• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • O3Home
  • Admission Thread
    • Admission List
    • Colleges Of Education
    • School Fees
    • Acceptance Fees
    • List Of Courses
    • Cut Off Marks
    • Academic Calendar
    • School Latest News
  • Study Guide
    • Scholarships
      • Study Abroad
        • Germany
        • USA
        • UK
        • UAE
      • Business Scholarships
      • Internships
      • Ph.D Scholarships
      • Scholarships For Developing Countries
      • Featured Scholarships
      • Masters Scholarship
      • Postdoc Fellowships
      • Undergraduate Scholarships
  • Exams
    • JAMB
    • WAEC
    • NECO
    • GCE
    • Post UTME
  • Job
    • Entrepreneurship
    • Blogging
    • JOB SEARCH
  • Aviation
  • INSURANCE
  • Cryptocurrency
  • News
    • Messages
    • Talent Shows
    • Song Lyrics
    • Canada
  • About Us
    • Contact Us
    • Terms And Condition
    • Privacy Policy
  • Advertise With Us

O3schools

#1 Source Of Academic and Career info.

  • O3Home
  • Admission Thread
    • Admission List
    • Colleges Of Education
    • School Fees
    • Acceptance Fees
    • List Of Courses
    • Cut Off Marks
    • Academic Calendar
    • School Latest News
  • Study Guide
    • Scholarships
      • Study Abroad
        • Germany
        • USA
        • UK
        • UAE
      • Business Scholarships
      • Internships
      • Ph.D Scholarships
      • Scholarships For Developing Countries
      • Featured Scholarships
      • Masters Scholarship
      • Postdoc Fellowships
      • Undergraduate Scholarships
  • Exams
    • JAMB
    • WAEC
    • NECO
    • GCE
    • Post UTME
  • Job
    • Entrepreneurship
    • Blogging
    • JOB SEARCH
  • Aviation
  • INSURANCE
  • Cryptocurrency
  • News
    • Messages
    • Talent Shows
    • Song Lyrics
    • Canada
  • About Us
    • Contact Us
    • Terms And Condition
    • Privacy Policy
  • Advertise With Us

What Is Axie Infinity (AXS)?

January 10, 2024 by Mc_OWOBLOW Leave a Comment

What Is Axie Infinity (AXS)?

Table of Interests

  • What Is Axie Infinity (AXS)?
    • Introduction
    • What is Axie Infinity Shard (AXS)?
    • AXS use cases
    • How to store AXS
    • Things You Need to Know Before Buying Axie Infinity
      • 1. Axie is a play-to-earn cryptocurrency game
      • 2. Axie’s not the only play-to-earn game on the market
      • 3. Axie Infinity generated more revenue in the past 30 days than the other top ten apps combined
      • 4. Axie land sale broke records
      • 5. You need three Axies to take part in the game
      • 6. People are quitting their jobs to play Axie
      • 7. The price jumped over 600% in a month — then halved in value
      • 8. You can’t buy Axie on major U.S. exchanges

What Is Axie Infinity (AXS)? 2021

Looking for the best article out there concerning What Is Axie Infinity (AXS)? , then you are in the right place.

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.
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.

GET started with cryptocurrency and Buy Bitcoin (BTC) on Binance

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.

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.

Things You Need to Know Before Buying Axie Infinity

1. Axie is a play-to-earn cryptocurrency game

Play to earn is a relatively new form of gaming, but the concept is catching on. Players in these games earn cryptocurrency tokens within the game, which they can trade on decentralized exchanges for hard cash.

In Axie Infinity, players own cute creatures called Axies. Each Axie is a non-fungible token (NFT), which means it is a unique digital collectible in its own right. Players can breed and battle Axies, as well as complete quests and farm resources.

There’s a whole economy within the game (a world called Lunacia). Players can use their in-game tokens — Smooth Love Potion (SLP) and Axie Infinity Shard (AXS) — to buy land, farm, or breed Axies in Lunacia. And since the tokens have value, gamers can also use them to pay for rent or food in real life.

