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What is Axie Infinity (AXS)?
Luis Clark
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Luis Clark
What is Axie Infinity (AXS)?
Axie Infinity is a decentralized blockchain-based play-to-earn game where each player owns unique fantasy creatures called Axie that they can use for various in-game activities such as trading in the marketplace, battling, and breeding. Players get rewards for these in-game activities.
Axie Infinity, which describes itself as a Tamagotchi and Pokemon-inspired game also uses Non-fungible Tokens (NFTs) to represent land plots, abilities, unique creatures, and other in-game assets.
The Axie Infinity ecosystem is powered by the ERC-20 token, AXS (Axie Infinity Shard Token). Axie Infinity tokens enable the creation of a system of incentives and rewards for players. The Axie Infinity Shard Token also enables the decentralization of governance and ownership, as it allows token holders to participate in governance by giving them the right to vote for game improvements.
Who is the Founder?
How Does Axie Infinity (AXS) Work?
Axie Infinity’s primary focus is on breeding and battling Axies. Axies are unique creatures at the core of the game’s experience. Each Axie is defined by a particular characteristic like body part and class, which differentiates it from other Axies in the game to determine its rarity level.
That said, let’s see the various aspects of the game and how they work:
Gaming Experience
Axie Infinity is like most turn-based games, Axies are purchased to battle and their combat strength is determined by 4 factors:
- Speed: This factor determines which Axie in a battle attacks first, basically the turn order.
- Morale: The morale level boosts an Axie’s critical hit chance. And the more critical strikes, the higher a player’s chance of knocking out their opponent.
- Health: This is the amount of damage a player’s Axie can sustain before getting knocked out.
Skill: The skill factor increases damage if an Axie plays a combination of several ability cards at once.
Battle
Players of the Axie Infinity game fight against each other using their Axies in 3 versus 3 battle matches. This is done by utilizing several strategies to place their Axie on the gaming board. The core of the battle gameplay is the Ability Cards. These cards determine the strike moves that each Axie can perform to damage the health of the opposing Axie. Each Ability Card is unique to the specific Axie because it is dependent on the individual class and body configuration.
Fighting in tournaments and arena matches is the fastest way to boost your Axie level and receive Axie Infinity Shards (AXS) tokens and Smooth Love Potion (SLP) as rewards.
In addition to the exciting gaming battles, players have the opportunity to discover the vast Axie Infinity universe and take on Chimera, an AI-controlled opponent within the game. Engaging in these battles not only rewards players with valuable and unique treasures but also grants them extra Axie Infinity tokens, which can be used to enhance the growth of their Axies.
Land
Axie Infinity doesn’t restrict players to just trading and collecting Axies. Players can also buy plots of land called Lunacias that become home for their Axies. Developers can develop sovereign games within each plot via the Lunacia Software Development kit.
With time, players can upgrade their plots using the resources they discover in their in-game adventures.
Breeding
Axies can breed and create new offspring with unique capabilities and characteristics. Players can use an Axie to breed up to 7 times but each breeding event would require more of the Smooth Love Potion (SLP) token.
After 5 days of growth, players can use new Axies for battle, put them up for sale in the Axie Infinity Marketplace, or for more breeding with other Axies.
Key Features of Axie Infinity (AXS)
Axie Marketplace
This is the official marketplace for the Axie Infinity game. Users can sell and buy Axies on the Axie marketplace. Land and other in-game items are also available for purchase in the marketplace. Only users who have an Axie account can buy and sell Axie Infinity items in the marketplace.
You can easily create an account on the Axie marketplace with the following steps:
Step 1: Download and Install an Ethereum wallet
An Ethereum wallet like MetaMask wallet is needed to help you interact with the Ethereum blockchain. Follow these steps after downloading the Metamask wallet and creating an account:
- Go to the Axies Marketplace page
- Click login. You will see an option to log in with Metamask or with your email and password
- Click “Login with Metamask”
- Click “Next” on the Metamask pop-up that appears
- You will be prompted to Connect and Sign. Once you do this, your Axie Infinity account has been created
Step 2: Create a Ronin Wallet
Ronin is a side-chain built by Sky Mavis where Axie transactions and activities take place. Sky Mavis is the company behind Axie Infinity. A Ronin Wallet will enable you to interact with Ronin.
