When NFTs became widespread, independent company Sky Mavis’ promising crypto game Axie Infinity took off. And when the NFT industry as a whole began to cool so after all the hoopla, Axie Infinity grew even larger. Axie Infinity is a strategy game on Nintendo’s popular Pokémon franchise in which you gather and fight gorgeous creatures in cartoonish combat. However, getting going isn’t simple or cheap, and you’ll need to make a far larger initial investment than you would for a regular PlayStation or Xbox game. You own and may trade your Axie NFTs, and its “play-to-earn” system rewards you with crypto tokens that you can exchange for cash.
What does Axie Infinity stand for?
Players nurture, battle, and trade charming NFT creatures called Axies in Axie Infinity, a crypto-meets-Pokémon game. Small Love Potion (SLP) and Axie Infinity Shards (AXS) are two cryptocurrencies that can be decided to buy and decided to trade on exchanges like Coinbase (SLP). In exchange for their investment in the game, gamers will get the two local coins.
NFTs, or non-fungible tokens, are use to represent in-game objects. In the case of Axie Infinity, these cryptographically unique tokens may be connected to digital material. Such as the Axies and land plots that populate the game. Unlike other in-game commodities, the NFT gives the buyer ownership. Axies may be traded for real money on the game’s marketplace.
Breeding, growing, and battling adorable creatures known as Axies is the focus of Axie Infinity. NFTs are used to sell axies and virtual real estate in an in-game marketplace. (To learn more about NFTs, go here.) The majority of transactions take place on Ronin, a fast, customised sidechain built by developer Sky Mavis to have cheaper costs than the main Ethereum blockchain.
What is the working principle of Axie Infinity?
Axie Infinity is a “play to earn” game in which players may sell stuff (such as the Axies they produce, in-game real estate, and accessories like flowers or barrels) on the game’s NFT marketplace while simultaneously collecting tokens generated by the game. There are two independent cryptocurrencies in the game:
- Axie Infinity Shards (AXS), the primary cryptocurrency, may be purchased and traded on platforms like Coinbase. To play the game, you’ll need some AXS, but you may swap them for Bitcoin, Dogecoin, or any other major cryptocurrency. AXS will also act as a governance token, allowing holders to vote on the game’s destiny.
- Participants receive an additional token know as Small Love Potion (SLP) in exchange for their participation in the game. You can earn some by defeating an opponent’s Axie or completing missions in the game. The more you play, the more SLP you’ll be able to accumulate.
Axie Infinity was launched in 2018 by Sky Mavis, a Vietnamese developer. The game had around one million regular participants as of August 2021.
How to Begin Using Axie Infinity
The catch is that you’ll need three Axie NFTs to begin playing Axie Infinity. However, in recent months, it has become more cost-effective to play; where individual Axies on the marketplace used to cost roughly $225-$250 each, the cheapest Axies now cost just $28. Keep in mind that your Axies can be resold, and they can also use to earn incentives while playing.
You’ll need to set up a Ronin wallet and an Ethereum wallet (like MetaMask) now that Axie Infinity has moved assets from Ethereum to its Ronin sidechain. You may utilize the Ronin bridge to transmit ETH to Ronin, where it will be convertible to WETH, once you’ve set up a Ronin wallet (Wrapped ETH). This money may then be used to purchase Axies.
On the Axie Infinity website, set up an account and download the game on your PC or Mac. You may also get an Android APK and install it on your phone or tablet. The game was also accessible for iOS via a beta release through Apple’s TestFlight program, but it is presently offline.
To begin playing, link your Ronin wallet with your account and then sync your Axies from the wallet to the game.
What is the AXS token, and how does it work?
Axis Infinity Shard (AXS) is Axie Infinity’s native governance token. AXS may now use to pay for breeding expenses. AXS token holders will be able to vote on game choices and development in the future. As well as stake AXS tokens to gain prizes inside the game.
Axie Infinity intends to transition into a decentralised autonomous organisation (DAO) over time in addition to allowing for community control.
Where stores sell AXS?
AXS is accessible on cryptocurrency exchanges including Binance, FTX, and Huobi Global, but not on Coinbase or Binance right now.
Consider the United States. Furthermore, decentralised exchanges like Uniswap and SushiSwapooffer it.
You may get AXS from Uniswap in the following ways. To trade at Uniswap, you’ll need a crypto wallet holding ETH or another Ethereum-based ERC20 token. If you require ETH, you may buy it using fiat currency at Coinbase or Binance. Then send it to your account. Login your wallet to Uniswap, pick AXS from the drop-down menu. And then select the asset you’d want to exchange it for. Enter the amount you wish to exchange, and Uniswap will calculate how much AXS you’ll get back. If the numbers match, click “Swap” to complete the transaction.
