Buy Axie Infinity (AXS) in Ireland With EUR | CoinJar

How to Buy Axie Infinity (AXS): Axie Infinity is a blockchain-based game. It enables players to collect and battle Axies, earn cryptocurrency, and participate in a decentralised ecosystem.

The Axie Infinity game is a project that combines gaming, decentralised finance (DeFi), and non-fungible tokens (NFTs).

What Is Axie Infinity?

It is a play-to-earn blockchain game built on the Ethereum network. Inspired by the Pokémon universe, players collect and raise creatures called “Axies.” Each Axie is a unique NFT, making ownership a valuable asset.

Axie Infinity runs on the Ronin Network with the “Axie Infinity Token” or AXS as the main gaming currency.

AXS (Axie Infinity Shards) is the governance token of Axie Infinity. It gives holders the right to vote on upgrades to the game and how to use the community treasury. It can also be used in the NFT marketplace. Users earn AXS either in-game or by staking their tokens.

Here’s why Axie Infinity stands out.

Play-to-Earn (P2E)

Axie Infinity pioneers a system where players can earn cryptocurrency by simply playing the game. Unlike traditional games, where players spend hours without earning a financial reward, Axie rewards victories with crypto.

Players need at least three Axies to start playing. These Axies can be purchased using cryptocurrency or obtained through scholarships.

The game balances rewards by “burning” cryptocurrency during breeding, ensuring a sustainable ecosystem.

Global impact

Axie Infinity saw explosive growth up until January 2022, where it logged 2.8 million players per month. However at the time of writing (May 2024), there are around 344,000 players per month.

For many players, Axie earnings surpassed what they could make from traditional jobs. However interest has fallen since then. Unfortunately this whole drop in interest came about due to a hack.

Ronin Network

In the Ronin Network breach (March 2022) hackers exploited a security flaw in the Ethereum-based sidechain created specifically for Axie Infinity. As a result of this cyber attack, approximately US$625 million worth of cryptocurrency was stolen.

Many players had their digital assets stored on the platform, and company-owned funds were taken as well.

The breach left thousands of users out of pocket, affecting their investments and in-game holdings. This also made the price of the Axie token drop, so people had less incentive to play.

Axie Infinity is expected to rebuild its popularity and is on the way to doing that. Even now, the game provides economic opportunities, especially in countries like the Philippines and Venezuela. Players only need an internet connection and a mobile phone to join in.

Gaming scholarships

The cost of acquiring Axies can be a barrier for new players. However, the scholarship system bridges this gap. Managers (Axie owners) lend Axies to scholars, who play the game without upfront costs.

The resulting crypto rewards are split between the manager and scholar.

Scholarships democratise access, allowing more players to participate in the Axie ecosystem.

Popularity

Despite the challenges, Axie Infinity remains a notable blockchain-based game with a dedicated community of hundreds of thousands, and a unique play-to-earn model.

Conclusion: Why Investors buy Axie Infinity Shards (AXS)

Axie Infinity combines entertainment, financial incentives, and community-driven governance. Decide whether to dive into the Axie universe, collect your Axies, and start your play-to-earn journey.