What Is Axie Infinity? How Does AXS Work? How To Buy And Store In 2022 For Crypto Traders

What Is Axie Infinity How Does AXS Work

Axie Infinity is a blockchain-based game that allows players to collect, breed, and battle cute creatures called Axies. The game offers a unique gaming experience that combines the best of collectible card games, tamagotchis, and virtual worlds. In this blog, Cove Markets will give you a full insight about what is Axie Infinity and how to get AXS tokens?

What is Axie Infinity (AXS) ?

What is Axie Infinity (AXS)

Axie Infinity is a blockchain-based game developed by a Vietnamese team. It is inspired by the idea of the Pokemon and Tamagotchi game. The game will be available on Android and iOS platforms. Because of this, Axie Infinity created its own side chain on Ethereum, called Ronin Network, just for Axie Infinity.

Players can earn money from the games in a variety of ways in addition to playing (win the battle to gain rewards, trade pets,..). Each player in the game has an individual fantasy creature called an Axie that they can use for a variety of game-related activities, such as fighting, breeding, and market trading.

One of the first initiatives in DeFi to establish the “Play to Earn” trend was Axie Infinity. The game is built on the Ethereum platform and uses the ERC20 token standard.

Read more: TOP 10 Best ERC20 Coins To Trade & HODL In 2022: A Full Guidance Of Potential Crypto For Traders

Background of Axie Infinity

Axie Infinity is a blockchain-based game that was developed by a Vietnamese firm. Axie Infinity was born out of Sky Mavis, a game company that was created by CEO Nguyen Thanh Trung and four other people.

Axie Infinity is a “play to earn” pet training game and virtual environment based on the Ethereum blockchain and inspired by Pokemon. It was designed by Sky Mavis. Axies are virtual pets that players can gather, breed, combat, and trade. Tokens that are either fungible ERC-20 or non-fungible ERC-721 are used to represent all in-game items and are traded on secondary markets.

Axie was developed as a playful and instructive way to expose blockchain technology to the general public. Because it uses blockchain incentives to compensate players financially for their contributions to the ecosystem, Axie Infinity is different from other games.

For thousands of users, Axie has become the gateway into the world of cryptocurrencies. The Axie currently has 450K Daily Average Users (DAUs) of the game and 568K Discord Users as of July 2021. Revenues from Axie Infinity are on par with those from other DeFi Protocols. In comparison to other blockchain virtual worlds like Decentraland, SomniumSpace, Cryptovoxels, and Sandbox, Axie has created a venerable internal economy.

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How Does Axie Infinity Work?

How Does Axie Infinity Work

Axie Infinity is a decentralized game that uses Ethereum smart contracts to function. Ethereum is a blockchain that supports smart contracts, which are computer programs that can automatically execute transactions and agreements.

Each Axie has its own unique characteristics, which are determined by its genes. Players can breed their Axies to create new generations of creatures with different genes. Besides, players can earn other NTFs during playing the game and or use them for improving power or sell their NFTs on Marketplace.

Different gaming activities available in Axie Infinity include:

  • Battling: Choose from 2 game modes to take on other players in exciting battles:
    • Adventure Mode (PvE) is for players who want to battle monsters.
    • Arena Mode (PvP) is for experienced players who want to fight other players.
  • Breeding: Axies is similar to breeding real-world pets. By breeding Axies, you can create new offspring that will eventually become adult Axies and be ready to join a battle. To avoid Axies inflation, each Axies can only be bred a maximum of 7 times.
  • Land: Tokenized parcels make up the Lunacia, the Axie homeland. The land has a variety of materials that players can use to upgrade their plots.
  • Marketplace: this is a decentralized market where players can trade their valuable items (Axie, land, etc.) created in the game.

What Problems Does AXS Solve?

The AXS platform solves several problems for both businesses and individuals.

  • For businesses, it provides a way to streamline the process of onboarding new customers and employees. It also gives businesses a way to manage their customer data and loyalty programs in one place.
  • For individuals, AXS provides a way to manage their personal information and loyalty programs in one place. It also gives individuals a way to keep track of their spending and earn rewards for their loyalty.

