What is Axie Infinity?
Axie Infinity is a blockchain-based play-to-earn (P2E) game that contains “Axie”, which are Nonfungible Tokens (NFT) and in-game characters that people can breed, buy, and sell. Users can also enter battles when their Axie is ready, allowing them more opportunities to earn.
Axie Infinity Live Price
Key Features and Takeaways of Axie Infinity
Axie Infinity was launched in 2018 and the project has the following key features and takeaways:
- Axie Infinity is one of the most popular blockchain-based NFT games with open-ended and flexible gameplay.
- Players can collect virtual pets called “Axies,” and these can be raised, battled, and traded throughout the overall Axie ecosystem.
- Axie Infinity has more than 100,000 users weekly and according to the user counts on popular gaming decentralized applications (DApps), Axie Infinity is one of the top three NFT games now.
- Axie Infinity has a dual token system namely Axie Infinity Shards (AXS) and Smooth Love Potions (SLP). AXS is the governance token while SLP is earned during gameplay, and it can be used to breed new Axies.
- Each Axie is unique, and it is represented by an ERC-721 NFT and each character in the game has different statistics relating to their Skill, Speed, Morale, and Health. These metrics are crucial in the battle mechanics of the Axies.
- Every Axie falls into a different class between Aquatic, Beast, Bug, Bird, Plant, and Reptile. There are also secret classes namely Dawn, Dusk, and Mech. Every Axie has six body parts that can be changed, giving the Axie different capabilities during battles.
Axie Infinity Mining
AXS and SLP are ERC-20 tokens that are tradable on the Ethereum network, which means that they are not mining-based tokens. Users who hold AXS can stake their tokens through the Ronin Wallet to earn interest on their holding, with the benefit that they can earn back 113% APR, depending on their stake.
Pros and Cons
| Pros | Cons |
| Axie Infinity’s gameplay is based on trading and battling | There are earning limitations on the game |
| Axies are collectible NFTs | NFTs could create an economic bubble that could collapse because of market hype |
| There are many future developments planned for the game | There are high costs involved with staking |
| The game can be used on desktop and mobile devices | |
| It is a comprehensive P2E blockchain-based game that is boosting the adoption of blockchain technology |
Transaction Fees
| Type of Fee | Information |
| Withdrawal Fees | 0.46 AXS |
Should you buy Axie Infinity?
Axie Infinity is a good investment because of its sheer growth and popularity in the past year. Axie Infinity has over 100,000 daily users and the game is still seeing increased popularity. Axie Infinity has helped to boost the overall adoption of NFTs and blockchain-based gaming.
The benefit of buying Axie Infinity is that AXS can be staked to earn generous interest through compatible wallets such as Ronin Wallet.
How to buy Axie Infinity (AXS)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next.”
Create a fund password and select “Create Account.” Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Axie Infinity/AXS and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organization by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, and enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit.”
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address, and select “Enable Two-factor Authentication.” With this setup, you must use the Google Authenticator app to sign in to your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added is to transfer existing crypto into your Gate.io wallet.
AXS can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page that generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading AXS.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading AXS, select the option from the “Trade” Menu. Enter “AXS” into the search bar to see which trading options are available.
For spot trading, instance, and as an example, select AXS_USDT. Once you have selected it, you will be directed to the exchange page which corresponds to the cryptocurrency pair AXS/USDT.
Here, you will see that you have the option to buy or sell AXS either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 4 – Buy AXS via Limit Order
To buy AXS and create a limit order for it, you can enter the amount of AXS you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 5 – Sell AXS via Limit Order
To sell AXS, find the panel under the chart and create a limit order for USDT according to your preferences. Note that with a peg to USD, AXS that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 6 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request.”
FAQ
When was Axie Infinity first launched?
Axie Infinity was first launched in 2018.
Who founded Axie Infinity?
Axie Infinity is the brainchild of Trung Nguyen, Aleksander Larsen, and Viet Anh Ho.
What is an “ICO”?
It is an Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Axie Infinity’s ICO and how much did it raise?
Axie Infinity held an ICO in 2018 and $2.97 million (48 million ZAR) was raised.
Is Axie Infinity legit?
Yes, Axie Infinity and AXS are both legit.
What is Axie Infinity’s total supply?
There is a total supply of 270 million AXS.
What is the purpose of Axie Infinity?
Axie Infinity is a popular blockchain-based NFT P2E game where users can earn AXS and SLP. Axie Infinity is a fun and innovative way for blockchain technology to become more widely accepted.
On which blockchain is Axie Infinity based?
Axie Infinity was launched on the Ethereum blockchain, with AXS and SLP as ERC-20 tokens.
Does Axie Infinity work with smart contracts?
Yes, Axie Infinity incorporates the use of smart contracts on its platform.
Does Axie Infinity have the potential to become more valuable?
Yes, Axie Infinity has the potential to become more valuable and it is already one of the most popular blockchain-based P2E games today.
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Louis Schoeman
Featured SA Shares Writer and Forex Analyst.
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