2. Axie’s not the only play-to-earn game on the market

If you’re considering buying AXS today, bear in mind that there are other crypto games available that might eclipse today’s craze. What sets Axie apart is that it’s had years to develop the product and build its community. The project originally started in 2017 and it only took off recently, which the team believes will make it harder to imitate.

However, blockchain technology is also developing rapidly, and every successful coin seems to spawn a number of copycats. With any cryptocurrency, there’s always a risk that something better will quickly replace it.

3. Axie Infinity generated more revenue in the past 30 days than the other top ten apps combined

According to data from Token Terminal, Axie has generated almost $90 million in revenue in the past 30 days. At the time of writing, the other top ten apps on Token Terminal’s list totalled around $41 million combined.

Revenue comes from in-game purchases, such as land. Axie takes a 4.25% fee for buying and selling Axie NFTs and charges fees for breeding. What’s truly remarkable is that 95% of its revenue goes back to the players. Which is why, as we’ll discuss shortly, people in developing countries are devoting so much time to the game.

However, one thing to remember is that cryptocurrencies are not stocks. If you buy stocks in a company that produces huge revenue, you may get a share of the profit through dividends. If you buy AXS, you don’t own a share in the business. The main way you can profit is through an increase in the token’s price.

4. Axie land sale broke records

Back in February, a user spent 888.25 ETH (worth about $1.5 million at that point) on nine plots of land in Axie. CoinDesk said it was the largest NFT sale on record at that point.

Since then, we’ve seen a host of multimillion dollar NFT sales, including Twitter CEO Jack Dorsey’s first tweet, which sold for almost $3 million. This highlights the fact that AXS tokens are not the only way to invest in Axie Infinity — owning Axies and digital land could also be profitable for those willing to immerse themselves in Lunacia.

5. You need three Axies to take part in the game

As an investor, you’re more likely to buy AXS tokens in the belief they will increase in value long term. However, Axie Infinity is not geared toward investors — it’s a community that encourages token holders to participate.

And participation can get expensive. Especially as one downside of Axie Infinity’s success is that the price of Axies has shot up. Players used to be able to get started with $5 to $10. Right now, the minimum price for an Axie is around $200, so gamers need to spend $600 to play. Axies can breed up to seven times before they go sterile.

You’ll also need two wallets and a chunk of Ethereum (ETH) before you can even buy your first Axie.

6. People are quitting their jobs to play Axie

According to the Cryptoday newsletter on Substack, the average player can earn around 4,500 SLP a month. At today’s prices, that’s around $1,500.

Axie says there are more than 250,000 daily active players. The game is both time consuming and strategic. Not only do players need to carefully breed their Axies to develop particular skills, they also need to complete quests to earn energy that lets them participate further.

As a result, some workers in countries like Vietnam and the Philippines are giving up their day jobs to dedicate themselves to Axie. It has helped many people through pandemic-related economic struggles, though most see it as a side hustle rather than a day job.

7. The price jumped over 600% in a month — then halved in value

From mid June to mid July, AXS jumped by over 600%. The price hit an all-time high of $29.13 on July 15 before falling to $14.19 on July 20. At the time of writing, AXS is climbing again.

All cryptocurrency prices are volatile, and big price jumps are often driven by investors who see a coin is rising and get scared they’ll miss out. Make sure you do your homework and look at Axie’s long-term potential before you buy.

8. You can’t buy Axie on major U.S. exchanges

Right now, AXS and SLP aren’t available on top U.S. cryptocurrency exchanges, which means they aren’t easy to buy. It is possible to use a decentralized exchange, but be careful as these are not always open to U.S. investors. Buying from an unregulated exchange increases the risk of fraud and means your account could get frozen if authorities crack down on crypto exchanges.

All in all, Axie could be an interesting one to watch. But it’s a good idea to understand the crypto gaming industry and the play-to-earn concept before spending your hard-earned cash.

That’s the much we can take on the topic “What Is Axie Infinity (AXS)? “.

