All you need to know about AXS crypto

All you need to know about AXS crypto

What is AXS crypto (token)?

The AXS crypto (token) is Axie Infinity’s native token. It serves as the primary in-game currency. Last weekend, AXS crypto, surpassed $110 in value and is currently trading at $124.30 according to the Coinmarketcap.

Axie Infinity

All you need to know about AXS crypto
Image source: twitter.com/axieinfinity

Axie Infinity is basically a blockchain-based game and blockchain-using metaverse project where users get rewards in cryptocurrencies.

The game hit a $30 billion valuation and is getting $1.5 Billion in annual revenue.

The game gained 1 million users in August from just 30,000 users in April this year. Axie Infinity came to the rescue of certain unemployed people in developing countries such as Venezuela, Philippines and Brazil.

How Axie Infinity works?

Basically, a player can play Axie Infinity when they acquire Axie characters as NFTs and can play against other players once they have a set of three Axies.

Why Axie Infinity is growing?

One could claim that there is a high barrier to entry because users must purchase NFTs, such as Axies, in order to play games like Axie Infinity.

The key reason for Axie Infinity growth is the emergence of guilds despite the price of AXS and Axie NFTs rising. The emergence of guilds is the key reason why Axie Infinity user activity continues to rise Guilds such as YGG, Avocado Guild, and GuildFi effectively allow players to borrow Axie NFTs in order to play Axie Infinity in exchange for a revenue split.

Users can play games like Axie Infinity without spending a lot of money at first, while also supporting the guilds that give them the option to play.

Scholars are users who receive NFTs from guilds in order to play the game without having to pay a large upfront fee. According to reports, YGG, Avocado Guild, and GuildFi each have between 1,000 and 6,000 scholars.

People are giving up their real jobs to play Axie Infinity

An average gamer who plays Axie Infinity can make roughly 4,500 SLP monthly. That would be roughly $1,500 at today’s prices.

There are around 250,000 active users on a daily basis according to Axie. It’s a time-consuming and strategic game. The players in the game should breed their Axies carefully to gain specific skills, and they are also required to perform the tasks to earn energy that allows them to participate further.

Because of this, many people in countries like Vietnam and Philippines are quitting their regular jobs to devote their time solely on the game. Many people have benefited from it as a side hustle rather than a full-time work as a result of the pandemic’s economic effects.

Currently, It is hard to buy AXS crypto on major U.S. exchanges

AXS and SLP are currently unavailable on major cryptocurrency exchanges in the United States, making them difficult to acquire. It is possible to use a decentralized exchange, but be cautious because they are not always available to US investors, and purchasing from an unregulated exchange raises the chance of fraud.

Overall, Axie might be a fascinating character to follow. However, before you invest your hard-earned money, it’s a good idea to learn about the crypto gaming industry and the play-to-earn principle.

Some Stats of AXS crypto

Axie Infinity Price$124.30
Circulating Supply60,907,500.00 AXS
Market Cap$7,556,732,021.34
Fully Diluted Market Cap$33,498,627,357.24
Market Rank#26
Source: Coinmarektcap
Some Stats of AXS crypto

AXS token Price Prediction

According to forecasts, it might hit a new all-time high in 2021 if people continue to invest alongside popular cryptocurrencies such as Bitcoin and Ethereum. According to prominent crypto experts, the Axie Infinity price is currently trading at $124.16, with a 24-hour trading volume of $519,839,450.55. However, the price of AXS crypto has dropped 1.94 percent in the last 24 hours. Currently, the circulating supply of AXS is around 60,907,500 AXS. Binance and Huobi Global are the top cryptocurrency exchanges for AXS.

The AXS crypto might be on the verge of a bullish run-in coming days which may push the price of the token beyond its resistance level, taking it to its all-time high.

The markets have supported the Axie Infinity, and if this trend continues, other cryptos will find it difficult to compete. However, Axie’s main focus is on keeping investors happy with the returns since if they start pulling out, the market could implode.

Is AXS crypto a good investment?

In order to determine whether any crypto investment is good or bad, I always emphasized on the technical aspect and groundbreaking idea of that particular project. Axie Infinity is a blockchain based game that rewards its players with cryptocurrencies. AXS is the native token of Axie. The price of the token depends upon growth of the game’s users.

The game gained 1 million users in August from just 30,000 users in April this year. If you’re thinking of buying AXS right now, keep in mind that there are plenty of alternative crypto games to choose from. Axie stands out because it has had years to create its product and community. The initiative began in 2017 and has just lately gained traction, which the team hopes will make it more difficult to copy.

Conclusion

Axie Infinity has a bright future ahead of it in 2021, because of its sustained, effective marketing approach. The bullish price projection for AXS in 2021 is $129.35. If investors feel that AXS, along with popular cryptocurrencies such as Bitcoin and Ethereum, is a solid investment in 2021, it could even reach $150.

With Axie Infinity showing such promise, AXS can be a wonderful investment when compared to other crypto tokens, but only if purchased at the right time and at the appropriate price.

Disclaimer: I am not a professional investment advisor, and you should do your own due diligence before investing. This article should not be considered as evidence for investment, but rather as general knowledge on the topic. All crypto market is very volatile in nature and bears great risk while investing.

Social share
Default image
Sid

“Knowledge is power” is my main mantra. After working in several Multi-national cooperation as a Chartered Accountant for many years, alongside I started my blogging/writing career, which I always wanted to do.
As a curious mind, I always love reading books/articles/blogs and gain new information in-depth in the field of Science & Technology, Computer hardware & Software, Economics & finances, etc. As a self learned coder(Java, HTML, CSS, PHP, C, Python) I find joy in doing extensive research and going in-depth of any subject to gain knowledge which is very satisfying for me. I am also a graphic designer where I design logos, social media posts, banners and webpages for people as a freelancer.

Apart from my academia, in my spare time I love to listen, discover and compose (just for fun) music.

Leave a Reply