Axie Infinity

Axie Infinity is a play-to-earn game that contains “Axie”, which are Nonfungible Tokens (NFTs). Users can trade NFTs and compete with other users to earn more AXS or Axie Infinity Shards, Players can earn Smooth Love Potion (SLP) tokens by winning challenges against their opponents. The Axie Infinity ecosystem also has its own unique governance token, known as Axie Infinity Shards (AXS). Players can use an Axie to breed and battle. Launched in 2018, it established itself to over 100k users weekly and dominated the gameFi space.

Cryptocurrencies, including Axie Infinity (AXS)'s native token Axie Infinity (AXS), are known for their high price volatility. The token value has dropped 97%Z from it’s all-time high.

According to Coinmarketcap, more than 50% of the max supply is already under circulation as of July 2023.

The initial set-up cost will be expensive which could discourage gamers.

There is a cap to earning rewards which has seen a negative sentiment.

The Axie Infinity (AXS) token has a number of uses within the ecosystem. It’s the main token used to reward players for their in-game achievements.

The dominance of AXS in such a niche could be useful for the next uptrend.

The governance token AXS is used to participate in key governance votes and will give holders a say in how funds in the Axie Community Treasury are spent.