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Buy Axie Infinity (AXS) in UK With GBP | CoinJar

Axie Infinity

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Overview

#103
Popularity
Gaming
Asset type
2018
Active since

What is Axie Infinity?

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.

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Dollar Cost Average (DCA) into individual cryptocurrencies or CoinJar Bundles. Choose your assets or Bundles with themed baskets of crypto in the CoinJar app. Use Recurring Buy to set up automated weekly, fortnightly, or monthly purchases at your chosen rate.DCA with Recurring Buy
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Frequently asked questions

How are players buying Axies?

Players can purchase Axies on CoinJar and transfer them to their Ronin Wallet, a purpose-built wallet by Sky Mavis for Axie Infinity.

You might want to purchase Axie Infinity for fun, or purchase AXS tokens to participate in key governance votes. You might want to trade AXS to GBP. Either way is it safe to buy Axie Infinity on CoinJar?

It's convenient to enter the amount of AXS you'd like to purchase or sell Axie Infinity, all while keeping an eye on the Axie Infinity price. With CoinJar, you have the flexibility to buy and sell Axie Infinity and trade AXS, making it a comprehensive platform for engaging with the Axie Infinity ecosystem.

Standard Risk Warning: The above article is not to be read as investment, legal or tax advice and it takes no account of particular personal or market circumstances; all readers should seek independent investment advice before investing in cryptocurrencies. The article is provided for general information and educational purposes only, no responsibility or liability is accepted for any errors of fact or omission expressed therein. Past performance is not a reliable indicator of future results. We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits. CoinJar's digital currency exchange services are operated in the UK by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767). In the UK, it's legal to buy, hold, and trade crypto, however cryptocurrency is not regulated in the UK. It's vital to understand that once your money is in the crypto ecosystem, there are no rules to protect it, unlike with regular investments. You should not expect to be protected if something goes wrong. So, if you make any crypto-related investments, you're unlikely to have recourse to the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS) if something goes wrong.

The performance of most cryptocurrency can be highly volatile, with their value dropping as quickly as it can rise. Past performance is not an indication of future results. Remember: Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more at: https://www.coinjar.com/uk/risk-summary. UK residents are required to complete an assessment to show they understand the risks associated with what crypto/investment they are about to buy, in accordance with local legislation. Additionally, they must wait for a 24-hour "cooling off" period, before their account is active, due to local regulations. If you use a credit card to buy cryptocurrency, you would be putting borrowed money at a risk of loss. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets.

Specific risks associated with DeFi tokens Decentralised Finance (or 'DeFi') tokens (e.g. UNI, AAVE) are crypto-assets linked to financial applications and protocols built on decentralised blockchain technology. DeFi tokens carry the following risks:Smart contract risk: DeFi relies heavily on smart contracts. Even a minor coding error or oversight can lead to a contract being exploited, potentially resulting in significant losses for DeFi tokens. Regulatory risk: DeFi operates in a decentralised manner, often without intermediaries or financial crime controls. Regulatory bodies across jurisdictions might introduce new regulations impacting the use, value, or legality of certain DeFi protocols or assets. Rug-pulls / Exit scams: Some DeFi projects might be launched by anonymous or pseudonymous teams, increasing the risk of "rug pulls" where developers abandon the project and withdraw funds, leaving investors with worthless tokens. Data/oracle risk: DeFi protocols often rely on external data sources or 'oracles. Manipulation or inaccuracies in these data sources can lead to unintended financial outcomes within the protocols. Protocol complexity: The complexity of some DeFi protocols can make it difficult for average users to fully understand the mechanisms and associated risks.

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