Ronin Wallet is available in the Chrome web store. Once you download the Ronin chrome extension, it will appear on the right-hand side of your web page. Click on “Get Started”
To create a Ronin Wallet, do the following:
- Create a password
- Copy the Seed Phrase for the wallet and store it in a safe place
- Confirm the Seed Phrase. Once this is done, click on “Create Wallet”
If you already have a Ronin wallet, you can skip the above steps and import it.
Step 3: Connect the Ronin Wallet to your Axie Infinity Account
To connect Ronin to your Axie Infinity account, do the following:
- Go to the middle of the Dashboard and locate the “Activate Ronin Wallet box”
- Click on “Attach Ronin to Account”
- A Ronin pop-up will appear, click “Confirm”
- Once this is done your Axie account has been activated.
- After this, you will need to go to the Axie Infinty marketplace and purchase at least 3 Axies.
Axie Infinity Scholarship
Axie Infinity Scholarship is designed to help scholars or players who want to play the game but don’t have adequate resources. Players or scholars are brought into the program by managers. Managers are Axie Infinity players who have the required AXS and SLPs tokens but do not have enough time to play Axie infinity games.
The players or scholars are brought in by managers to initiate the game on their behalf. The manager’s unused SLP or AXS is made available to the scholars. The scholar also gets 3 Axies from the manager to start the game. The earnings generated by the scholars while playing Axie Infinity games are split between the manager and the scholar using the 60/40 ratio.
To be able to participate in Axie Infinity Scholarship, a player must look for managers. Managers can be found on platforms like Reddit, Twitter, and Discord. Managers can also be found on Axie communities like the CoinGecko Axie Scholarship page.
When you find a manager, you can contact the manager and offer to be their scholar. Once the manager agrees you will be given your free Axies to begin playing. In most cases, you will need to have an exceptional gaming experience to be picked by a manager.
If you are a manager overseeing scholars, you can transfer Axie into the scholar’s account with the following steps:
- Create an account for the scholar on Axie Infinity.
- Select the Axie you wish to transfer to the scholar.
- Fill in the scholar’s Ronin Wallet address.
- Transfer the Axie to the scholar’s account.
- Save the QR code and send a copy of the code to the scholar
Smooth Love Potion (SLP)
Smooth Love Potion which was previously known as Small Love Potion is an Axie Infinity reward token. SLP is an ERC-20 utility token that can be earned in certain ways by playing the Axie game in adventure or battle mode. They are a replacement for in-game experience points.
Just like other cryptocurrencies, SLP can be bought and sold on decentralized exchanges (DEXs). SLP has an uncapped number of tokens.
Smooth Love Potion can also be used to breed new Axies. The cost of breeding these digital pets starts at 100 SLP for the first breed. Here is the price for the remaining breeds: The second breed of Axies costs 200 SLP, the third breed costs 300 SLP, the fourth breed costs 500 SLP, the fifth breed costs 800 SLP while the sixth breed costs 1,300 SLP. The seventh breed costs 2,100 SLP, this is the final breed. Axies can only breed a maximum of 7 times to avoid hyperinflation.
Considering how long it takes to earn enough SLP to be able to breed Axies (a user must win 15 competitions to have enough SLP), most users choose to buy SLP in the Axie Infinity marketplace.
Weaknesses of Axie Infinity (AXS)
The major shortcoming of the Axie Infinity network is its security. In March 2022, Axie Infinity experienced one of the largest DeFi hacks in the history of crypto. This happened when the Ronin network, a sidechain to Ethereum was hacked and Axie Infinity lost about $622 million worth of cryptocurrency.
