In the first half of 2021, Axie Infinity became a global phenomenon when it paved the way for the “Play to Earn” trend in DeFi. Gaming has long been a large industry but gaming that uses blockchain technology has just attracted people’s attention recently. The success of Axie Infinity has proved that blockchain gaming has tremendous potential to grow. In this article, let’s find out what Axie Infinity is and the potential of blockchain gaming in the near future.
What is Axie Infinity?
Axie Infinity is a blockchain-based game developed by a Vietnamese team. It is inspired by the idea of the Pokemon and Tamagotchi game. In the game, each player owns their unique fantasy creatures known as Axie to take part in different activities: battling, breeding, trading in the marketplace.
Players can not only play but also earn from the games in many ways (win the battle to gain rewards, trade pets,..). Axie Infinity can be seen as one of the 1st projects to create the “Play to Earn” trend in DeFi.
Being built on Ethereum, Axie Infinity is aware of its limited scalability issue. Therefore, Axie Infinity has developed its own side chain on Ethereum, Ronin Network, specifically for Axie Infinity.
How does Axie Infinity work?
Players can join different gaming activities in Axie Infinity:
Battling: Each player must have their own Axies (pets) to join a battle. They can choose from 2 game modes::
- Adventure Mode (PvE) for casual players: Players battle against monsters.
- Arena Mode (PvP) for experienced players: Players fight over other players.
Breeding: Like real-world pets, Axies can be bred to create new offspring. These offspring will eventually become adult Axies and be ready to join a battle. To avoid Axies inflation, each Axies can only be bred a maximum of 7 times.
Land: The Axie homeland, called Lunacia, is divided into tokenized plots. Players can upgrade their plots and find many resources from the land.
Marketplace: This is a decentralized market, where players can trade their valuable items (Axie, land,..) created from the games.
What is an AXS token?
AXS is the governance token of Axie Infinity. It is thought of as the glue to connect all members in the Axie Infinity Universe. Users can earn AXS by playing Axie Infinity. AXS holders are able to claim rewards by staking, playing the game, or participating in governance activities.
Detailed information about AXS token
AXS Key Metrics
- Token Name: Axie Infinity.
- Ticker: AXS.
- Blockchain: Ethereum.
- Token Standard: ERC-20.
- Contract: 0xbb0e17ef65f82ab018d8edd776e8dd940327b28b
- Token type: Governance.
- Total Supply: 270,000,000 AXS.
- Circulating Supply: 57,915,813 AXS.
AXS Token Allocation
AXS Token Sales
AXS Release Schedule
AXS Token Use Cases
- Governance: Users stake AXS to take part in governing Axie Infinity. Game revenue is collected in the Community Treasury, which is governed by AXS stakers.
- Staking: Users can stake and receive more AXS.
- Payment: AXS is used as a means of payment in the Axie Marketplace.
How to get AXS token
You can play different games in Axie Infinity to earn AXS tokens or you can get AXS from many exchanges:
- DEXs: Uniswap, Sushiswap
- CEXs: Gate, KuCoin, Binance
How to buy AXS token on Coin98 Exchange
You can buy AXS on Coin98 Exchange by following these steps at: https://exchange.coin98.com/
Step 1: Connect to the Coin98 Extension Wallet.
Step 2: Select Uniswap.
Step 3: Choose coins/tokens for trading:
- Search AXS.
- If the result does not come up, you can paste the contract of AXS into the search box: 0xbb0e17ef65f82ab018d8edd776e8dd940327b28b
Step 4: Adjust the amount you want to swap.
Step 5: Adjust the gas fee, then click Approve.
How to store AXS token on Coin98 Wallet
You can store AXS on Coin98 Wallet by following these steps:
Step 1: At the main screen of Coin98 Wallet, click Receive.
Step 2: Search for AXS token.
Step 4: Copy your AXS wallet address and send AXS tokens to this address.
Axie Infinity Roadmap
Q4 2021: Land Gameplay Community Alpha.
Late 2021 / Early 2022: $AXS ecosystem begins:
- Play to Earn.
- Mainstream release of Axie Infinity on iOS/Android.
First half of 2022: Land gameplay.
Second half of 2022: Lunacia SDK Alpha.
Team, Investors, and Partners
Axie Infinity is developed by Sky Mavis, a startup that applies blockchain technology to games with the core team including:
- Trung Nguyen (CEO): Former Software Engineer at Anduin Transactions, Co-founder and former CTO at Lozi.
- Aleksander Leonard Larsen (COO): Secretary Board of Directors at Blockchain Game Alliance, Partnered Streamer at Twitch.
- Viet Anh Ho (CTO): Former Full Stack Engineer at Anduin Transactions, Solf Engineer Intern at Google
Sky Mavis is backed by Paradigm, a16z, Samsung NEXT, FTX, Fabric Ventures, 500 Startups, Hashed, ConsenSys Ventures, and Pangea Blockchain Fund.
Is Axie Infinity (AXS) a good investment?
I hope that from all the mentioned information, you can get a basic understanding of Axie Infinity to start researching more about this project. It is hard to tell firmly whether any project/ token is a good investment or not.
However, I will provide you with some key highlights of Axie Infinity so that you can do your own research and make your own investment decisions:
Axie Infinity as of now can be seen as a role model in DeFi gaming. It is Axie Infinity who made the term “Play to Earn” become popular with many crypto players. Axie has created a token economy that users can earn profit from not only trading tokens but also playing games. Axie Infinity even helped many unemployed people in the Philippines to earn a living during the Covid 19 pandemic.
Axie Infinity has successfully built a strong community to support the growth of the project. Axie players not only participate in Axie-hosted events but also actively organize/ create their own activities, helping to expand the community. For instance, they make Youtube videos to guide Axie newbies or grant a Scholarship for players who do not have enough money to play.
DeFi gaming is an area that has much space to expand. Blockchain games offer certain advantages over traditional games in terms of decentralization and transparency. In traditional games, all of your items can be easily copied or deleted by the creator. Meanwhile, in blockchain games, most of your items are NFT tokens, which means that only you have full control of your assets, no one even the game creator can make any claim to them.
However, Axie is facing certain problems after a sky-rocket growth in the first half of 2021. The hype in the community has increased the Axie price dramatically, which creates an entry barrier for new players. Users need to pay at least $1,200 to start playing. Moreover, the tremendous growth in a short period of time also put pressure on the Axie team to scale up much faster to catch up with the demand of the community.
Axie Infinity still has the huge potential to grow further if it can maintain a sustainable gaming economy. As the price of AXS directly affects the price of Axie (pet), Axie Infinity should try to mitigate the price impact of AXS on Axie to adopt more players.
- My DeFi Pet (DPET): A virtual pet game that combines DeFi, collectibles, and your own personality.
- Faraland (FARA): A multiplayer RPG NFT GAME that lets players own a thousand unique NFT warriors.
- My Neighbor Alice (ALICE): A multiplayer blockchain builder game, where anyone can buy and own virtual islands, collect and build exciting items and meet new friends
After the success of Axie Infinity, we have seen many new DeFi gaming projects on different blockchains. We can not say for sure whether “Play to Earn” is a short-term or long-term phenomenon but one thing that can be sure is the impressive growth rate a DeFi game can reach.
The adoption rate of a game is much faster than any other area in DeFi. Therefore, if blockchain games can actually create a healthy game economy, we can expect more from this field in the future.
If you want to have more information about this project, feel free to comment down below. You can also join our community at Coin98 Community to discuss any topic that you are interested in.
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