Axie Infinity is a “play-to-earn” pet training game and a virtual world built on the Ethereum blockchain. Axie’s inspired by Nintendo’s beloved Pokémon series. Players can collect, breed, trade, and pit adorable monsters called Axies against each other in cartoonish combat.

Axie has amassed credible popularity in international markets for its exclusive and engaging storyline. The gameplay offers players the ability to earn some cryptocurrency for simply playing the game by rewarding them with crypto tokens that can be exchanged for money.

Users can also buy in-house game NFTs using the Axie Infinity tokens to extend their gaming environment and experience one of the fascinating gameplays available on the internet today.Read on for our deep dive into the Axie Infinity project and learn why, where, and how to buy AXS tokens in a few simple steps.

What Is Axie Infinity

Axie Infinity is a leading blockchain game based on the Ethereum blockchain that minimizes transaction delays and fees with the help of a side chain called Ronin. Players called scholars can collect, raise, battle, trade, and breed Axies, token-based creatures within the Axie Infinity Universe.

Axie focuses primarily on turn-based battles, either against live opponents over the internet or against computer-controlled Axie teams. Each Axie is a unique NFT that can be bred to produce more Axies or traded through an in-game P2P Axie marketplace. Some Axie NFTs have been known to sell for as much as 300 ETH for a piece.

Axie Marketplace homepage
Axie Marketplace

Players need three Axies to commence the game, and becoming an Axie Infinity scholar gets them Axies. They can also earn income in the form of two ERC-20 tokens, Axie Infinity Shards (AXS) and Smooth Love Potions (SLP). SLP is earned by playing Axie Infinity and can be used to breed new Axies, which can then be traded for AXS.

AXS is the native token of Axie Infinity and the game’s governance token. Users can stake their tokens to claim rewards and participate in certain Axie team-organized sales and auctions.Investors who don’t want to play Axie Infinity can still buy and sell both tokens on decentralized crypto exchanges, and community developers can have a say in how the Axie Infinity game develops further.

It’s fun to play and learn how blockchain technology works through Axie, which became the toptraded NFT collection, according to the BGA Blockchain Game Report.

The Play-to-Earn Model

Axie is a play-to-earn cryptocurrency game, a relatively new form of gaming. The play-to-earn model goes well with blockchain games, where players are rewarded with in-game digital assets that can be anything ranging from cryptocurrency tokens to in-game resources tokenized on the blockchain. For example, in Axie Infinity, players earn Small Love Potions (SLP), which can be used to breed new Axies or sold to other players on the open marketplace.

The principal components of the play-to-earn model are giving gamers ownership over in-game assets and allowing them to increase their value by actively playing the game.

History of Axie Infinity

Axie Infinity details
Axie Infinity details

Axie Infinity was launched in 2018 by Vietnamese gaming studio Sky Mavis and was co-founded by Trung Thanh Nguyen and Aleksander Larsen. Sky Mavis was founded with fund manager Jeffrey Zirlin, art director Tu Doan, and full-stack engineer Viet Anh Ho in 2018. Among the investors of Sky Mavis are leading venture capital Andreessen Horowitz, owner of Dallas Mavericks Mark Cuban, crypto derivatives exchange FTX, and others.

The development of Axie Infinity began in late 2017, and the actual game was released in May 2018 with breeding Axis as its only feature. Since its inception, Axie has released idle battle modes, NFT plots of land, and player versus player battles which together create a lucrative and fun blockchain-based game model.

Axie intends to release staking for AXS, which will allow token holders to gain interest in their investments in the nearest future. It will also be launching gameplay integrated with the plots of land currently for sale, giving the otherwise worthless land some in-game utility.

Staking AXS
Staking AXS

Axie Infinity Tokens

The Axie Infinity offers several coins, each serving a distinct function:

Axie Infinity Shards (AXS) – Governance Tokens

AXS or Axie Infinity Shards is an ERC-20 governance token and the native currency of the Axie universe. AXS holders can claim rewards if they play the game, stake their coins, and participate in key governance votes. You can also use AXS to pay for breeding fees. Although the AXS token doesn’t currently generate any revenue, holders are granted governance rights to vote on the gaming platform’s future. The AXS tokens are a deliberate move by Sky Mavis to decentralize the governance and ownership of Axie Infinity so that it aligns interests between the developers and the community of players.

As of February 2022, the relative to the U.S. dollar, AXS has increased by over 3,000%.

Smooth Love Potion (SLP) – Reward Tokens

A Smooth Love Potion (SLP) is a reward token within Axie Infinity that players can earn by playing the game in adventure or battle mode. Gamers can use SLP to breed in-game Axies and level up a creature. SLP is an ERC-20 utility token that carries a value like any other cryptocurrency and can be traded on a Decentralized exchange.

