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Axie Infinity – What to Know Before Buying AXS

Axie Infinity is among the few cryptocurrencies to experience exciting price growth in a flash. Its popularity, demand, and high revenue is what made investors wonder if they should jump in too.

Although play-to-earn games have been around for some time, it only boomed in popularity recently. If you’re aiming to get into Axie Infinity, we’ll let you in on a couple of things first before starting. Gain more knowledge about the game and all the vital aspects of it before buying AXS.

The World of Axie Infinity

Axie Infinity is a game that can be played on iPhones, Android phones, and your computer. Its gameplay is heavily drawn from Pokemon where you’ll need a team with three Axies possessing various skills. You will use them to battle against computer-generated opponents or other real-life Axie players.

Compared to classic games, Axie Infinity is different since it brings in NFTs into the mix. An NFT, or non-fungible token, is a certification that guarantees that a digital asset is the sole original copy.

In addition, these NFTs recreate and make scarcity known in the digital world. Thus, leading to the anticipated increase in value of a digital item which can be easily multiplied by copy-pasting.

The monsters or Axies are the NFT’s in the game. It means an Axie created via the game’s breeding process will be a distinct and original digital project. The game’s breeding mechanics will mint these Axies as NFTs.

What Is AXS and How to Get It?

Now that you have a better idea of what the game is, let’s talk about AXS. AXS or Axie Infinity Shards is the governance token of the game’s platform – an Ethereum-based digital marketplace for this game.

As a player, you will use these AXS tokens for trading the Axies. AXS holders can even stake coins to acquire weekly rewards and participate in ruling the protocol.

New players are required to buy at least three Axies that are priced in Ether. Here, the protocol makes money via Axie sales, Axie breeding fees, land sales, and marketplace fees.

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How to Get AXS?

Getting AXS is easy, and you simply need to follow these steps that we’ve listed below:

Step #1: Create an Account

The first thing you need to do is to create a Binance account, one of the leading exchanges today. You’ll be asked to fulfill a KYC process before continuing.

Through Binance, you can invest in Axie tokens via two different ways. Either use stablecoins which are linked to USD, or you can utilize Bitcoin.

It’s good to note that AXS can’t be purchased using regular currencies. With that, it’s necessary to exchange your fiat currency for crypto.

Step #2: Buy a Wallet

Purchasing crypto wallets is ideal for those who do not want to actively trade crypto. Doing so will allow you to control crypto since it’s decentralized, meaning, the exchange won’t hold your funds.

To note, crypto wallets are far more secure compared to exchanges.

Step #3: Make the Purchase

After completing the first two steps, you can finally purchase your AXS. Through Binance, you’ll have two different ways of buying your AXS and these are:

Through Limit Order

If you’re planning to purchase tokens for a specific price, it’s best to go for this option. It means that the order won’t ever get fulfilled until the price falls to that specified amount.

Or by Market Order

But if you go for this option, you will receive it at market price. The good thing about the Market Order is that the order will get processed in a snap.

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What You Need to Know Before Playing

Now that you have a better understanding of Axie Infinity and the idea of play-to-earn, you can start playing. But before you begin, there are some things you need to know to start the game right.

You Need to Begin with Three Axies

For this game, you need to have a team consisting of three Axies to start. In the marketplace, the beginning price of a good and decent Axie is about 0.1 ETH or around $300.

This only means that you need an estimated 0.3 ETH or around a thousand dollars to start the game. And this is by buying Axies.

In the marketplace, the minimum price for one Axie is about $200. That means, a player will need to spend $600 to form a team and play. It’s also necessary to have two wallets and lots of Ethereum (ETH) before you can even purchase your first monster.

While there are free Axies, they aren’t good to use for starting the game since these usually have poor stats. That means, they won’t be effective even on the much easier PVE modes.

Scholarships

Another way to begin playing is to have someone sponsor you for the starter Axies. The concept of “scholarships’ began due to the high entry cost of the game. Here, Axie Infinity Managers loan their extra Axies to players, then profit-share the acquired rewards.

Specifically, these rewards are the SLP tokens.

Of course, convincing others to sponsor you can be a challenge. So, aspiring players usually post detailed applications to convince these Axie Infinity Managers to sponsor them.

The Value of NFT is Ascertained by Supply, Demand & Collector’s Value

In Axie Infinity, the value of an Axie is determined by its rarity and its stats. These are necessary since both affect how you can win in battles.

Just like with Legendary Pokemons, the rarer Axies are more sought after and they command a higher value. The priciest Axie, Angel, was sold for a total of 300 ETH in 2020. Back then, it was valued at around $130,000.

