What is Axie Infinity?
AXS, an ERC-20 token, is the native cryptocurrency of Axie Infinity. Axie Infinity is a platform that hosts Axie NFTs, built on the Ethereum blockchain, and combines the popularly known Pokemon and Cryptokitties. It was launched in 2018 by Vietnam-based startup Sky Mavis. The AXS token can be traded, purchased or earned by playing the game. To play the game, you need three Axies to form a team, which might become a barrier for some users in the first place due to the price. These Axies are game characters that you own and control. The cheapest Axie is worth 0.03 ETH. However, winning a game would require good team synergy involving elements such as Axies stats and cards.
Players win by competing in PVP battles to win leaderboard prizes which go up to $30,000, or breeding Axies and then selling them on the marketplace, or battling against other Axies to win Small Love Potion tokens (SLP). Players can also collect and speculate rare Axies. The principle behind the game is play to earn, which is the most interesting aspect of the game. Users will soon be able to stake their AXS tokens on the protocol (Q3 2021) to receive regular rewards as a form of passive income.
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Axie Infinity (AXS) is the 26th largest cryptocurrency in the world by market cap, valued at $7,410,903,579. The current price of Axie Infinity is $112.62, which is 0.923% higher than yesterday. Prices have ranged between $114.01 and $107.16 over the past 24 hours. All prices are listed in US dollars and accurate as of December 09, 2021 04:12 UTC.
Where to buy Axie Infinity
Find an exchange to buy, sell and trade AXS by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Is it a good time to buy Axie Infinity?
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The technical analysis gauge for Axie Infinity displays real-time ratings for the timeframes you select. This is not a recommendation to buy, sell or trade. It represents a technical analysis of Axie Infinity based on the most popular technical indicators: Moving Averages, Oscillators and Pivots. Finder might not concur and takes no responsibility.
This chart is not advice or a guarantee of success. Rather, it gauges the real-time recommendations of three popular technical indicators based on the performance of Axie Infinity: moving averages, oscillators and pivots. Finder is not responsible for how AXS performs.
How to sell Axie Infinity
You can cash out your AXS with the same exchange you bought it through:
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- Sign in to the exchange you have AXS on. If you store your Axie Infinity in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order. Choose the amount of AXS you’d like to sell.
- Complete your transaction. Confirm the sell price and fees and close your sale of Axie Infinity.
What to consider when buying Axie Infinity
Below are the aspects you should consider before buying AXS:
- Gamified DeFi: Axies Infinity guarantees an income as SLP tokens can be easily converted to ETH via UniSwap. Players can cash out their points if they do not wish to breed any further. The use of UniSwap, which allows faster and efficient transactions on the Ethereum blockchain, makes this a unique combination of DeFi and a blockchain-based collectible platform.
- Governance: You can use AXS, the native token of the platform, to stake and vote. Users can earn the tokens by contributing to the network and participating in the game. It rewards players based on their skill, involvement and effort, making it a fair distribution system.
- Storing tokens: AXS tokens can be stored in any ERC-20 compatible wallet such as Trustwallet or any hardware wallet such as Trezor One.
- Gas Fees: As noted above, Axie uses the Ethereum blockchain, which attracts high gas prices coupled with high Axie prices, which makes entering the ecosystem a costly affair for new entrants. Moreover, breeding also requires gas, which adds to the cost. Axie Infinity has exclusively developed the Ronin Ethereum sidechain to mitigate this issue of high gas fees.