There are thousands of cryptocurrencies out there, and some are incredibly specialized. Unlike Bitcoin, which you can spend on various products, some, like AXS, only have one or two purposes. In the case of Axie Infinity Shards, it’s for obtaining governance powers in Axie Infinity.
All Axie Infinity players will find out about AXS at one point. This unique cryptocurrency is significant to the game; you can find out how below.
What Can AXS Do?
AXS’ primary purpose is for players to invest in Axie Infinity. It’s effectively stocked in cryptocurrency form, as the developers intend to introduce staking. Players who stake their AXS tokens will later be eligible for rewards.
However, merely owning AXS doesn’t qualify one for the rewards. Instead, players have to play and vote in community decisions regularly to get their prizes. It almost resembles traditional stakeholding, though in digital form.
AXS holders will decide how the Axie Community Treasure funds are spent. As such, the game encourages players to make their voices heard. The best way to affect the game is to invest in AXS.
Players can also use AXS as a currency in the Axie Infinity marketplace. The developers also stated that it might also be used to determine if players can participate in auctions or sales in the future.
In total, 270 million AXS tokens will be available worldwide. Currently, about 59,985,000 AXS is in circulation.
Buying AXS
To purchase AXS, you’ll need a platform to buy it. Examples include Coinbase and Gemini, but you can also get it on sites such as:
- Crypto.com
- Gate.io
- Bitfinex
You can opt to store your AXS tokens in software or hardware wallets. As players already have Ronin Wallet, they can also keep their AXS there safely. This wallet recently received upgrades, allowing users to deposit AXS, SLP, and Axies to Ronin itself.
The basic steps are registering an account with one of these platforms. You can do so quickly, but how you wish to get AXS depends on your choice.
Read: Axie Infinity Breeding Guide
It’s possible to buy AXS with fiat money or spend your cash. Doing so requires bank transfers, which can take days or happen instantaneously, depending on your bank and country.
If you already invest in other cryptocurrencies, you can convert them into AXS. Ethereum is an excellent choice, as AXS itself is based on it. The game wouldn’t exist without Ethereum being so popular.
If you want to use another cryptocurrency, you can check whether your platform of choice offers the trading pair you desire. It might not always be available, so you should stick to popular currencies like Bitcoin, Ethereum, etc.
Vote for the Future
Just as stakeholders of a company have a say in executive decisions, AXS holders have a similar role in Axie Infinity. The currency is quite accessible, and many popular platforms offer it. In addition, you can buy it with fiat money if you’re newer to the cryptocurrency scene.
Do you have any AXS tokens? What do you think about governance based on AXS ownership? Please tell us what you think in the comments section below.
