AXS Coin or Axie Infinity Shard is a crypto token with many users. In addition, the enthusiasts continue to grow to this day.
This is inseparable from the success of the game Axie Infinity as a Non-Fungible Token (NFT) and blockchain-based game with many players.
The AXS is a token part of the Axie Infinity game.
So, to learn more about what AXS Coin is and how it is currently developing, let’s look at the following review.
What is AXS Coin?
Listed on several crypto exchanges, AXS Coin is known to have been launched in 2018.
AXS is a token for Axie Infinity players to engage in key governance votes.
Later, this will give owners a say in how funds in the Axie community treasury will be spent.
It should be noted that each Axie in the Axie Infinity game, which carries the Play to Earn (P2E) concept, is an NFT.
Each Axie has different attributes and strengths and can be entered in 3 vs. three battles (three against three).
The winning team will later get more experience points (exp) which can be used to increase Axie’s stats and develop his body parts.
Axie can also be bred together to get new and unique offspring.
Then, this Axie can also be used or sold on the Axie Infinity marketplace.
Why is AXS Coin Much Wanted?
There are several reasons behind the many searches for AXS Coin. Here’s an explanation.
1. There is a staking feature available
On September 30, 2021, the staking feature or provision of liquidity was officially launched by the team at Axie Infinity.
This has also succeeded in gaining the attention of its members in the Axie Infinity ecosystem. Just two days after the launch of this feature, there were already 9.8 million AXS staked.
Launching the staking feature itself is inseparable from the growth of decentralized finance in 2021.
That growth then highlights the ability of crypto asset owners to spend their tokens and earn through staking.
2. Token airdrop program to users
The soaring price for AXS, which makes it much sought after, also occurs because of the airdrop program for members or users who participated in the protocol before October 26, 2020.
In this case, as many as 10,000 wallets are selected to get a share of the 800,000 airdrop AXS Coin assets.
3. The popularity of the gameplay to earn
Apart from the two causes above, another thing that makes AXS Coin enthusiasts excited is the power of the P2E game concept or Play to Earn.
In early 2021, Axie Infinity also started a P2E rally. This momentum has also been translated into other P2E protocols, including Chain Guardians (CGG), Illuvium (ILV), and MyNeighborAlice (ALICE).
Who Creates AXS Coin?
Sky Mavis, a technology-focused game developer with a team based in Vietnam, is known to have created Axie Infinity in 2018.
Trung Nguyen and Aleksander Larsen co-founded the team. Meanwhile, Trung Nguyen is the current CEO of the platform.
He holds a Bachelor of Science degree in computer software engineering and, before founding Axie Infinity, worked as a software engineer at Anduin Transactions.
Meanwhile, Aleksander Larsen is known as a former competitive game player. He is also the co-founder and COO of this platform.
Since 2017, Larsen is known to have been working on blockchain games. Previously, he was an executive security officer for the Norwegian Government Security Organization.
Besides that, he also still serves as Secretary of the Board of Directors at the Blockchain Game Alliance.
How Does AXS Work?
As mentioned earlier, Axie Infinity is a game with NFT technology. In this game, each Axie is an NFT that can be traded on the Axie marketplace.
Each of these Axies has a class and attributes that give its strengths and weaknesses.
Besides that, players can also change the body parts of their Axies to increase their strength.
When you have pocketed as many as 3 Axies, players can start fighting with other players/enemies played by the computer.
The Axies’ attributes and strength will increase every time the player wins a battle. At the same time, this increases the price of each Axies owned.
Meanwhile, the function of the AXS coin is as a governance token and is used in staking on the Axie Infinity network.
According to data from Coinmarketcap, the total supply of AXS is 270 million AXS. On the other hand, the amount circulating on the market as of November 2021 is 60 million AXS.
Development of AXS Coin
Axie Infinity is still dominating the crypto market worldwide.
This game played to get crypto assets is also the best-selling application for cumulative protocol revenue in a month.
According to Bitcoin News data, as of July 13, 2021, the price of AXS penetrated an all-time high (ATH) or all-time high at $ 21.55.
In terms of financial percentages, it surpassed Bitcoin (BTC) and Ethereum (ETH).
Then, the AXS price movement skyrocketed again and broke a record high of IDR 1.6 million in mid-September 2021.
Is it Too Late to Buy AXS Coin Now?
So, is it too late to buy AXS coins now? Of course not!
This is because AXS itself is predicted to gain a bullish rally in the future. This will allow AXS to pass through the resistance level and eventually touch an all-time high (ATH).
Not only that but the Axie Infinity platform can also be used as a new source of income for gamers in several countries.
According to a CNBC report, several citizens in the Philippines play Axie Infinity as one of their main sources of income.
Responding to this phenomenon, in August 2022, the Philippine Department of Finance stated that later revenue from the Axie Infinity game would be taxed.
Therefore, in line with the enthusiasm of many people to play and profit from this game, it is not surprising that Axie Infinity’s popularity will continue to increase.
Axie Infinity Shard, or AXS Coin, is a crypto token part of the game Axie Infinity.
The function of AXS is as a token for Axie Infinity players to engage in key governance votes.
This will give the owners a say in which funds in the Axie community treasury will be spent.
Several things make AXS coin much sought after, namely the availability of staking features, the token airdrop program for users, and the popularity of the gameplay to earn.
So, that was the discussion about the AXS coin you need to know and understand.