In May 2022, another attack happened when the MEE6 bot on its Discord server was compromised. MEE6 is used to automate roles and messages. The hacker used the compromised bot to create a fake account and issue a fraud announcement regarding a mint.
While the Axie Infinity team was able to remove the compromised bot and delete the fake messages, the attack made a lot of investors doubt the security of the network since it appears to now be the target of hackers. The volatility of the crypto market is already a major issue that troubles investors. Adding the problem of insecurity to this is not a situation most investors are ready to deal with.
Since Axie Infinity Shards (AXS) didn’t seem to be offering much to investors at the time, most of them did not hesitate to sell off their tokens immediately they heard of the attack. When the news of the hacking attack was released, about $24.13 million worth of AXS flooded the market. This affected the price of AXS and since then there hasn’t been a major increase in AXS price.
Another weakness of Axie infinity is that the initial cost of starting is high. Even though it is a play-to-earn game, users need to buy 3 Axies to get started. This will cost about $1,000. While some players have found a way to avoid this initial cost by lending Axies from existing players, finding and convincing Axie owners to rent out their Axies is still a challenge.
There is also the problem of the limit being placed on how much players can earn. Axie Infinity developers have limited how much AXS or SLP a player can earn when they participate in Arena or player-vs-player events, complete daily quests, or complete certain in-game adventure tasks.
To be able to earn AXS or SLPs users need to put in a lot of time and effort. The complex earning structure makes it hard for users to earn consistent revenue from Axie Infinity. For instance, to be able to earn 50 LPs a day, you will need to win 5 player-vs-player matches, complete the daily check-in requirements, and complete 10 adventure mode levels.
How is Axie Infinity (AXS) Created?
All AXS tokens were created in November 2020 with a max supply of 270 million and a multi-year distribution schedule that involves play-to-earn rewards and staking rewards.
Mining Axie Infinity (AXS)
You cannot mine AXS tokens in the traditional sense of the word, that is using CPUs, GPUs, or ASIC machines. Rather, you can get new Axie Infinity Shards as rewards by completing various in-game tasks such as battling Axies.
Which Blockchain does Axie Infinity (AXS) Use?
Axie Infinity runs primarily on the Ethereum blockchain. Both tokens of the network; SLP and AXS are ERC-20 tokens that can be traded in the Ethereum network. That said, because of the limitations of the Ethereum blockchain such as scalability, congestion, and fluctuating gas fees, the developers of Axie Infinity developed Ronin.
Ronin is a bespoke Ethereum-based sidechain developed by the Sky Mavis team not just to enhance the player experience but to give the company more control over future scalability and development of the Axie Infinity game.
How to Use Axie Infinity (AXS)
Axie Infinity Shards (AXS) is an ERC-20 token which is the governance token of the Axie Universe. AXS holders can take part in key governance votes that will shape the future of the Axie Infinity ecosystem. They also get to have a say on how the funds in the Axie Community Treasury are used.
Axie Infinity Shards holders can also play the game and stake their tokens to earn rewards. To claim the staking rewards, AXS holders will need to vote in governance and play the game.
AXS is also the currency of the Axie NFT Marketplace. It is used to buy and pay for items within the marketplace. AXS is also used to determine a user’s eligibility to participate in sales and auctions conducted by the Axie team.
How to Buy Axie Infinity (AXS)
You can buy AXS on top exchanges like FTX, Coinbase, Binance, Kucoin, and Huobi global. You can check CoinMarketCap for more information on exchanges that support the trading of AXS.
Once you have created an account with your preferred exchange, you can proceed to fund your wallet and buy Axie Infinity from the exchange.
How to Store Axie Infinity (AXS)
AXS can be stored in a wallet on the exchange where you bought the token or it can be stored in an external wallet outside the exchange.
You can also store AXS tokens on software wallets like Ronin Wallet, Lumi wallet, and MyEther wallet. Hardware wallets like Ledger and Trezor also support the storage of AXS.
