What are Axie Infinity Shards (AXS) and how is AXS used?
Axie Infinity Shards or AXS is an ERC-20 standard token developed on the Ethereum network as a native token used as a medium of exchange on the Axie Infinity platform that was inspired by the well-recognized game and cartoon, Pokemon. Also, the project is partnered with Ubisoft, one of the largest gaming firms in the world.
Axie Infinity is a decentralized gaming platform built on a blockchain network and functions with the help of Smart Contract with AXS and SLP used as currency, as well as other assets like NFTs. NFTs on Axie Infinity appear in the forms of, for example, unique Axie characters that can be collected, used to fight, and more. Furthermore, the game also offers land and items for players to decorate and utilize as well.
The AXS token currently has the highest market cap in the blockchain gaming category and 34th overall. Axie Infinity has also accumulated over 1.8 billion dollars in NFTs, the highest ever, in reference to DappRadar, September 6, 2021.
How does AXS work?
AXS is used for breeding 2 Axies to create a new one. Both AXS and Smooth Love Potion (SLP) are used in the game. Furthermore, players can also play on the platform to receive AXS from fighting in the Arena mode. Players ranked in the top 1,000 would receive rewards as AXS, starting from 1 AXS to a maximum of 225 AXS or around 600,000 THB for the top player in the PVP Arena in Season 18 (in reference to Bitkub, September 6, 2021.)
The token’s maximum supply is set to be 270 million AXS, with storage for numerous upcoming occasions, such as Arena Ranking, staking in the game’s ecosystem, and more. Currently, there is around 60 million AXS in circulation.
Axie Infinity total supply of AXS is set to be released within 2026, not exceeding 270 million as various functions on the platform can help prevent inflationary events.
Wallets for AXS
Playing on Axie Infinity requires software wallets like MetaMask or Ronin. Players can enhance their security in storing their AXS, SLP, and ETH through the connection to hardware wallets, like Trezor 1 and Trezor Model T as well, which can both be found on the Bitkub Academy Facebook page shop, provided by a certified retailer, Siam BC.
AXS is a token that has gained popularity in recent times and has the main function of being used as currency on Axie Infinity. However, in the near future, more features and uses may be on the horizon, along with volatility and unpredictability. Therefore, investors are highly advised to conduct adequate research before investing or playing Axie Infinity to manage risks and invest wisely.