And like collectible cards, the value of NFT is determined by the community and the collector’s value.

For every NFT game, remember that NFTs only have value based on what the people want to pay for. This doesn’t only apply to the priciest Axie, but also the price of “floor” (entry-level) Axies. Specifically, these are what new players buy to enter the game.

Axie Infinity continues to grow popular, and more people want to join too. With that, the amount of “floor” Axies will also increase, assuming that the supply of new Axies stay the same.

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What You Need to Know Before Playing

Now that you have a better understanding of Axie Infinity and the idea of play-to-earn, you can start playing. But before you begin, there are some things you need to know to start the game right.

You Need to Begin with Three Axies

For this game, you need to have a team consisting of three Axies to start. In the marketplace, the beginning price of a good and decent Axie is about 0.1 ETH or around $300.

This only means that you need an estimated 0.3 ETH or around a thousand dollars to start the game. And this is by buying Axies.

In the marketplace, the minimum price for one Axie is about $200. That means, a player will need to spend $600 to form a team and play. It’s also necessary to have two wallets and lots of Ethereum (ETH) before you can even purchase your first monster.

While there are free Axies, they aren’t good to use for starting the game since these usually have poor stats. That means, they won’t be effective even on the much easier PVE modes.

Scholarships

Another way to begin playing is to have someone sponsor you for the starter Axies. The concept of “scholarships’ began due to the high entry cost of the game. Here, Axie Infinity Managers loan their extra Axies to players, then profit-share the acquired rewards.

Specifically, these rewards are the SLP tokens.

Of course, convincing others to sponsor you can be a challenge. So, aspiring players usually post detailed applications to convince these Axie Infinity Managers to sponsor them.

The Value of NFT is Ascertained by Supply, Demand & Collector’s Value

In Axie Infinity, the value of an Axie is determined by its rarity and its stats. These are necessary since both affect how you can win in battles.

Just like with Legendary Pokemons, the rarer Axies are more sought after and they command a higher value. The priciest Axie, Angel, was sold for a total of 300 ETH in 2020. Back then, it was valued at around $130,000.

And like collectible cards, the value of NFT is determined by the community and the collector’s value.

For every NFT game, remember that NFTs only have value based on what the people want to pay for. This doesn’t only apply to the priciest Axie, but also the price of “floor” (entry-level) Axies. Specifically, these are what new players buy to enter the game.

Axie Infinity continues to grow popular, and more people want to join too. With that, the amount of “floor” Axies will also increase, assuming that the supply of new Axies stay the same.

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Game Developers can Alter the Game Mechanics

A lot of people don’t realize that the developers of these NFT games can change the mechanics. Doing this will affect the perceived demand (value), as well as the NFT supply and cryptocurrency of the game.

A lot of gamers know that developers have a tendency to alter game mechanics. And this is especially true for PvP games.

An example is Overwatch, it’s a game that often sees changes in the game dynamics. This is when existing characters are changed or when new characters are introduced.

It happens when developers attempt to balance the game and “nerf” the skills of overpowered characters. This also occurs when adding new characters to boost the game’s originality.

This means that if the developer opts to introduce a rarer and new kind of Axie, changes will occur. It’s likely that the value of the priciest Axie that was sold will drop.

You’ll Be Under Price Volatilities of the Underlying Cryptocurrency

Remember that all similar games are based on an underlying cryptocurrency. And for Axie Infinity, these are transacted in ETH via the Ethereum blockchain.

It means, even if your NFTs value stays the same, its value when sold in fiat currency will fluctuate. And, this will be based on ETHs price.

Let’s say the price of an Axie stayed at a constant value of 0.1 ETH since 2018. It would have a huge difference between a player who purchased it back then from someone who started now.

In November 2018, the value of ETH was around $120, while today, it’s about $3,300.

Prices Leaped Over 600% in a Month Before Halfing in Value

From the middle of June to the middle of July, AXS leaped by more than 600%. Its value hit a record high of $29.13 on the 15th of July. This was before dropping to %14.19 on the 20th of the same month.

Remember, the prices of all cryptocurrencies are erratic, and huge price leaps are usually driven by investors. It’s because when these people see a coin rise, they worry that they’ll miss out.

So before anything, make sure to look into Axie Infinity’s long-term potential before purchasing.

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Common In-game Terms

Learning what Axie Infinity is and how to buy AXS is vital before starting the game. However, it’s also important to gain knowledge on the common terms used in the game.

Here’s a list of these.

