Crypto Corner: a profile on AXS

Ready to get to know another new crypto? Say hello to Axie Infinity Shards (AXS)! Here’s the lowdown.

What’s it all about?

AXS is an ERC-20 token that powers Axie Infinity, a unique NFT-based game that lets players build a digital universe for their pets. These pets are known as Axies - cute, colourful monster NFTs which can be bred, battled and sold to other players in exchange for real money.

Winning an Axie battle means earning the in-game currency, Small Love Potions (SLP), which in turn can be used to breed new Axies. Axie Infinity follows the play-to-earn model, which you can find out more about in this blog.

What can you do with AXS?

AXS is the governance token for the Axie universe and is described as “the glue that binds all Axie community members together”. Besides allowing holders to vote on future developments of the game, AXS is also accepted as currency within the Axie NFT marketplace.

AXS can be earned by staking tokens, ranking higher in the game and participating in governance voting.

Of course, AXS is a currency in its own right, too - simply buy it in the Wirex app at live OTC rates, then HODL it, exchange it or spend it with your Wirex card.

Who came up with the idea?

Blockchain gaming studio Sky Mavis is the company behind Axie Infinity. Headquartered in Vietnam, it was founded in 2018 by CEO Trung Nguyen, COO Aleksander Leonard Larsen, Growth Lead Jeffrey Zirlin, Art Director/Game Designer Tu Doan and CTO Viet Anh Ho.

Any fun facts?

While the gameplay of Axie Infinity was apparently inspired by Pokémon, the game’s focus on true ownership came from Nguyen’s fascination with CryptoKitties. One of the earliest players of the viral NFT game back in 2017, he “ended up having 1,000 virtual cats” and was inspired to create his own version.