What is AXS
It’s 2021, and that means you can earn money by breeding virtual pets.
An easy way to think of Axie Infinity is to imagine a blockchain game that combines Pokémon and CryptoKitties. More specifically, Axie Infinity is an NFT game and ecosystem built on the Ethereum blockchain. Its native cryptocurrency is an ERC-20 token called Axie Infinity Shard (AXS).
Introduction
Following on the concept pioneered by CryptoKitties, Axie Infinity is an Ethereum-based collectible game that’s been growing since 2018. The game is the brainchild of Vietnam-based startup Sky Mavis, starting off as a passion project and moving on to become a popular Ethereum game.
Axie Infinity Shard (AXS) is the token of the Axie Infinity ecosystem. AXS is an ERC-20 governance token, launched in November 2020. AXS tokens can be purchased, traded, or earned through playing the game.
Other Axie Infinity-associated tokens include game assets (like your Axie characters) in the form of ERC-721 tokens and Small Love Potion (SLP), an ERC-20 token.
What is Axie Infinity?
In the Axie Infinity ecosystem, the game characters are called Axies. They are non-fungible tokens (NFT) that you own and control. You can store them in your personal wallet, transfer them to other Ethereum addresses, or trade with other players using a blockchain-based marketplace. Apart from Axies, the game features virtual land and items, which are also ERC-721 tokens.
Within the ecosystem, players can use teams and formations in the Adventure mode (PvE - Player vs. Environment) to battle monsters in Lunacia – the Axie Infinity kingdom. They can also choose the Arena mode (PvP – Player vs. Player) to battle other real-life Axie trainers. When you win, you gain an asset called Small Love Potion (SLP), which is used for breeding Axies. SLP is also an ERC-20 token and can be traded on exchanges like Binance.
With a high Axie price and high gas prices on Ethereum, the hurdle of entry for new players to get started is high. Breeding requires gas, which can add up to a lot of ether. The Ronin Ethereum sidechain, specifically made for Axie Infinity, is bound to mitigate this issue.
What is Axie Infinity Shard (AXS)?
The AXS coin (Axie Infinity Shard) is relatively new to the Axie Infinity universe – it was released in November 2020. AXS holders will be able to use the token for staking and receive AXS by voting and playing. These rewards come from the Community Treasury, which is filled by in-game purchases. As of January 2021, however, this Community Treasury and the staking features are not yet implemented.
The total supply of AXS will be 270,000,000. Some tokens were allocated to the public sale, some for the play to earn features and some to Sky Mavis and advisors to the project. The initial supply at the first public sale was just under 60,000,000. The number of tokens released is expected to grow yearly until 2026.
AXS use cases
Axie Infinity wants to be a mature game that gets players hooked, has a strong community, and a thriving ecosystem. For fans of Pokémon or Final Fantasy, Axie Infinity offers a fun gaming experience to become immersed in.
As of February 2021, there are over 27,000 players of Axie Infinity. If the game can garner an even larger player base, it will surely add more value to the ecosystem. As we’ve mentioned earlier, the Ronin sidechain, along with a free-to-play version, is being implemented to encourage even more growth.
By playing Axie Infinity, players can earn both AXS and SLP tokens by various means. These tokens can then be exchanged for other cryptocurrencies. There are already gamers out there making money from playing Axie Infinity.
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How to store AXS
As AXS is an ERC-20 token, it can be stored in any ERC-20 compatible software wallet such as Trust Wallet, Coinomi, Exodus, as well as hardware wallets such as Trezor One or Ledger Nano X.
Closing thoughts
The future of the AXS token relies on the playability and popularity of the Axie Infinity game. The game is fun to play, fleshed out, with plenty of room to grow. It has also proven itself over the past two years and has new features on the way to entice more players to join.