infinity became even more popular when traditional gamers learned of the incentives. The project and the success of the Axie Infinity ecosystem have inspired many more projects to start their own play-to-earn models.

The Axie Infinity team have been pioneers endeavoring to disrupt and transform the gaming industry forever, through the implementation of a real-world in-game economy.

 

Where To Buy Axie Infinity (AXS)

Axie Infinity Shard token has surged in popularity since its launch and so have the tokens’ trading volumes on exchanges. Axie Infinity has quickly grown to become a well-known game and its two in-game tokens are both frequently traded cryptocurrencies. AXS is the 45th largest cryptocurrency in the world by market capitalization.

AXS tokens are commonly available and frequently traded on most centralized crypto exchanges. Before you can buy Axie Infinity (AXS), you’ll have to make a deposit of fiat money onto an exchange, and sequentially AXS tokens will then be credited to your AXS digital wallet on the exchange.

If you’re unsure where to buy, sell, and store AXS tokens, the following crypto exchanges below are some of the most popular and trusted:

• Binance
• Gate.io
• HTX
• KuCoin
• Crypto.com

All of the above exchanges allow users to buy, sell, transfer, and store AXS tokens in a digital wallet on the exchange. You can use your debit or credit card to purchase AXS tokens on centralized exchanges.

The Ronin wallet is the native Axie Infinity wallet and it can be used to store your AXS and SLP tokens. Users can then use their Ronin wallet to facilitate the buying and selling of Axies and the AXS and SLP tokens.

 

Axie Infinity FAQs

How long has Axie Infinity (AXS) existed?

Axie Infinity was launched in March 2018. The game was created by Sky Mavis which is a Vietnamese studio. The founders of the blockchain game lab are Trung Nguyen and Aleksander Larsen.

The AXS token was incubated by Binance Labs and later listed on the exchange. It saw its most significant price appreciation in November 2021, impressively outperforming Bitcoin during the last half of the year.

What’s controversial about Axie Infinity (AXS)?

The crypto market is fast-growing and new sectors such as blockchain play-to-earn gaming are rapidly entering the space. Not all of the projects in this innovative space have been doxxed and there have been multiple projects that have rug-pulled their unknowing investors.

It’s essential to do diligent research into crypto projects, and gain as many insights into the project, its history, tokenomics, team, and partnerships. The more you research, the more calculated and sure your decisions will be.

Let’s take a look at the top two controversies surrounding Axie Infinity (AXS)

• Axie’s Ronin Bridge suffered a $650M Hack – The Ronin Bridge hack was the single largest hack in crypto history – hackers managed to steal $650 million in the bridge exploit. The losses suffered have highlighted two important issues surrounding this specific game.The cross-chain interoperability utilized in the facilitation of the game’s economy is easy to exploit, as has been the case with many other projects. The second is the lack of decentralization present; there were less than 10 nodes that needed to be compromised to execute the hack.
• Axie Infinity a flash-in-the-pan – Initially, the Axie Infinity game attracted a considerable amount of players, with more than 1.5 million daily users at its peak in late 2021. Numbers, however, have slumped considerably since then.People argue that it’s because the game lacks a riveting storyline and that it’s too basic while others blame the exorbitant Ethereum gas fees that make the game too expensive to play. Pricy Ethereum gas fees have been the root cause of many failed projects that were deployed on the Ethereum blockchain.

How many Axie Infinity (AXS) tokens are there?

At the time of writing, AXS has a circulating supply of 60,907,500.00 AXS (23% of the total supply).

The total supply of Axie Infinity (AXS) is 270,000,000.

Can AXS be mined?

Axie Infinity (AXS) is not a mineable cryptocurrency, so AXS, unlike Bitcoin, can’t be mined.

However, many individuals earn yields through breeding Axies – AXS token holders that stake their tokens are also rewarded.

Some centralized exchanges also offer staking rewards for HBAR holders that lock up their tokens for a certain duration.

 

Biggest Competitors Of Axie Infinity (AXS)

Axie Infinity is competing in the ever-growing blockchain gaming and metaverse sector.

Axie Infinity’s (AXS) top competitors are:

• Decentraland (MANA)
• The Sandbox (SAND)
• Illuvium (ILV)
• Yield Guild Games

 

What Are The Future Plans For Axie Infinity (AXS)

The game seeks to prioritize the growth of daily players, expand the ecosystem, create more utility and strengthen the economies of AXS and SLP tokens.

The team is working hard on development and will be announcing progress later this year.

 

Pros And Cons Of Axie Infinity And AXS

Pros:

• Pioneered Blockchain Gaming – Axie Infinity was the first ultra-successful blockchain gaming play-to-earn model that receive exponential user adoption . This faciliated the creation of two enormous tradable in-game currencies.
• More Than 1,5 Million Axie Infinity Players – The game has piqued the interest of millions across the world, lured by both its innovative play-to-earn tokenomics model, and its simplicity. Much like Angry Birds, a simple mobile game that became popular among millions of people, Axie Infinity’s simplicity has been a contributor to the success of the game.

Cons:

• Not Cheap Enough To Start For Some People – The price of purchasing three Axies has become unaffordable to some since the significant price appreciation of AXS.