Decided you want in on the action? You can buy AXS on Coinbase.
With the recent popularity of non-fungible tokens (NFTs), blockchain-based games are becoming exponentially more popular. One such game, Axie Infinity (AXS) has been gaining traction all around the world in 2021. Individuals with no opportunities to work are now able to earn money by playing video games in their own homes. Surging from a low of around $3 in July to reaching a high of over $90 in early September, Axie Infinity is not only the most played blockchain game currently in DeFi but the most valued NFT collection by market cap.
What is AXS?
Axie Infinity (AXS) is a blockchain-based game on the Ethereum network created by Sky Mavis. The future of Axie Infinity is in the hands of AXS holders, the game’s governance token.
The premise of the game revolves around creatures called Axies. Each Axie is a non-fungible token (NFT), and players need 3 to start their adventure. Various forms and body parts can be generated on an Axie. Each of these Axies has a wide range of different attributes and strengths. Players can then use these NFTs in an adventure mode or PVP-style game, where they can earn SLP (smooth love potion) tokens for winning battles. The SLP token is also an Ethereum-based cryptocurrency.
Individuals are able to play the game on any computer and any android device. However, playing the game is not the only functionality of the token.
Axies can be bred together to create new creatures. Each Axie NFT can be bred 7 times. It costs 2 AXS and 300 SLP, although the more breeds are done, the more SLP is required. The breeding process burns these tokens from existence. This mechanic provides a dynamic value for these 2 tokens and limits the supply of AXS.
AXS Market Position
The market cap of AXS as of June 2022 is around $1.25 billion with a circulating supply of roughly 64,000,000 AXS tokens. One AXS now costs just under $20.
AXS is in a unique market position compared to other cryptocurrencies. The main source of competition between Axie Infinity and competitors would be for users. Axie Infinity users provide value to AXS by providing dynamic use of the token. The AXS token derives its value from the Axie Infinity ecosystem. Other decentralized finance (DeFi) games such as Decentraland and The Sandbox use their own governance tokens and are independent of the Axie ecosystem.
Leah Callon-Butler Bull Case for AXS
Leah Callon-Butler is the director at Emfarsis Consulting Firm, who also provides insight on the crypto market. She explains how Axie Infinity is much more than just a crypto game. Primarily due to the fact that individuals in the Philippines are able to earn a legitimate income opportunity.
Callon-Butler explains something in the community known as “scholarships.” This is a profit-sharing model where individuals rent their NFTs to new players for a chance to earn income. This opportunity leads individuals with no resources to a stable income and a chance to earn cryptocurrency as well as promoting peer-to-peer redistribution of wealth.
Sophie Lewis Bear Case for AXS
Sophie Lewis, a data analyst and writer, makes the argument that the annual emissions of all NFTs emit more carbon into the atmosphere than most small countries. She states that these NFT emissions are established to be 10 times higher than that of an average Ethereum transaction. As well as raising concerns about the rapid increase of fossil fuels usage with the growth of NFTs, which could encourage regulations on blockchain projects such as Axie Infinity. These types of environmental regulations on blockchain projects such as Axie Infinity may induce a bearish sentiment into the project, primarily due to the limitation of growth.
Where to Buy AXS
You can buy AXS currently on Coinbase (NASDAQ: COIN) and Crypto.com. A centralized exchange like Coinbase is a perfect way for individuals to start investing. Make sure to do your own research and make the decision that is right for you.
How Long Will it Take for AXS to Reach $100?
Given the current price of AXS, if growth were to continue at a steady rate, we could see $50 as soon as the end of November if the bull market picks back up. On a more conservative growth rate, along with the retention rate of the game, it’s not unrealistic to see AXS at $50 by early 2023.
How High Can AXS Go?
If the bitcoin bull market returns AXS could see $50 as soon as December 2022. This would provide a double in market cap bringing the market cap of AXS to over $2.5 billion. In order to see a double in market cap, Axie Infinity will need to continue growing the game’s retention rate as well as a large increase in community outreach.
Where to Store AXS Safely
There are 2 different types of wallets where you can store your digital assets. There are software wallets and hardware wallets. A software wallet is an application that is on your computer’s hard drive. In other words, your wallet is on your computer. The alternative is a hardware wallet, which is a special type of wallet that stores the user’s private keys in a secure hardware device — keeping your private key information off your computer and on an external device.
- ERC-20 tokens
Best hardware wallet: Ledger
Ledger is the most recognized and most credited hardware wallet currently available. The device is primarily an offline hardware wallet. Ledger also connects to Bluetooth and USB depending on if you want to use your computer or mobile phone. Ledger also has an app to make it much easier to secure, store and manage your assets.
Best software wallet: ZenGo
ZenGo is a mobile software wallet. This makes an excellent wallet for beginners looking to invest in cryptocurrency. The wallet also removes the worry of keeping private keys and seed phrases because of the facial biometric feature.
Current Crypto Prices
The total market cap for all cryptocurrencies is currently just over $1.2 trillion. Negative sentiment in the market seems to continue, although Bitcoin (BTC) and Ethereum (ETH) have been holding up stronger than other altcoins. We can expect to see some sideways consolidation or further breaks to the downside from here before the next breakout.
Investing in cryptocurrency and digital assets can be highly risky; do not invest more than you can afford to lose. Make sure to always do your own research on projects before investing.
So, Is AXS a Good Investment?
Suppose you believe in the innovation of decentralization as well as player-owned assets, then AXS may be right for you. If you enjoy playing video games and would like to experience play-to-earn games, then AXS might be a good investment. Make sure to do your own research on projects before investing.
- Exclusive Crypto Airdrops
- Altcoin of the Week
- Insider Interviews
- News & Show Highlights
- Completely FREE