Axie Infinity is a trading and video game platform that is blockchain-based and partly owned and controlled by the participants of the platform.
The concept of the platform is based on inspirations from classic games like Tamagotchi and Pokemon. The gaming part of the platform features a flexible open-ended sequence that allows the participants to collect different digital pets. These digital pets are generally known as Axies and can be raised, traded, or battled within the ecosystem of the game. The trading of Axies is the token-based trading part offered by this platform.
The Axie tokens appear as pets and can come in different forms with over 500 distinctive body parts available. Some of these parts include beast, bird, bug, plant, reptile, and aquatic parts. The parts also have different levels of rarity with the different levels being common, rare, ultra-rare, and legendary. In some cases, Axies have a combination of different body parts which puts them at the highest level of rarity and uniqueness.
Each of the Axies on the platforms is a non-fungible token (NFT) with varying strengths and properties. The pets can be entered into a 3 on 3 battle with the winning team being rewarded with experience points which are used in leveling up an Axie or evolving their body parts. Another application of the trading part of the platform is inbreeding different species to create new and unique species of Axies which can be traded or sold on the Axie market.
The Axie Infinity platform is an entire world on its own with its specific governance token. The token is called Axle Infinity Shards (AXS) and gives the participants on the platform voting rights and access to how money is spent on the Axie community.
Who are the Founders of Axie Infinity (AXS)?
Axie Infinity was founded by Sky Mavis, Trung Nguyen, and Aleksander Larsen in 2018. Mavis is a Vietnam-based technology developer with a team focused on game development specifically.
The present CEO of the company is Trung Nguyen. He is a graduate with a degree in computer software engineering. Nguyen has worked with several tech-based organizations. One of these organizations was Anduin Transactions where he worked as an engineer before the founding of Axie Infinity.
Alexander Larsen is a former competitive gamer and currently serves as the COO and a co-founder of the Axie Infinity platform. Larson has years of experience in blockchain generally but has diversified into working on blockchain gaming since 2017. Before joining the Axie Infinity team, he worked with the Norwegian Government Security Organisation as an executive security officer. Currently, Larsen sits as the secretary of the Board of Directors at the Blockchain Game Alliance.
The Axie Infinity platform has a total of 25 full-time employees; each of whom has shared years of experience in game development and blockchain technology.
What is Axie Infinity (AXS) used for?
Currently, Axie Infinity is one of the highest-rated Ethereum based gaming decentralized apps based on its weekly on-chain volume. This level of success for the game exists because the platform provides a fun, open, and educative way to experience the ecosystem of blockchain technology firsthand.
So far, the Axie Infinity platform has already successfully brought its vision to light, as the platform is presently a noticeable ramp for the blockchain industry in several countries.
In its use case, the Axie infinity token is majorly used for the creation of new Axies. However, there are speculations on the network for the addition of new functionalities such as reward staking.
What Is the Unique Point of Axie Infinity (AXS)?
The Axis infinity platform is innately unique because there is only a small number of comparable companies in the world with a similar concept. On the platform, each of the Axies available has only six out of over a hundred body parts. However, each of the six available body parts has its useful battle moves, making them valuable. The result of this is a plethora of Axies with different abilities. Although most of the Axies have weak stats, there are some rare Axies with strong body part combinations. This makes them top the stats on the network.
The world of gaming and blockchain technology is constantly growing, with innovations meeting the industry at large. Blockchain battle gaming and breeding are some aspects that have gained major attention. Axie Infinity is different from the others of its kind available in that each of Axies can only be bred seven times in total to control the Axie population available.
Axie Infinity provides a mating Avenue where its players can find breeding matches which can lead to the creation of powerful offspring. The cost of breeding Axies is SLP tokens and an attachment of 0.005 ETH.
Updates on the Axie Infinity platform will allow AXS token holders the option of staking their tokens. However, the Axie ecosystem will require them to vote and play before the rewards can be claimed.
How many Axie Infinity (AXS) coins are in circulation?
The Axie Infinity platform has a total supply of 270 million tokens. As of November 2020, the circulating supply of Axie tokens was pegged at around 53.5 million tokens.
On the apportionment of the tokens, in total, 11% of the available supply was assigned to participants via the Binance Launchpad EIO while 4% was sold privately. In addition to the existing apportionment, 29% is assigned to reward staking, play to earn takes 20%, 21% is assigned to the team, 8% is assigned to fund the ecosystem, and 7% to the platform advisors.
According to the projections carried out by Binance Research, the totality of AXS tokens will be in circulation by 2026.
Is the Axie Infinity (AXS) Network secured?
Similar to several of the new generation cryptocurrency tokens, Axie Infinity is also based on the ERC-20 specification of the Ethereum blockchain. Due to this, the platform follows the same proof-of-work consensus security protocol of the Ethereum network.
According to the network, it has plans of moving its NFT tokens from the looming network to an Ethereum sidechain called Ronin. The system was custom built and will support Axie tokens and most of the game item tokens.
Ronin is to be built specifically for the Axie ecosystem by the same development company responsible for the Axie Infinity game, Sky Mavis. The Ronin Platform is designed to help the Axie Infinity scale by applying reduced gas fees and providing a transaction confirmation interface that is next to instantaneous.
How do I buy Axie Infinity (AXS)?
The gaming part of the Axie Infinity platform has led to a major jump in the popularity of the tokens and their general adoption. To buy AXS tokens, the steps below provide the right direction.
- Open an account with any crypto trading platform that offers AXS.
- Transfer the specific amount of your fiat currency to the trading platform account.
- Wait for your deposit to be confirmed and Buy AXSY through the trading platform account.
Which Cryptocurrency Wallet Supports Axie Infinity (AXS)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Axie Infinity. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Axie Infinity wallet because offers a simple and interactive interface making it easy for people to navigate its system.