Want to jump straight to the answer? You can buy AXS today on Gemini!
With non-fungible tokens (NFTs) becoming popularized by CryptoPunks, NBA Top Shot and Beeple collectibles, other use cases for NFTs are gaining in popularity. One clear use case for NFTs is in gaming, and Axie Infinity has capitalized on this.
With Axie Infinity, users can buy and sell in-game items like Axies (in-game characters), plots of land and even accessories for their Axies. This grants players the ability to earn cryptocurrency for simply playing a game: a new phenomenon called play to earn.
What is Axie Infinity?
Axie Infinity is a blockchain-based gaming platform that’s considered a play-to-earn game. This means that players can actually earn cryptocurrency through playing Axie Infinity, allowing players to generate a stream of income they would otherwise not have.
The game consists of Axies, which are creatures used to progress through the game. Each Axie is an NFT that can be bought and sold on NFT marketplaces. Gamers earn Small Love Potions (SLP) for completing levels, which can also be bought and sold on exchanges like Uniswap.
A few different tokens are offered in Axie Infinity, all with distinct purposes. Here are its main tokens:
- Axie Infinity (AXS) is the governance token for Axie Infinity. If you’re looking to invest in the gaming platform, then you should buy this token. Although there currently isn’t any revenue generated through this token, the cryptocurrency grants holders governance rights to vote on the future of the gaming platform.
- Nonfungible tokens (NFTs) are in abundance on Axie Infinity. Some users buy them as investments, while others buy to play the game. Axis (the in-game creatures), land and other valuables that can be bought and sold on Axie Infinity’s marketplace are NFTs.
- Small love potions (SLPs) is another Ethereum-based token Axie Infinity uses on its platform. These tokens can be used in-game to breed Axies, as well as level up your creatures. You can think of SLPs as experience points that can be bought, sold or used.
Here’s the catch: To play Axie Infinity you need to own at least 3 Axies to play. Currently, the cheapest Axies are selling for around $10, so you’ll need to spend $30 to get started playing today. However, these Axies can be sold on the marketplace, so you may be able to get your money back or even make a profit when you’re done playing.
Brief History of Axie Infinity
Axie Infinity began development in late 2017, and has since released a ton of features on its gaming platform. The actual game, Axie Infinity, was released in May 2018 with just one feature — breeding Axies. Users were able to buy and sell Axies, as well as breed Axies to use in-game or sell on marketplaces.
Since its inception, Axie Infinity has released player versus player battles, NFT plots of land and idle battle modes. These features work together to make a complete blockchain-based game that’s not only fun to play but lucrative.
In the near future, Axie plans to release staking for AXS, allowing token holders to earn interest on their investment. Also, Axie will be launching gameplay integrated with the plots of land currently for sale, giving the otherwise useless land in-game utility.
Follow these simple steps to get started with AXS.
How to Buy Axie Infinity
- Open an online account.
To invest in AXS, you’ll need a cryptocurrency exchange account with a platform that supports the Axie Infinity token. Currently, the most accessible places to purchase Axie tokens are on Coinbase and Gemini.
Coinbase allows you to invest in Axie tokens in a few different ways. You can choose to use stablecoins pegged to the U.S dollar (USD) or you can use Bitcoin (BTC) or other altcoins to invest in Axie tokens by using the "convert" feature on Coinbase. Using Bitcoin as the basis for altcoin investments can be helpful, as it compares your altcoin’s performance to that of Bitcoin’s.
Gemini has a new program called Gemini Earn which is great for long-term investors. The program lets you earn cryptocurrency interest on Gemini, allowing you to accumulate more coins over time without needing to invest any more money into digital assets.
- Buy a wallet (optional).
If you don’t plan on actively trading your crypto, using a cryptocurrency wallet is a must. Cryptocurrency wallets let you control your cryptocurrency, whereas centralized exchanges hold custody of your funds. Many exchanges have been hacked in the past, as centralized crypto exchanges are huge targets for online hackers.
- Make your purchase.
Once you’ve made an account with Coinbase and decided where to store your tokens, it’s time to make your purchase. You can buy your Axie Infinity tokens in 2 ways on Coinbase: as a limit or market buy order.
Market orders will invest in the token you seek to purchase at the market price, and the order will typically be filled within a few seconds. Conversely, you can place a limit order to buy your tokens at a pre-specified price. However, if the token doesn’t fall to the price on your limit order, then the buy order will never be filled.
Best Hardware Wallet: Ledger Nano S
Hardware wallets are physical devices that store your cryptocurrency offline. They are generally considered the most secure way to store cryptocurrency — your funds will be inaccessible from the internet.
The Ledger Nano S is among the most affordable hardware wallets on the market, coming in under $60 for the device. Plus, the Ledger Nano S is a multicurrency wallet, meaning that you can conveniently store thousands of different cryptocurrencies all on the same device.
Best Software Wallet: MyEtherWallet
Overall, MEW is a powerful interface that allows you to manage your Ethereum-based assets and interact with a variety of Ethereum applications. It’s free and open source, which makes it an attractive option for both beginner and experienced investors.
Trade, Sell or Convert your AXS
Since most cryptocurrency wallets won’t let you trade, sell or convert your tokens from inside your wallet, you’ll need to send your tokens back to a cryptocurrency exchange to do so. Coinbase has both stablecoin and Bitcoin trading pairs, so you can choose to sell your investment for either USD or BTC on the exchange.
Current Crypto Prices
The cryptocurrency markets have seen a sharp downturn after appreciating over 100% in a span of just a few months. Even with the recent market lull, Axie Infinity tokens have appreciated to a new all-time high of over $140 per token. With the crypto markets open 24 hours, you may want to use a cryptocurrency portfolio tracker to keep track of your investments.
Is Axie Infinity a Good Investment?
Axie Infinity has shown better returns than most other cryptocurrencies, making it an attractive investment for those bullish on blockchain-based gaming. With the game slated to release on iOS and Google Play this year, there may still be room for AXS to grow.
Frequently Asked Questions
Yes, Axie Infinity is available to download and play on mobile devices including IOS and Android.
Play-2-Earn is a type f game that exists with blockchain technology. Players can play a game to potentially earn cryptocurrency. Usually, this happens by players getting a hold on valuable in-game assets.
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