It's 2021 and that means you can make money by creating 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 the ERC-20 token Axie Infinity Shard (AXS).
In this article, we will discuss:
Introduction
Following the pioneering concept of CryptoKitties, Axie Infinity is a collectible game based on Ethereum that has been growing since 2018. The game is a creation of the startup Sky Mavis, based in Vietnam. Initially it was just a project for the theme lovers, but later it became a very popular Ethereum game.
Axie Infinity Shard (AXS) is the token of the Axie Infinity ecosystem. AXS is an ERC-20 governance token, released in November 2020. AXS tokens can be purchased, traded or purchased through the game.
Other tokens associated with Axie Infinity include game assets (such as 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, game characters are called Axies. They are non-fungible tokens (NFT) that the user owns and controls. You can store them in your personal wallet, transfer them to other Ethereum addresses, or trade with other players using a market based blockchain. In addition to Axies, the game features virtual land and items, which are also ERC-721 tokens.
Within the ecosystem, players can use teams and different formations in Adventure Mode (PvE – Player vs. Environment) to fight monsters in Lunacia – the realm of Axie Infinity. They can also choose Arena mode (PvP – Player vs. Player) to fight other real-life Axie players. When you win, you gain an asset called a Small Love Potion (SLP), which is used to create Axies. The SLP is also an ERC-20 token and can be traded on exchanges such as Binance.
With a high Axie price and high Gas prices on Ethereum, the barrier to entry for new players is high. Managing game items requires Gas, which can cost a large amount of Ether. The Ronin Ethereum sidechain, made specifically for Axie Infinity, is responsible for mitigating this issue.
What is Axie Infinity Shard (AXS)?
The AXS (Axie Infinity Shard) coin is relatively new to the Axie Infinity universe – it was released in November 2020. AXS holders will be able to use the token to staking and receive AXS while playing and voting. These rewards come from the Community Treasure, which is fueled by in-game purchases. As of January 2021, however, this Commonwealth Treasury and staking resources had not yet been implemented.
The total supply of AXS will be 270.000.000. A portion of the tokens were allocated for public sale, some were invested in game resources and another portion was used by Sky Mavis and project advisors. Initial supply at the first public sale was just under $60 million. The number of tokens is expected to grow annually through 2026.
AXS Use Cases
Axie Infinity's goal is to be a mature game that engages players, has a strong community and a thriving ecosystem. For Pokémon or Final Fantasy fans, Axie Infinity offers a fun and immersive gaming experience.
Considering the creation date of this article, in February 2021, there are already more than 27.000 Axie Infinity players. If the game gets an even larger player base, it will certainly add more value to the ecosystem. As we mentioned earlier, the Ronin sidechain, along with the free version, are being implemented to further encourage the ecosystem to grow.
When playing Axie Infinity, players can earn AXS and SLP tokens in a variety of ways. These tokens can be exchanged for other cryptocurrencies. There are already several players making money with Axie Infinity.
How to store AXS
As the AXS is an ERC-20 token, it can be stored in ERC-20 compliant software wallets like Trust Wallet, Coinomi, Exodus, as well as hardware wallets like Trezor One or Ledger Nano X.
Final considerations
The future of the AXS token depends on the gameplay and popularity of the Axie Infinity game. The game is fun and has plenty of room to grow. It has proven its worth over the past two years and already has new features to attract more players.
