What Is Axie Infinity (AXS)?
AXS, also known as Axie Infinity Shards, is the native token of Axie Infinity, which is a Play-to-Earn battling and trading game. Before purchasing AXS tokens, make sure to analyze the changes in Axie Infinity price. The asset is considered volatile and is prone to fluctuations. You can check out the live AXS price chart above.
The game is based on Ronin, which is an Ethereum sidechain developed specifically for Axie Infinity. The company named the sidechain after a samurai without a master in feudal Japan to symbolize their desire to be independent.
The Ronin sidechain uses the multi-signature technique, which includes nine validators who validate deposits and withdrawals. Five of the nine validator signatures are necessary in order to recognize a deposit or withdrawal.
The legendary Tamagochi and Pokémon were the major inspirations for the Axie Infinity crypto game. The main goal of the game is collecting, breeding, and raising Axies, which are animated fantasy creatures stored in the form of non-fungible tokens (NFT).
Players can equip their Axies with a vast variety of body parts. These parts are made to resemble reptiles, bugs, birds, plants, or any other nature creatures. There are four types of rarity levels for every kind of body part – common, rare, super rare, and legendary. Additionally, every body part has a unique battle move.
Since Axies are NFTs, they each have unique qualities, meaning that there will never be two Axies that are the same. The uniqueness of each character may influence the AXS price. The abilities of the Axies can be employed in 3v3 combat. By winning in combat, players receive XP points, which can be used to evolve their Axies.
Besides, players can create completely unique and new Axies by breeding the ones they already have. To help players discover a compatible partner to breed their Axie with, Axie Infinity offers a mating hub. However, to keep the number of Axies under control, each Axie can only be bred a total of seven times.
Also, note that to breed Axies, players must have a certain amount of Smooth Love Potion (SLP) tokens. It's another currency created in the game, which is used specifically for Axie breeding. The SLP price does not directly correlate to the AXS price.
What are the requirements for joining the game? For starters, you need to have some Ethereum coins stored in a digital crypto wallet, for example, MetaMask. Then, you have to download the Ronin wallet and make a deposit of Ethereum coins from your wallet to the Ronin wallet using the Ronin bridge. To begin playing, you must purchase a minimum of three Axies. Once you have them, you can download the game and start playing.
The Story of Axie Infinity
Axie Infinity was released in 2018 by the Sky Mavis video game studio, which Trung Nguyen and Aleksander Larsen founded in Vietnam.
Aleksander Larsen is a passionate gamer himself. Prior to founding the Axie Infinity crypto game, Larsen worked at the Norwegian Government Security Organization. He has been in the crypto gaming industry since 2017. Besides, he is a Secretary of the Board of Directors at the Blockchain Game Alliance.
Trung Nguyen has a degree in computer software engineering. In the past, he worked at Anduin Transactions as a software engineer. Besides that, he also worked at Trusting Social and co-founded Lozi.
They are joined by Andy Ho, the CTO in charge of the organization's technical strategy, and Tu Doan, a game designer who oversees the art team and who created the original Axies.
The Purpose of AXS Tokens
AXS is a token based on the ERC-20 token standard. The main purpose of Axie Infinity tokens is governance.
AXS token holders are able to participate in the decision-making processes considering the further development of the game and the distribution of the Axie Community Treasury funds.
Additionally, AXS coins can be staked to generate staking rewards. However, staking is not enough – players also have to participate in the governance process and play the game in order to receive these rewards.
Apart from purchasing AXS coins on various exchanges, they can also be acquired in other ways, including:
- Breeding and selling Axies
- Competing in PvP battles
- Acquiring rare Axies
- Farming Smooth Love Potion tokens
- Going on in-game quests
If you decide to purchase AXS tokens, keep in mind that the Axie Infinity price is prone to change. This occurs because the AXS price fluctuates alongside other crypto assets as a result of changes in the whole market.
Tokenomics of AXS
AXS tokens are deflationary, meaning that they have a max supply, which is set at 270 million tokens. As the supply of the available tokens decreases, the Axie Infinity price in the crypto market is expected to rise.
AXS tokens were initially issued through a sale on Binance, which took place in 2020. During the sale, 11% of AXS's supply was distributed. At that time, the AXS price was $0.10. The biggest portion of AXS supply (29%) is dedicated to staking rewards. Besides that, 21% goes to Sky Mavis and 20% to P2E rewards. The remaining supply was distributed among advisors, a private sale, and the ecosystem fund.