When crypto market came into existence, major use cases were very limited. As such different fields were targeted by different new projects the followed the suit of Btc. File storage projects, ledgers, financial institutions, Nft’s, games. All of these fields became the target of different projects. The one who got in early took the major holding and flied off. One of such fields “the gaming industry” was tapped in by Axie Infinity.
What is Axie Infinity?
Axie Infinity is a trading and battling game that is operated by the players themselves. Inspired by different games AXIE allows its players to collect, sell, breed token based creatures known as AXIE. The creatures are NFT’s that have different strengths and values and hence can be used to enter different battles against other players. The more you win the more experience points you gain and hence the stats of those creatures are evolved.
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AXS and SLP
The AXIE Infinity ecosystem has two tokens AXS and SLP. AXS (Axie Infinity Shard) is used to shape the ecosystem and decides how the project is going to move further. SLP (Smooth Love Potion) is the in game token that the players earn and can be used to breed new creatures known as AXIES. The game operates on ERC network and hence both the tokens are ERC-20 tokens and are tradable and each AXIE is represented by ERC-721 NFT (Non Fungible Token)
Use case of AXS
AXS tokens have different use cases. As it is used to develop the platform itself so it holds the power of governance. The project was to introduce the staking system in the first quarter of the 2021 but the staking project is being developed. AXS can be traded at different trading platforms including Binance, Huobi, FTX and Coinbase.
Current and Past Movement
At the time of writing this article, AXS stands at the price of $64.92 with an increase of almost 0.99% in the past 24 hours. AXS had established its all time high at the price of $94.76 on 4th September 2021. As such the higher time frames have been very bullish for the coin as it had a gain of 69.79% last month and an amazing run of 649.24% in the month before that. This month the price had a drop of almost 10% but considering the fact the project had such an amazing run, this little retracement was to be expected and is healthy in nature for the coin to move further.