Best Place to Stake Axie Infinity (AXS)?
The best place to stake Axie Infinity Shards is on the official Axie Infinity staking platform.
To do this there are a couple of steps to follow:
Ensure that you hold Axie Infinity Shards (AXS) somewhere, if not, you can buy the token on a cryptocurrency exchange that supports it like Binance.
Next, install the Ronin wallet which is Axie’s dedicated wallet. You can get the Ronin Google Chrome or Mozilla Firefox extension wallet. Pick a passcode and back up your recovery seed.
Sign up on the Axie Infinity Marketplace. To do so, use the blue Login icon at the upper right corner. Once that’s done, you’ll need to verify your email address and create a password. This is an important step as you will receive an error message stating that you have used your free transactions for the day if this isn’t done before you try to send funds.
Next, send your AXS tokens to the Ronin wallet. The Ronin wallet address should look like this: Ronin:xxxxxxx”. It’s important to note that Ronin runs only on the RON network so you would want to make transfers only via the network.
For example, if you’re withdrawing from a cryptocurrency exchange ensure you pick the RON network. A rule of thumb is to always withdraw a small test amount first.
Binance supports withdrawing to RON, so if that’s the exchange you’re using you just need to pick the RON network and enter your Ronin address but not before replacing the Ronin address with 0x.
That said, if the AXS tokens are already on the ERC-20 network (your wallet address begins with 0x,) then use the Ronin bridge feature to swap them to RON’s AXS.
Finally, go to the AXS Staking dashboard and click or tap the stake button. Next, pick the desired token amount to be staked and approve the transaction through the Ronin wallet that pops up.
That’s it, your AXS tokens are staked on the official platform. The staking dashboard will enable you to view your current APY as this changes with time. You can also view your rewards here. If you want to unstake click the red unstake button beneath the Stake button.
What You Need to Know about the Future of Axie Infinity (AXS)
The Axie Infinity Shard token is the primary token of the Axie Infinity universe and is used for buying and selling in the Axie Infinity Marketplace, network governance, and rewards. All this means it derives its value from the popularity and user base of the Axie Infinity game.
So the future price value of the AXS token depends on the game’s continuous use and popularity. If there’s a drop in the user base of the game, Axie infinity price will drop as well.
Conclusion: Should You Put Your Money in Axie Infinity (AXS)?
Since the value of the Axie Infinity Shard comes from a widespread acceptance of the play-2-earn game, the token only offers a great investment opportunity if its user base and popularity keep rising. So you should only put money in Axie Infinity if you expect it to keep rising in use.
Risk in Investing in Axie Infinity (AXS)?
As with other cryptocurrencies, AXS is a volatile token which means it is extremely high-risk. So only invest money you’re willing to lose in the worst-case scenario.
FAQ
Most frequent questions and answers
Axie Infinity is a decentralized blockchain-based play-to-earn game where each player owns unique fantasy creatures called Axies.
To convert your AXS tokens to cash, go to a cryptocurrency exchange that supports the token like Binance, and convert them in the Spot wallet.
You can earn AXS tokens by playing the game (selling in the marketplace, battling other Axies, etc), staking your AXS tokens, and voting on governance issues.
You need AXS to breed new Axies as well as complete payments.
Yes, AXS is a Metaverse coin.
The Axie Infinity Shard (AXS) is a cryptocurrency used in the Axie Infinity Metaverse.
To claim AXS rewards go to: https://marketplace.axieinfinity.com/.
Next, log in to your dashboard and click Claim AXS. Then wait to receive your tokens which will be automatically added to your Ronin wallet.
Players can earn any amount of AXS and SLP by winning battles and selling their Axies.
Yes, you can convert SLP to AXS using the Katana interface.
You cannot lose money playing Axie Infinity unless you sell your purchased Axies for less than what you bought them
The Axie Infinity network is secured by validators.
Axie Infinity was founded by Trung Nguyen.
Axie Infinity’s primary focus is on breeding and battling Axies
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