Blockchain technology is the home of numerous innovations from DeFi protocols to NFT ecosystems. Decentralized Financial protocols offer lending, staking, trading, farming, exchanges, and similar features. The NFT space is known for its Metaverse, Play to Earn network, gaming transactions, and much more. Bitcoin is the forerunner of cryptocurrencies on the blockchain, paving the way for the innovations that are currently visible. Usually, DeFi and NFT platforms have governance tokens that have market capitalization and can be traded on exchanges. To enjoy the feature on these platforms, the potential user may need to possess the native coins, and an example is the Axie (AXS) tokens. AXS holders need to possess some Axies before they can gain entrance into the metaverse.
These tokens are cryptocurrencies like Bitcoin, and are based on the blockchain. Examples of them are the native coins of Axie Infinity, Bitcoin, Ethereum, and so on. Cryptocurrencies have evolved from merely being a means of payment to offering innovative use cases. Before we go any further, this is not investment advice.
What is Axie Infinity?
There is hardly a soul that has not heard of the Axie Infinity game, which is a Play to Earn ecosystem with a market capitalisation of $3,219,695,788.28. Early adopters of the Play to Earn game benefited from the rise in AXS price. As of the time of writing this, the value of the NFT tokens was $52.44. The price of the AXS tokens skyrocketed from less than a dollar to over a hundred dollars in 2021.
Axie Infinity’s metaverse tokens have a circulating supply of 60,907,500 AXS coins and a total supply of 270,000,000 AXS coins.
AXS holders have access to both the game and key governance votes, as long as they meet the criteria to gain entrance into the game.
Axie Infinity is a crypto Play-to-Earn world that allows gamers to breed their NFT pets called Axies. In the gaming platform, the user can also enjoy the battling gameplay and sell Axie Infinity NFTs on the marketplace. In the marketplace, users can also trade virtual real estate. Transactions are generally done on a sidechain- Ronin- that was designed by Sky Mavis to ensure that gas fees are affordable.
Axie Infinity is the home of two cryptocurrencies, which are the Axie Infinity Shards (AXS) and Small Love Potion (SLP). Axie Infinity Shards are available on exchanges, while the Small Love Potion (SLP), is given to players in the game.
Can players on Axie Infinity make money?
As a Play-to-Earn ecosystem, gamers are allowed to earn rewards from actively participating in the game. Axie Infinity is a Play to Earn game that allows gamers to breed Axies, and sell them on the marketplace. Users can also sell in-game real estate, and accessories such as barrels of flowers. These items are sold for tokens. Another means of generating income is via the tokens that are available to players in the game.
By completing the daily quest, which involves arena matches, daily check-in, as well as adventure mode levels, you win SLP.
Another way to earn SLP is by participating in arena battles.
Carrying out PvE missions earns the player some SLPs.
What are the types of tokens on Axie Infinity?
There are two types of tokens on the Axie Infinity ecosystem, and they are the Axie Infinity Shards (AXS) and Small Love Potion (SLP).
Axie Infinity Shards is the token that can be traded on exchanges, and needed to play the game. These coins can also serve as governance tokens that allow their holders to vote on proposals.
Another type of token available on the Axie Infinity game is the Small Love Potion (SLP), which is given to players when they participate in the game. A way to earn this token is to battle it out with the Axies of opponents or complete tasks. Players can also exchange their SLP on exchanges.
What are the use cases of AXS and SLP?
AXS and SLP are the native tokens of the Axie Infinity ecosystem. Token holders can trade their tokens for other cryptocurrencies in exchanges or they can use them to breed new Axies for sale on the marketplace.
How does Axie Infinity work?
Every potential player needs an Ethereum-compatible crypto wallet like Metamask, as well as some Ether. Ether can be purchased on exchanges like Whalesheaven for the best possible price then sent to your wallet.
To gain entrance into the metaverse, the user must purchase a minimum of three Axies at the marketplace. A fee of 4.25% is charged by Sky Mavis for every item that is sold in the marketplace.
To breed Axies, the user needs both AXS and SLP, and every Axie is allowed to be bred for seven times. The more a gamer breeds an Axie, the higher the SLPs they need. Those Axies that have been bred on multiple occasions tend to sell for a lower value.
Is Axie Infinity the only Play to Earn Game?
Axie Infinity is not the only Play to earn platform, nor is AXS is the sole metaverse token in the market. With the growth of this ecosystem, more play-to-earn gaming platforms are sprouting and growing.
Many of them have different gameplay and scenarios to endear their users. Axie Infinity is not as recent as some people think it is, though the game was launched recently.
It may be difficult for a new game to beat Axie Infinity in terms of usage and popularity, but in the nearest future, the competition will be fierce.
How do gaming guilds relate with Axie Infinity?
Gaming guilds are organizations focused on offering the opportunity for gamers to access play to earn platforms. Participating in Axie Infinity is quite expensive, and may not be accessible to the regular player. Gaming guilds tend to source funds, Axies and other items needed to participate in gaming platforms like Axie Infinity. They avail those features to the average gamer, while offering them training on the ways to excel in the game. At the moment, several gaming guilds are sprouting and offering sponsorships to those that want to play the games. They share in the revenue made from the players. Some guilds also invest in budding play to earn platforms to improve their functionalities.
For those that may be unable to afford at least three Axies and other items needed in the ecosystem, they can request sponsorship from guilds.
Can you play Axie as a full time job?
Axie Infinity may be quite profitable but in many parts of the world, it may not be considered as a full time job. In developing countries like the Philippines, and those countries with weaker currencies, the rewards earned from playing the game may be higher than their minimum wage. Playing the game as a full-time job may not be a good plan depending on where you reside.
Do you need to play Axie Infinity to buy AXS?
No, you must not play the Axie Infinity game before you are allowed to purchase AXS. These tokens can be bought on exchanges.
Can you exchange Bitcoin for Axie Infinity Shards (AXS)?
Some cryptocurrency exchanges may allow users to trade their Bitcoin for Axie Infinity (AXS) tokens. The process is quite seamless. Other times, you may have to exchange Bitcoin for stable coins like USDT before purchasing Axie Infinity.
Where to trade your cryptocurrencies in a decentralized manner?
For those that want to get involved in Axie Infinity to play the game, hold the token or do much more can purchase their AXS tokens for Bitcoin in a decentralized manner on our exchange, Whalesheaven.
Users do not have to worry about doing verification or jumping through hoops because of a stringent KYC process before they can purchase their Axie Infinity native tokens or any other cryptocurrencies. On Whalesheaven, people can buy, sell and trade blockchain gaming tokens of different types like AXS, Enjin, Decentraland, Sandbox, Splintershards, and Alienworlds.
The trading fees are highly competitive and one of the most affordable in the market. With Whalesheaven, users can sell large amounts of their blockchain gaming tokens in a safe manner, without worrying about paying a high trading fee. Buyers can also purchase high volume of coins in a Peer to Peer manner. The system is designed to protect both large and small volume traders.
Whalesheaven is the home of a wide range of cryptocurrencies that traders can choose from, while possessing a top-notch security mechanism to protect the different participants in the exchange process. As a none custodial exchange, users are permitted to hold both their private keys and tokens. This means that the AXS holder doesn’t have to worry about the exchange holding their crypto before their transaction can occur.
When you purchase Axie tokens or any other crypto on Whalesheaven, you are not charged any withdrawal fee, nor is there a limit.
Traders can sell a large volume of AXS and similar tokens without having to worry about changing the market direction or being affected by the volatility of the crypto market. Our exchange makes the process a lot easier.