The Axie Infinity Team

Axie Infinity is being developed by Sky Mavis which is a technology-focused game studio founded in early 2018. The team comprises 40 full-time personnel, and Ho Chi Minh City, Vietnam, serves as its headquarters. The following people make up the founding group:

  • Trung Thanh Nguyen – CEO, he is involved in all key decisions from product to marketing and leads the company in Vietnam.
  • Aleksander Leonard Larsen – COO: Aleksander is responsible for all things business-related in Axie Infinity. He also serves on the board of directors in the Blockchain Game Alliance and holds the secretary position.
  • Tu Doan – Art Director and Game Designer: He runs the art team in Vietnam and designed the original Axies. He is responsible for the art direction and many game design concepts
  • Andy Ho – CTO: Andy leads our engineering team and is responsible for our technical strategy and engineering operations.
  • Jeffrey Zirlin – Growth Lead, Jeff AKA “Jihoz” is responsible for growth and community development. He also spearheads token design and works closely with the product team.

Partnerships

Some other partners of Axie Infinity:

  • Metabase with Axie Infinity
  • Esports and video streaming platform VeraEsports has extended its partnership with NFT-based video game Axie Infinity for the GalAxie Cup 2022.
  • Axie Infinity Partners with Crypt-Oink [Blending NFTs Across Games]
  • Axie Infinity, Bit2Me Sign Partnership to Boost Growth in Spain, Portugal and Latin America

Partnerships

What Is AXS Token?

What Is AXS Token

AXS is the governance token of Axie Infinity, and it is a cryptocurrency token and operates on the Ethereum platform. It is viewed as the substance that holds the Axie Infinity Universe together. By playing Axie Infinity, players can gain AXS. By staking, playing the game, or taking part in governance tasks, AXS holders can earn prizes.

Basic Informations About AXS

  • Token Name: Axie Infinity
  • Ticker: AXS.
  • Blockchain: Ethereum
  • Token Standard: ERC-20
  • Contract: 0xbb0e17ef65f82ab018d8edd776e8dd940327b28b
  • Token type: Governance
  • Total Supply: 270,000,000 AXS
  • Circulating Supply: 83,820,457 AXS

Read more: BEP2 vs BEP20 vs ERC20: Which Is The Best Choice For You 2022?

Token Allocation

  • Public sale: 11% of the total supply, or 29,700,000 AXS
  • Private Sale: 4%, it means the total 10,800,000 AXS allocated, 2,160,000 AXS were issued. Rest vests after two years.
  • Sky Mavis Foundation: 21%, Of the 56,700,000 AXS allocated in total, 10,800,000 AXS were released. vests with more than 4.5 years remaining.
  • Play-to-Earn Rewards: 20%, Out of the 54,000,000 AXS granted in total, 4,725,000 AXS were issued. Up until 2026, Axie will keep distributing these monies to users.
  • Ecosystem Fund: 8%, Of the 21,600,000 AXS allocated in total, 8,100,000 were released. The remaining amount will be split over four years.
  • Advisors: 7%, Of the 18,900,000 AXS allotted, 4,500,000 were released. The remaining amount will be split over four years.
  • Staking: 29 %, Of the total 78,300,000 AXS allocated, 0 AXS were issued.

Token Allocation

Token Sale

  • TOKEN SALE: 3 NOV – 4 NOV
  • Ticker: AXS
  • Token type: ERC20 ICO
  • Token Price: 1 AXS = 0.1 USD
  • Fundraising Goal: $2,970,000
  • Total Tokens: 270,000,000
  • Available for Token Sale: 11%

Read more: IDO Vs ICO Vs IEO: What Is An IDO In Crypto And How To Invest It 2022?

Price of AXS Today

  • The price of Axie Infinity today is $18.12
  • Market cap: $1,224,102,377
  • The 24-hour trading volume: $128,381,804 USD

What is AXS Used For?

What is AXS Used For

  • Governance: People use AXS to help make decisions about Axie Infinity. Money from the game goes into a Community Treasury, which is also managed by AXS users.
  • Staking: Users can put AXS into a special account to get more AXS.
  • Payment: AXS can be used to buy things in the Axie Marketplace.

How to Buy AXS Tokens?

If you want to buy Axie Infinity, there are four easy steps you can follow.

