What is Axie Infinity?
Inspired by Pokémon and Tamagotchi games, Axie Infinity is a decentralized trading and battling game based on the Ethereum blockchain and played on Android phones, iPhones and PC. The game allows players to collect, breed, raise, battle, and trade creatures known as "axies", which are digitized as NFTs. The game uses a "play-to-earn" model where the goal is for gamers to play well for the chance to earn tokens or breed monster NFTs, which they can sell and earn real money from.
History of Axie Infinity
The game is the brainchild of Vietnamese startup Sky Mavis. The game studio developed Axie Infinity with an aim to create a future where work and pay go hand in hand. In 2020, the developer launched the game’s governance token called Axie Infinity Shards (AXS). The token allows users to vote on key decisions and currently has a market cap of $11.5 billion US.
Axie Infinity is the first NFT game to surpass $1 billion in sales, and in October 2021, became the world’s most valuable NFT collection.
What is Axie Infinity (AXS) used for?
Axie Infinity Shard (AXS) is an ERC-20 governance token of the Axie Infinity ecosystem launched in November 2020. AXS holders can receive rewards for playing/breeding, voting, and staking the token and will get paid dividends from Axie Infinity's community treasury.
AXS rewards are given out to the top-ranking players after each season.
How does Axie Infinity (AXS) work?
Axie Infinity Shards (AXS) are the glue that binds all Axie community members together. Axie Infinity has two in-game currencies, Small Love Potion (SPL) and Axie Infinity Shard (AXS). SPL is used for trading Axies and can be converted into real-life money. AXS, in turn, is a proposed governance token. When implemented, it will allow players to have a say in game development.
In addition to being a governance token, the AXS coin also lets holders stake and receive AXS rewards. Rewards come from the Community Treasury, which is filled by marketplace fees and in-game purchases.
AXS’ total supply is 270,000,000 with a circulating supply of 65 million as of November, 2021.
Advantages of Axie Infinity (AXS)
How do I buy Axie Infinity in Canada (AXS to CAD)?
To buy Axie Infinity (AXS) in Canada, you can set up an account on a cryptocurrency trading platform such as NDAX and buy AXS directly with the Canadian dollar.
You can also buy Axie Infinity in Canada using a peer-to-peer trade. However, using platforms such as NDAX will allow for affordable, safe, and fast transactions.
How do I store Axie Infinity?
It is highly recommended that you always store Axie Infinity (AXS) in a cryptocurrency hardware wallet. However, at NDAX we have all the security measures in place to allow you to safely store your cryptocurrency on our platform. See NDAX Security. For cold wallets, check out Ledger or Trezor for your hardware wallet needs.