The value of an SLP relative to the U.S. dollar hasn’t performed so well compared to AXS and has been down sharply over the past year. SLP has an uncapped number of tokens that could exist in the future, unlike AXS, which has a supply cap of 270 million tokens. The uncertainty around the future supply of SLP has greatly impacted its value, and concerns around its stability have caused many to question the future. Sky Mavis has adjusted the emission rate in recent months, and potential changes based on governance votes in the future will drastically impact the value of SLP.

Non-fungible Tokens (NFTS)

Axie Infinity is the recognized leader in NFT gaming. In-game digital assets such as the Axie creatures are represented by NFTs, which confer ownership. NFTs like Land, Axies (the in-game creatures), and other valuables can be sold and bought on Axie Infinity’s marketplace for real money. Some users buy them to play the game, and others buy them as investments.

Lunacia, the Axie homeland, is tokenized plots of virtual land called Terra and will act as home bases of operation for players’ Axies. While the gameplay is still being actively developed, the idea is that players will be able to purchase, rent, or develop them. Virtual landowners will be able to find AXS tokens on their plots of land. They can also find different types of resources that spawn in nodes across Lunacia and use them to upgrade Axies and land. While the concept is still in its early stages, the impact on the game’s future is endless and lays out a path for continued popularity in the future.

Axie Infinity retains the record for the third-highest all-time sales in the realm of NFTs projects. As of March 2022, Axie Infinity generated $4.17 billion in all-time NFT sales below Openseas’ $23 billion, and LooksRare’s reported $18 billion.

Where to Buy Axie Infinity

Users can cash their in-game AXS tokens to reap liquid benefits and use them to buy in-house game NFTs to expand their gaming ecosystem.

So let’s look into some of the leading exchanges for buying Axie Infinity:

1. Coinbase

Coinbase is the largest cryptocurrency exchange in the United States, supporting approximately 100 cryptocurrencies. Coinbase is also user-friendly and offers the Coinbase wallet, letting you purchase AXS, altcoins, stablecoins, and other major virtual assets in a couple of minutes. Coinbase fees, on the other hand, might be perplexing and higher than some of its rivals. While Coinbase’s security features are appealing, cryptocurrency trading is highly volatile, so always evaluate the risk. This exchange currently allows trading for residents of the United States, except Hawaii.

If you don’t have a Coinbase account already, you need first to set up an account and verify your identity. Once your account is verified, the next step is to link a payment method to your account. Choose your favored fiat currency and payment method, from credit debit cards to bank or wire transfers, etc., depending on your country. There are no transaction fees on bank transfers; however, you won’t be able to withdraw your funds for 5 days. You can now buy AXS in no time.

2. Gemini

Gemini is one of the most prominent cryptocurrency exchanges, supporting hundreds of cryptocurrencies. Gemini products are renowned for setting the bar in various areas, including investor protection, overall broker experience, compliance, and security. The gas fees on Gemini are quite low, especially for large-volume traders.

Fiat currencies and several trading pairs are supported on Gemini.

3. Crypto.com

Crypto.com is a cryptocurrency exchange that supports trading, investing, staking, an NFT marketplace, etc. The crypto.com exchange offers more than 250 different currencies, reasonable fees, wallets, and discounts for those who hold a significant stake in Crypto.com Coin (CRO).

4. Binance

Binance is among exchanges offering the lowest fees in the industry and high liquidity, allowing you to sell and buy digital assets rapidly to take advantage of market possibilities.

You need to create a retail investor account on the platform and verify your identity by uploading identity proof documents. Once the accounts are created and verified, Binance will let you buy AXS or any other crypto of your choice either through digital assets or fiat deposits using a credit or debit card and bank transfer.

Buying AXS: Pros and Cons

AXS usecases
AXS usecases

Now let’s look into the advantages and disadvantages of buying Axie Infinity:

Pros

  • You can swap, trade, or buy AXS with other major currencies at low fees on prominent exchanges.
  • The Axie universe keeps evolving and could get bigger in the future.
  • AXS is backed by an expert team of developers experienced in crypto and gaming.
  • AXS is an interesting take on blockchain in NFTs and gaming; this makes them quite popular.

Cons

  • You may need a specific provider to trade these coins.
  • Not enough information about the token on relevant regulatory websites.
  • The future of Axie Infinity Shards is directly intertwined with the game, which can be an issue.