  1. Compare cryptocurrency exchanges: Purchasing Axie Infinity via a cryptocurrency exchange is the simplest option. You can select one with the qualities you want, such affordable costs, the convenience of use, or round-the-clock customer service, by comparing the options in the table below.
  2. Create an account: You must confirm your email address and identity to register for an account on an exchange. Prepare your phone and some photo identification.
  3. Make a deposit: Once your identity has been confirmed, you can deposit money using whichever payment option fits you the best. Bank transfers (sepa), credit cards, debit cards, and bank transfers are all often accepted.
  4. Purchase Axie Infinity: You can now buy Axie Infinity with your money. This can be done by simply entering the desired purchase amount and pressing the buy button on exchanges that are simpler to use. You can now withdraw your Axie Infinity to your personal wallet, if you’d like.

The best places to buy Axie Infinity are Binance, BTCEX, OKX, CoinW, and CoinTiger. You can find more exchanges listed on our crypto exchanges page.

How to Store AXS Coins?

You can store your AXS tokens in a special kind of wallet called an ERC-20 compatible wallet. Some examples of these kinds of wallets are Trustwallet or Trezor One.

Another way to store and exchange AXS is to use its wallet called Ronin Wallets.

Read more: Best Crypto Wallets For Storing Coins In 2022: Hot Wallets & Cold Wallets

Goals of Axie Infinity

Goals of Axie Infinity

With Axie Infinity Shards, they hope to creatively and exhilaratingly align the incentives between the game’s players and the creators. The two basic objectives of the mechanisms mentioned above are:

  • To encourage players to keep their tokens so they can receive more benefits while also rewarding them for interacting with Axie Infinity.
  • To distribute control over and ownership of Axie Infinity.

They want Axie to be the first game that is fully run and controlled by its player base. There are countless opportunities presented by this, but caution must be used. Using the phrase “decentralization” as a ploy, projects have in the past been abandoned or stagnated. Over time, there will be a gradual transition to a truly decentralized organization.

Prospect Of AXS

It is very optimistic in its predictions for the years 2022, 2023, 2024, and 2025, expecting the token to average $26.71, $39.20, $59.21, and $86.87, respectively. Prices could potentially reach $556.99 by 2030.

Price prediction for the Axie Infinity coin at $20.93 by the end of 2022. They have also set projections for 2023 to 2026, with the coin price reaching $23.39, $23.74, $30.07, and $28.03 respectively. Finally, they predict that by 2030 the coin could reach $71.73.

FAQs

FAQs

How to earn AXS tokens?

The easiest way to earn AXS tokens is to participate in the Bounty Program. You can also earn AXS tokens by referring friends and family to the platform.

Should you invest in Axie Infinity?

As the decision of whether or not to invest in Axie Infinity depends on each individual’s unique financial situation and investment goals. However, as with any investment, it is important to do your own research and consult with a financial advisor before making any decisions.

Is investing in AXS risky?

AXS is a publicly traded crypto, so it is subject to market risk. However, Sky Mavis has a strong financial position and has been profitable for many years.

There are a few reasons for Axie Infinity’s popularity:

  • First, the game has a very unique art style that is inspired by anime and chibi characters. In 2021, Axie was a big hit to the Game Fi and its players made a ton of profits from the game. The value of AXS was also at its ATH of $165.37, nearly increasing 1500% compared to its sale price.
  • Secondly, the game offers a very deep and complex gameplay experience that is unlike any other game on the market.
  • Lastly, the game has a very active and supportive community that is always willing to help new players get started.

Is it the right time to buy AXS?

As it depends on a variety of factors including the current market conditions and your personal investment goals. If you are considering purchasing AXS shares, it is important to do your own research and speak with a financial advisor to determine if it is the right time for you to invest.

What can I buy with AXS?

With AXS, you can buy tickets to a variety of events. This includes concerts, sports games, and theatre performances.

How is Axie Infinity different from other blockchain projects?

Axie Infinity is a game built on the Ethereum blockchain that allows players to buy, sell, and breed cute digital pets called Axies. Unlike other blockchain projects, Axie Infinity has a fully functioning game that users can play today. In addition, the Axie Infinity team is focused on building a community around their game and providing a fun and rewarding experience for their users.

Can I convert Axie Infinity coins to other currencies?

Axie Infinity coins can be converted to other currencies through exchanges.

How do I get started playing?

To get started playing, first create an account on the website. Once you have an account, you can login and start playing any of the games that are available.

Conclusion

Axie Infinity is a digital pet world where you can breed, collect, and battle your Axies. You can also earn rewards by playing games and completing quests.

If you’re looking for a fun and unique way to collect and trade digital creatures, then Axie Infinity is the perfect game for you. So what are you waiting for? Start collecting your own team of Axies today!

Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.

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