Axie Infinity has taken the crypto world by storm as one of the most popular blockchain-based games. At its heart is the AXS token, fueling the metaverse and unlocking rewards for players. But what exactly is Axie Infinity (AXS) coin and how does it power the magical world within? Let’s take a deep dive.
What is the purpose of Axie Infinity (AXS) coin?
Axie Infinity runs on two main cryptocurrencies – Axie Infinity Shards (AXS) and Smooth Love Potions (SLP). AXS acts as the network’s governance token while SLP is used for breeding new digital creatures called Axies. Through quests, battling, and other activities, players can earn SLP which can then be converted to real-world money or used to breed more Axies. This breeding process requires a mix of AXS and SLP, introducing utility and demand for both coins.
Beyond just being an in-game currency, AXS has growing influence as the Axie metaverse expands. As a governance token, AXS holders can vote on proposals to shape the game’s future. They can also stake their coins to accrue more AXS over time while supporting the network. With a total supply capped at 270 million, AXS takes on store-of-value qualities too. Its finite nature and growing userbase continue pumping money into the Axie economy.
How Does Axie Infinity (AXS) Crypto Work?
Under the hood, AXS runs on Ethereum with ERC-20 compatibility. This allows it to be easily traded on exchanges and swung across different blockchains. However, when you actually log into Axie Infinity, you interact with AXS through the Ronin sidechain. Ronin was built by Sky Mavis, the studio behind Axie, to optimize the gameplay experience. Transactions settle almost instantly with extremely low fees compared to Ethereum gas prices.
In the game, players can acquire AXS tokens through various means like daily logins, holding land plots, or leveling up their account. It’s also earned as rewards for participating in governance by staking coins. From there, you can withdraw AXS to an external wallet, trade it on exchanges for other cryptocurrencies or traditional fiat, or use it for internal functions like breeding. This closed-loop system is part of what gives AXS utility and fuels continued interest in the Axie metaverse.
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Does Axie Infinity (AXS) Token Have a Future?
Considering Axie Infinity now has over 2 thousand daily active users, AXS seems primed for an exciting future as the backbone of this burgeoning virtual world. As guilds, land gameplay, tournaments, and other anticipated features are introduced, new ways to harness AXS’s power are sure to emerge. The economy will also expand to support these new areas with demand for the token.
Looking further ahead, Axie Infinity aims to build out their vision of a fully decentralized metaverse. This would see greater player governance over time through increased AXS staking. Successfully pulling off such an ambitious project could cement AXS as a blue-chip cryptocurrency for many years to come. With Sky Mavis’s proven ability to execute their roadmap so far and the staying power of Pokemon-esque collection games, there’s good reason to be bullish on AXS’s long term potential.
When Did Axie Infinity (AXS) Coin Launch?
Axie Infinity (AXS) was originally created in 2018 and launched on the Ethereum mainnet in late 2020. The game very much flew under the radar for its first few years until ballooning in popularity over 2021 amid the rise of play-to-earn concepts. AXS hit the exchanges that November, giving regular traders a chance to speculate on its price movement for the first time. Now, it’s a top 75 cryptocurrency by market cap and going stronger than ever as the metaverse heats up.
Is Axie Infinity (AXS) Crypto a Scam?
No, Axie Infinity is not considered a scam by the crypto community. As one of the largest and most mainstream metaverse platforms, it has attracted investment from major venture capital firms like a16z. The game is also fully transparent in how it develops and deploys updates. Bi-weekly community calls keep players informed on progress. The team behind Axie Infinity, Sky Mavis, is publicly doxxed too. With over two years of fast, honest growth, there are no signs Axie Infinity will exit scam or conduct any fraudulent behavior.
Is It Safe to Invest in Axie Infinity (AXS) Token?
While investing of any kind carries risk, AXS appears a relatively safe cryptocurrency to put your money behind. The game’s growing userbase provides an economic backbone, increasing the token’s real-world utility. It also trades on major centralized and decentralized exchanges with strong liquidity. From a technical standpoint, the ERC-20 standard and reliance on Ronin’s security give confidence in the network. Just be sure to take basic crypto precautions like storing your coins in a non-custodial wallet and enabling two-factor authentication everywhere. With the right research and cautious approach, AXS could make for a sound long term hold.
Is Axie Infinity (AXS) Coin Worth It? AXS Price 2023
As Axie Infinity expands its features and playerbase, strong price performance for AXS may very well continue into 2023 and beyond. After reaching an all-time high of over $160 in November 2021, it has leveled off to the $4-5 range in recent months. This offers an improved entry compared to last year’s highs.
Looking ahead, new anticipated gameplay modes involving land, tournaments and other economies could spur fresh cycles of growth. If Axie hits further adoption benchmarks and development proceeds per their roadmap, breaking previous ATHs is certainly feasible in the next 12 months. For a investors with an appropriate risk approach, buying into dips and holding AXS seems a recipe aimed toward profit in 2023.
Where to Buy Axie Infinity (AXS) Crypto?
Some top options for purchasing AXS include major centralized crypto exchanges like Binance, Kraken, Bithumb and Gate.io where you can easily match fiat or stablecoin trades against AXS. For a decentralized experience, try Uniswap or 1inch which trade AXS directly as an ERC-20 token. You can also acquire AXS through your native wallet after connecting to their Ronin Bridge. Be sure to choose a trusted platform that supports your preferred payment method and digital wallet. Kriptomat, for example, allows credit/debit card purchases of hundreds of coins including AXS.
How to Sell Axie Infinity (AXS) Token?
To sell your AXS, simply deposit them into your exchange account and place a limit order to liquidate the amount you want at your specified sell price. The process is largely the same regardless of platform – login, find AXS under your portfolio, click sell, enter order details and finalize. Then sit back and wait for your order to be filled. Once sold, you can withdraw funds to your linked fiat bank account or stablecoin wallet typically for a small network fee. Alternatively, trades on decentralized exchanges like 1inch occur instantly with your tokens automatically moving into the new currency.
How to Stake Axie Infinity (AXS) Coin?
To earn rewards on your AXS holdings, you can opt to stake the tokens. The process involves depositing a committed amount of coins to validate transactions on the Ronin sidechain. This is done via the official Axie Infinity website or mobile apps. You’ll need a Ronin Wallet to stake AXS, keeping the private keys safe. Staking yields are around 10% APY, paid daily right to your wallet in freshly minted AXS. It’s a hands-free way to grow your portfolio without selling. Just remember coins are locked until you unstake later, so ensure you can leave them committed long term.
How to Mine Axie Infinity (AXS) Crypto?
AXS is not mineable like Bitcoin because it leverages the Ethereum network for finalizing transactions. As such, the only way to acquire new AXS is by purchasing it on an exchange, earning through game activities, governance staking rewards, or promotional airdrops. There’s no specialized mining hardware or computational resources required. Resource-intensive proof-of-work is unnecessary on Axie Infinity due to the swift and low-fee Ronin sidechain developed for its needs. Players interact with the token economy directly in-game instead of needing mining operations.