Why You Should Buy Axie Infinity (AXS)

The major reason why people are buying Axie Infinity is based on the futuristic and innovative essence of the Axie Infinity Universe. This battle-style game has managed to combine the futuristic aura of NFTs with the thrill of gaming. Partially owned by investors and the Sky Mavis company, the blockchain game promises to unlock the value of NFTs in the gaming world. When you look at Axies stats from the time the first Axie was sold, it’s clear that the platform is growing. The native AXS coin will also grow along with the Axie Infinity Universe. Additionally, it’d feel nice to have a cryptocurrency backed by something real in your wallet, especially with the rise of several meme coins over the years.

How to Buy Axie Infinity(AXS)

AXS allocation
AXS allocation

Step #1: Create an Online Account

You’ll need to compare the cryptocurrency exchanges to choose the one that supports AXS and has the features you want, such as low transaction fees, an easy-to-use platform, and 24-hour customer support.

Also, consider if the cryptocurrency exchange allows buying AXS with your preferred payment methods, such as a credit or debit card, another cryptocurrency, or a bank transfer. After you’ve decided on a reliable exchange, the next step is to open a trading account to buy or sell AXS.

The requirements differ depending on the platform you pick. Personal information such as your name, contact number,  email address, home address, social security number, and a copy of your driver’s license, passport, or government-issued ID will be required in most transactions. You must provide this information to be authenticated and start trading.

Step #2: Get a Wallet (Optional)

You need to get a cryptocurrency wallet to store your coins securely. They can be stored in your brokerage exchange wallet; however, in this case, they’ll be exposed to hacking. AXS can be stored in an Ethereum wallet. Depending on your investing preferences, you might choose between software and hardware cryptocurrency wallets.

Hardware wallets or cold wallets, like Trezor or Ledger Nano, are the most reliable options, as they come with safe offline storage and backup features. A hardware wallet is more suitable for experienced users who own large amounts of crypto.

Software wallets are user-friendly and free to use.  They store your keys online and are therefore less secure than hardware wallets, but their ease of use makes them ideal for newbies with a few coins.

Step #3: Make Your Purchase

The next step is to fund your account using a credit or debit card, bank account, or crypto from a cryptocurrency wallet to buy AXS. The payment method you use will be determined by the platform, location, and preferences.

On a platform like Coinbase, you can purchase Axie Infinity by placing a market or limit order. You can place a limit order to purchase the Axie Infinity token at or below a specific price point. The exchange will only fill the buy order at or below your requested pricing.

Conversely, a market order tells your broker that you want to purchase AXS immediately at the current market rate. Market orders don’t provide you with much control over the price you spend per coin, and you may wind up paying a rate that differs from the one displayed on the exchange.

An exchange like Coinbase has both Bitcoin and stablecoin trading pairs, so investors can choose to sell their investments for either BTC or USD on the exchange.

If you’re using Binance, you have first to buy Bitcoin and then trade Bitcoin for Axie Infinity using the Binance exchange,

How to Buy Axie Infinity NFT From Marketplace

Purchasing an Axie NFT from a marketplace is quick and straightforward. Follow these few simple steps to buy an Axie NFT:

  1. Register with the marketplace you wish to purchase Axie Infinity NFT from and log in to your account. You can also use the official Axie Infinity marketplace.
  2. Browse through different Axies displayed. Each Axie has different attributes.
  3. Select the Axie NFTs you wish to purchase. 
  4. You also can choose to bid on a certain Axie if they are in the auction category.
  5. Pay for your chosen NFT by depositing funds in your wallet.
  6. After completing the transaction, check if the Axie NFT you have bought is in your crypto wallet. 

Final Thoughts

The convergence of online gaming with the cryptocurrency universe in Axie Infinity marks an interesting shift in the online gaming future and the growing importance of virtual ownership. Axie Infinity has been proven to have better returns than most cryptocurrencies, making it an attractive source of income and investment. The above statement is not to say that the Axie Infinity token will reach the heights of Ether or Bitcoin, but since a popular video game backs these coins, there seems to be a lot of value there. Additionally, the Axie Infinity universe is fast growing. When considering the presence of an NFT component into the Axie Infinity tokens, one must agree that they are much better than the average meme coins.

Despite these potential benefits, there are a few things to consider. First, the NFT space is still new, so much could happen in the long term. Secondly, Axie coins, just like other new coins, need some time to gain traction.

Investment Advice Disclaimer: The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice.

Cryptocurrency is a highly volatile market and sensitive to secondary activity, do your independent research and only invest what you can afford to lose. Performance is unpredictable, and the past performance of Axie Infinity is no guarantee of its future performance.

There are significant risks involved in trading CFDs, stocks, and cryptocurrencies. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider your own circumstances and obtain your own advice before making any investment. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.

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