Blockchain technology has unlocked a lot of possibilities in recent years. The more that these individual blockchain networks continue to grow, the more things that users are capable of doing. Blockchain gaming is one area that has grown exponentially, and Axie Infinity was once at the forefront.
Making an Axie Infinity price prediction is tougher than ever before. Investors and those potentially interested in investing have been watching closely to see if the blockchain gaming platform can come close to regaining its former glory. Read on to find out more about what Axie Infinity is and how it has fared within the blockchain gaming space.
What is Axie Infinity (AXS)?
Axie Infinity is, at its core, an online game. It implements concepts from bot the cryptocurrency and blockchain realms in order to incentivise gameplay. The play-to-earn model gives players the ability to play and earn NFTs, Axie Infinity Shards (AXS), in-game currency, monsters, and more.
The original game was shut down in June 2022, replaced with Axie Infinity Origins. The first game, called Axie Infinity Classic, was eventually brought back in November 2022, and now users are able to play both versions in order to earn AXS tokens.
Who are the Founders of Axie Infinity (AXS)?
The founding of Axie Infinity can ultimately be attributed to Trung Nguyen and Aleksander Larsen. Larsen is the Chief Operating Officer (COO) while Nguyen is the CEO. The team has also included Jeffrey Zirlin, Tu Doan, and Any Ho.
What Makes Axie Infinity (AXS) Unique?
A few things that impact the Axie Infinity price also make the game itself unique. For starters, the play-to-earn model is something that stands out. Players are able to earn NFTs, in-game currency, and more, all of which can be traded for assets that are worth real money.
Speaking of NFTs, players are in full control of their assets since they are NFTs. This allows players to do as they please with all their virtual assets, something that most off-chain games make quite difficult. Run on the Ronin sidechain, transactions are much faster, and transaction fees are lower, generally issuing for the Ethereum blockchain that everything runs on.
Population control is built-in, putting limits on the total number of Axie breedings possible. This prevents hyperinflation and allows the network to manage total supply while giving players the ability to drive the in-game economy through a unique, dynamic marketplace that few other games can match.
How Many Axie Infinity (AXS) Coins Are There in Circulation?
There are two numbers to be aware of when talking about a crypto token: the total supply and the circulating supply. There is a maximum/total supply of 270 million AXS tokens possible, though the total supply hasn’t been fully distributed as of yet.
Right now, there are 166.587 million AXS tokens in circulation. Another factor to consider is a burning mechanism. Though AXS has not announced its intent to use a burning mechanism, it is a great way to limit the total supply and provide a sense of rarity for a crypto token.
How is the Axie Infinity Network Secured?
The Axie Infinity network is ultimately secured by the Ronin Network, an Ethereum sidechain. It was built to be fast and make transactions affordable, though it has been the subject of a massive exploit. In 2022, users lost more than $600 million in a breach that has since had a major impact on the price of AXS.
Ronin uses a proof of staked authority consensus model. It uses a handful of validators rather than the thousands that its parent network, Ethereum, uses. There have since been security upgrades, including audits and monitoring, in order to prevent another breach like the one experienced in 2022.
Axie Infinity Ecosystem
Though it may seem like just another blockchain game, there are a number of inherent features within the Axie Infinity ecosystem that make it worth checking out. Let’s look at each of the unique ecosystem features:
Play-to-Earn: Perhaps the most unique feature is the play-to-earn business model. Players can upgrade their game’s world and earn real rewards in the form of AXS. This is primarily based on buying the right Axies, which can then be used in battle to earn virtual currency, which can then be used to buy in-game items.
NFTs: All digital assets within the game are represented by NFTs. Each NFT is cryptographically unique, conferring ownership and giving the player the ability to trade Axies or any other kind of asset right there within the game’s marketplace. Interestingly enough, Axie Infinity has the fifth-highest all-time sales in terms of NFT projects, recording $4.31 billion in all-time NFT sales.
$AXS: These ERC-20-compliant tokens are used for governance within the Axie Universe. They are essentially the game’s native currency, and holders are able to stake their tokens, participate in governance votes, and play games in order to claim rewards. These tokens also help further the decentralisation of the game, allowing developers and the game’s community to work in tandem to help grow and develop the game.
FAQs
What is the history of Axie Infinity?
Axie Infinity began development in 2017, inspired by the game CryptoKitties. The first battle system would be released in October 2018, with a pre-sale of Axie NFTs coming in April 2019. The AXS token came to be in 2020, launching on the Binance launchpad near the end of 2020. The game has since moved to the Ronin sidechain, seeing a massive surge in popularity. A major hack costing the system $620 million ultimately damaged the value of AXS and reduced its player base.
How does Axie Infinity work?
As an online game, users are tasked with finding creatures called Axies. They can be collected as pets and used to breed, collect, raise, and even battle across the Axie Infinity universe. Players connect their crypto wallet and create an Axie Infinity account, purchasing three Axies to form a team. Players can develop and grow their Axies to rise up the rankings, even earning real-world benefits the further they advance in the game.
What is the highest and lowest price for Axie Infinity (AXS)?
A great way to gain more information about a token is to look at its historical prices. Axie Infinity has been around for more than five years now, and its all-time low price was on Nov. 6, 2020, when it was trading for $0.1237 per token. The all-time high came exactly one year later, on Nov. 6, 2021, when it hit a price of $164.90 per token.
What is the market cap of Axie Infinity (AXS)?
Users can determine the market capitalisation of a token by taking its current market value and multiplying it by the current circulating supply. There are more than 166 million AXS tokens in circulation right now. Multiplied by a market price of $1.54, that would give AXS a market capitalisation of $256.24 million currently.
What is the fully diluted valuation of Axie Infinity (AXS)?
The fully diluted valuation (FDV) of a token is determined by taking its current market value and multiplying it by the total supply. There is a total supply of 270 million AXS tokens, and with a market value of $1.54 per token, that gives AXS an FDV of roughly $415.3 million. Keep in mind that this value can change as the market price of the token changes.
What unique features does AXS have?
Though the world of blockchain gaming is still somewhat new, Axie Infinity has a unique play-to-earn model. This gives players the ability to garner real-world value by taking on in-game activities like breeding and battling. The characters are all NFTs as well, which means that players can own and trade their characters.
How can I play AXS?
In order to play Axie Infinity, you will have to first set up a crypto wallet like MetaMask or Ronin. From there, you will have to fund it using ETH and then buy a minimum of three Axies from the Axie marketplace. When you have your team ready to go, download the game, create your account, and begin battling through Adventure (PvE) or Arena (PvP).
Is it safe to invest in AXS?
One of the first things worth noting when talking about Axie Infinity is its major price fluctuation. AXS hit an all-time high of more than $159 per token in Nov. 2021 but has since had a massive fall-off. It is now trading at roughly $1.54 per token and is down more than 66% in the last year alone.