Thanks For Reading

O3SCHOOLS TEAM

Common Cryptocurrency Scams on Mobile Devices

Ultimate Guide to Symmetric versus Asymmetric Encryption

How Blockchain Is Used in The Internet of Things (IoT)

Ultimate Guide to Understanding What Makes a Blockchain Secure

Upto Date Blockchain Use Cases

Initial Coin Offering List  – Comprehensive List of Projects Currently Doing ICO

Ultimate Guide to Initial Coin Offering (ICO)

Ultimate Guide to Understanding What Fractional Reserve is

Understanding Why Public WiFi Is Insecure

The Ultimate History of Cryptography

Understanding what DoS Attack is

Ultimate Guide to what Fiat Currency is

Ultimate Guide to zk-SNARKs and zk-STARKs

Things to Avoid When Using Binance Chain

How Blockchain Is Used In Charity

How Blockchain is Used in Supply Chain

Ultimate Guide to What a Replay Attack is

Ultimate Guide to Delegated Proof of Stake

Ultimate Guide to what Ransomware is

Ultimate Guide to understanding Cryptojacking

Ultimate Guide to Understanding Inflation for Beginners

How to Know Cryptocurrencies Pyramid and Ponzi Schemes

Ultimate Beginner’s Guide to Bitcoin’s Lightning Network

Advantages and Disadvantages Of Blockchain

Ultimate Guide to Ethereum Plasma

Ultimate Guide to Multisig Wallet

Ultimate Guide to Tulip Mania

Ultimate Guide to Quantitative Easing (QE)

Filed Under: Cryptocurrency Tagged With: axie infinity, axie infinity apk, axie infinity app, axie infinity coin, axie infinity login, how to play axie infinity, how to start axie infinity, qr code axie infinity guide, What Is Axie Infinity (AXS)? 2021

About Mc_OWOBLOW

My name is Owolabi Thankgod. I am a TEACHER, INFLUENCER and an INFORMATION PROVIDER. Follow me on Instagram & Twitter @ mc_owoblow & mc_owoblow

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

QUICK LINKS

  • FUWUKARI Cut Off Marks 2025/2026 | FUWUKARI JAMB, Departmental & Post-UTME Cut off Marks
  • Fidei Polytechnic Gboko Post UTME Form 2025/2026
  • Nwafor Orizu COE Post UTME Form 2025/2026 Out | Apply Now
  • Michael Otedola College of Primary Education MOCPED Post UTME Form 2025/2026
  • Nigerian College of Aviation Technology NCAT Post UTME Form 2025/2026 [ND Programmes]
  • Tai Solarin College of Education Post UTME Form 2025/2026 | TASCE (OOU Degree Affiliation)
  • Bayero University Kano BUK Post UTME Form 2025/2026 Is Out Online, Buk.edu.ng | BUK Latest Admission News
  • UCH Ibadan School of Health Information Management SHIM Post UTME Form 2025/2026 | ND Full-Time
  • Federal College of Agric Akure FECA Post UTME Form 2025/2026 Out | Apply Now
  • Alvan Ikoku Post UTME Form 2025/2026 For NCE & Degree Out | Apply Now
  • Gombe State Polytechnic Bajoga GSPB Post UTME Form 2025/2026
  • Thomas Adewumi University Post UTME Form 2025/2026
  • Ibarapa Polytechnic Post UTME Form 2025/2026 | Apply Now
  • YSU Post UTME Form/DE 2025/2026 Is Out Online, Ysu.edu.ng | YSU Admission News
  • Nigerian Maritime University NMU Post UTME form 2025/2026
  • UDUSOK Post UTME Form 2025/2026 Udosok.edu.ng | UDUSOK Latest News
  • FUWUKARI Post UTME Form 2025/2026 Is Out Online, fuwukari.edu.ng | Latest News
  • Confluence University of Science and Technology CUSTECH Post UTME Form 2024/2025
  • UNIMAID Post UTME Form 2025/2026 Is Out Online, Unimaid.edu.ng | UNIMAID Latest News
  • FUKASHERE Post UTME Form 2025/2026 Is Out Online, https://fukashere.edu.ng

O3Schools Copyright (c) 2024. All rights reserved. | Privacy Policy. | About Us | Home