DPS and Tanks

The most common terms you’ll hear in Axie Infinity are Tanks and DPS (Damage per Second). The previous are the most vital elements of the game.

To put it simply, a tank is an Axie with boosted HP (health). In the game, reptiles and plants have the highest HP, and are often utilized as tanks in teams.

There are a couple of sub-categories for tanks, and these include double healers and triple healers. These tanks have characteristics that heal themselves during their turn during battles.

For DPS, these Axies have high attack parts. Those attacks that are 20 or more are considered high attack parts.

Double Backdoor

Another term is the double backdoor. It’s a type of Axie that has Shrimp and Toothless Bite. It lets two out of four possible moves execute on the back Axie.

Smooth Love Potions (SLP)

These tokens are earned while playing. It’s a digital asset that functions as a replacement for experience points. SLP are ERC-20 tokens and can be used for breeding new Axies.

Support

Support are traits that enable an Axie to heal another Axie that’s positioned in front of them. Examples of support healing traits are Strawberry Shortcake and Silence Whisper.

Scholars

Axie Infinity Scholars are individuals who want to play the game but don’t have the funds to purchase Axies. They’re bankrolled by Axie Infinity Managers who have lots of funds or Axies, but no time to play the game.

Manager

Axie Infinity Managers are players who lend their Axies to Scholars who can’t afford to invest money on them. They help these newbie players overcome the challenge of entering the game due to its high costs.

Good Managers help Axie Infinity Scholars learn everything that players need to know about the game. This is important since it can be daunting for anyone who wants to try playing for the first time.

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Pros and Cons

Like all investments and play-to-earn NFT games, Axie Infinity has its own pros and cons. Let’s start discussing the pros.

Pros

Allows Players to Earn, Enjoy, and Understand the Blockchain Economy

Again, Axie Infinity is a play-to-earn video game that lets players earn while having fun. And since it’s NFT-based, the users don’t earn conventional fiat money. Instead, they earn SLP and AXS which are Ethereum-based tokens.

Obtained SLP and AXS can be converted into Ether which can further be converted into fiat money.

Numerous Axie Infinity players have earned a substantial amount of money by simply playing. Plus, the media has shared several success stories of players who are mostly from various rural regions. These players range from those who earned to meet their families’ basic needs and those who managed to buy properties.

Aside from earning money while enjoying, Axie gives common individuals the opportunity to understand cryptocurrencies and the blockchain economy.

Runs on Desktop and Mobile Operating Systems

Another advantage of Axie Infinity is that it runs on major operating systems on desktop and mobile. It specifically works on macOS, Microsoft Windows, Android, iOS, and iPadOS. That means, you can play the game on most computers, smartphones, and tablets.

You also won’t need flagship or high-end models to play the game. It works smoothly by utilizing conservative system resources. That’s why it can run on budget and mid-range Android devices.

The cross-platform compatibility of Axie Infinity makes the game accessible to a lot of individuals. With that, it attracts more players which widens the possibilities for future expansion of the game and the blockchain economy.

Cons

Particular Earning Limitations

Completing in-game activities and quests will earn players a specific amount of SLP or AXS. However, the game developers have set restrictions on how much each player can earn from in-game missions and events.

Earning cryptocurrencies also requires investing time and effort. Earning 50 SLPs, for example, requires completing the daily check-in quests, ten adventure mode levels, and winning 5 PvP matches. To obtain more SLPs, you’ll need to spend more time finishing more adventure mode levels.

These activities consume lots of time, that’s why affluent players are willing to lend Axies to Axie Infinity Scholars.

It’s also good to note several factors make continuous and consistent revenue streams impossible. This applies especially to those with other responsibilities and full-time jobs.

Starting Axie Infinity is Expensive

Axie Infinity is a play to earn game but like an investment, it’s not free. Starting the game is expensive, which is a disadvantage.

As mentioned, you’ll need to invest on a team of three Axies to start playing. There was a time when a player had to spend $500 to purchase a team. And recently, the cost of three Axies has jumped to over $1,000.

Fortunately, people have found a way to play Axie Infinity without investing money. This is by looking for Axie Infinity Managers or existing players who are willing to lend his or her Axies. Those players who borrowed Axies are the Axie Infinity Scholars.

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Final Words

Axie Infinity and its play-to-earn feature are a dream come true. It allows players around the world to earn money while enjoying what they love doing. Some earn a substantial amount, while it’s more than just a game for others who make a living through Axie.

In the upcoming years, there will surely be more to Axie Infinity and the NFT gaming industry.