Axie Infinity (AXS) – All you need to know

What is Axie Infinity?

Axie Infinity is an online game where players battle monsters and can earn cryptocurrency as a reward for their efforts. Axie Infinity Shards, or AXS, is the platform’s native token that’s used to pay those rewards and comes with voting rights that gives players a stake in the game’s development.

Loosely based on Pokemon, Axie lets players create their own cute monsters and battle either the computer or other players online. The game was launched in 2017 – the token followed in 2020 – but it hit real popularity in 2021 as it launched some new features and by the middle of the year it boasted more than a half a million active players every day.

Its success has been as a result of combining the ability to build unique monsters with cryptocurrency in a ‘play-to-earn’ model. Those unique monsters can also be sold through the Axie marketplace as non-fungible tokens (NFTs), and the game is already one of the largest revenue-generating projects in the cryptocurrency space.

How does Axie Infinity work?

The game is built on the blockchain, which tracks the movement of money between players and where the rules that govern the game are stored in pieces of code known as ‘smart contracts’. You have to have a cryptocurrency wallet in order to play the game.

Every monster – ‘Axie’ – in the game is an NFT that can be bought, sold, or even loaned to other players. Along with a wallet, you have to deposit Ethereum into your account and buy three monsters to get started, an up-front cost that can run into many hundreds of pounds.

You can then do all sorts of things with the monsters: battle them in teams or individually, create new ones, or simply raise the ones you have. The more you play the more you can earn AXS tokens and, as these carry voting rights, over time control of the future of the platform will be spread out among its players.

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