What is Axie Infinity?
Axie Infinity is a blockchain-based trading and battling game, growing since 2018, that is partially owned and operated by its players. It is a Pokémon-inspired digital pet universe. Everyone can earn tokens here through skilled gameplay and contributions to the ecosystem. To be more concretly, 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).
The Axie price developement and market cap
Axie Infinity’s price dated 12th March 2021, is $5.30. It has a circulating supply of 55 Million AXS coins and a max supply of 270 Million and this makes it middle cap coin with market cap of $293 Million.
What can actually the players do?
Except for battle, collect, raise and build a kingdom for their pets, which may have various forms (aquatic, beast, bird, bug, plant, and reptile parts = also known as Axies in general), can also players start the game by purchasing Axies from other players on the Marketplace
Each Axie is a non-fungible token (NFT) with different attributes and strengths. They can be entered into 3v3 battles. The winning team is earning more experience (exp) points that are used to level up an Axie’s stats or evolve their body parts. These Axies can be bred together to produce new and unique offspring, which can be used or sold on the Axie marketplace.
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.
Not for everyone
With a high Axie price and high gas prices on Ethereum, the barrier of entry for new players to get started is high. Breeding requires gas, which can add up to a lot of ether.
Solutions? Yes, The Ronin Ethereum sidechain!
It is specifically developed for Axie Infinity and is bound to mitigate this issue.
Ronin will come with:
- Fast & seamless transactions with almost instant confirmation.
- Drastically reduced gas fees. In addition, rather than paying Ethereum miners — the gas fees could be retained by the community and used for things like tournaments & bounties.
- The ability to withdraw Axie assets back to Ethereum Mainnet (eventually).
- Simplified on-boarding for new users, through a customized wallet solution.
- A block explorer for transparency and data accessibility.
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.
Who Are the Founders of Axie Infinity?
Axie Infinity was created in 2018 by Sky Mavis — a technology-focused game developer with a team primarily based in Vietnam. It was co-founded by Trung Nguyen (current CEO of the platform) and Aleksander Larsen (co-founder and COO). Larsen has been working in blockchain gaming since 2017. In total, the Axie Infinity team consists of 25 full-time employees.
Conclusion
The future of the AXS token relies on two factors:
- playability,
- and popularity of the Axie Infinity game.
The game is fun to play 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. It may not be the game that brings hardcore gamers to the blockchain, but it certainly does a great job making crypto and NFT investing fun.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
