How to Buy Axie Infinity Shards (AXS) in UK
Axie Infinity is an exciting and relatively new NFT-based project that combines gaming with cryptocurrency. Having its own in-game economy that runs on the Ethereum blockchain, Axie Infinity gives players the opportunity to “Earn AXS tokens by playing and use them to decide the future of the game!” – according to the developers.
Having a better understanding of Axie Infinity’s economy may help you decide whether you want to play the game yourself or invest in some Axie Infinity Shards. In this guide, we explore what this crypto is, what its future looks like, the best place to buy AXS and a detailed guide on how to do so.
Other crypto guides:
- How to buy cryptocurrency
- How to buy Bitcoin (BTC)
- The best crypto exchanges
- The best crypto wallets
- The best crypto apps
What is Axie Infinity?
Axie Infinity represents the cutting-edge of blockchain innovations because they use the ‘play-to-earn’ or the ‘pay-to-play-to-earn’ model, named as such because users play the game and earn real money.
Users ‘pay-to-play-to-earn’ because there is an initial upfront cost to buy the avatars – Axies – that are required to play the game and navigate the virtual world. Users collect these avatars and battle them, similar to the concept of Pokemon, but they can also breed, collect and build kingdoms for them.
Players can engage in real trade in the Axie ecosystem, such as by buying, selling and trading resources that represent a real-world value. It’s possible to own items in this virtual world thanks to NFT technology, which ensures ownership can be proved.
How does the game work?
Inspired by games like Pokemon and Tamagochi, players can enter the digital universe and buy starter avatars – which are NFTs, known as Axies – and pit them against the Axies of other players in various ways.
This involves racing and battling Axies, in addition to breeding and trading them, to earn different cryptocurrencies. The game uses SLP (Smooth Love Potion) and AXS (Axie Infinity Shards) to operate its in-game economy. SLP are infinite and players can obtain this asset by playing adventure games, arena matches and daily quests.
Players can also purchase SLP and use it to breed Axies, which they can then battle against other Axies to win AXS. SLP is typically worth less than AXS because players constantly spend the former but tend to hold on to the latter. AXS is also finite, with around 270,000,000 of them existing in the game, and they are less frequently distributed.
What are Axie Infinity Shards (AXS)?
Axie Infinity Shards (AXS) are the most desirable currency that you can acquire in the game, as it is typically worth the most and can be traded for fiat currency. They also ensure that the game remains decentralised, because it is a governance token, meaning holders gain certain powers.
Those who own AXS are afforded privileges such as staking rewards and key governance voting power. This means they have a say in the direction of the game in terms of developments and updates, and holders are also rewarded for participating in governance votes.
Players who seek to earn money from the game usually gather and hold AXS while repeatedly generating and selling SLP, though other strategies exist. The most skilled players who put in the most time and effort and who contribute the most to the universe earn AXS in the highest amounts.
Where to Buy Axie Infinity
In the sections below, we will discuss one top crypto exchange from where investors can buy Axie Infinity.
This is a popular platform with cryptocurrency investors of all experience levels. Coinbase offers over 100 tradeable currencies, including popular offerings such as Bitcoin, Ethereum, Dogecoin and Axie Infinity. It is a beginner-friendly crypto marketplace that makes buying and selling simple, even for first-time investors.
Coinbase is one of the largest exchanges in the world in terms of its user base, having over 73 million active users and over £285 billion in assets held on the platform. Founded back in 2012, Coinbase originally set out to be a place for buying, holding and selling Bitcoin – a goal the platform accomplished and greatly exceeded.
Users can now access Coinbase Pro, which is a more advanced version of the platform that allows for things like DeFi staking. This allows users to stake their assets and earn interest on them for the duration. Another interesting component of Coinbase is the ‘Learn and Earn’ feature, which gives users the chance to earn free crypto by learning about new currencies and taking quizzes.
Here are some of the top pros and cons of Coinbase:
- Easy to use: One major draw of using Coinbase is its pleasant and easy-to-navigate user interface. Buying, selling and holding currencies is very easy on this platform.
- Supports major cryptos: While Coinbase doesn’t offer the widest variety of cryptocurrencies, it supports all of the major ones like Bitcoin, Ethereum and Chainlink. New cryptos are also added frequently, so if coins become popular, you can expect to see them on Coinbase at some point.
- Learn and earn: This feature is quite unique and enables users to generate a decent amount of crypto for free, no strings attached. All users have to do is watch (or skip through) some short videos and complete a multi-choice quiz.
- Coinbase Pro: Coinbase Pro was a welcomed extension to the platform, as the original Coinbase is limited in a few ways if you’re an advanced trader. The Pro version also features reduced transaction fees because it facilitates peer-to-peer trading, and it enables DeFi staking.
- Limited customer service: While customer service does exist on the platform, it is limited and many users have expressed negative opinions about it online. This is especially concerning for new investors, as support is needed when making important investment decisions and setting up accounts.
- Relatively high transaction fees: Users incur transaction fees for both crypto-to-fiat and crypto-to-crypto transactions, and they are higher than many of their competitor’s fees. Users still use the platform because they have a solid reputation and the addition of Coinbase Pro offers users a way to avoid these high fees.
Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
Is Axie Infinity a good investment?
As with most cryptocurrencies, opinion is divided on whether AXS is a good investment. Cryptocurrency sceptics will undoubtedly criticise the asset, as they do with all of them, forwarding ideas about how AXS relies too heavily on the influx of new users.
The truth is, all cryptocurrencies rely on adoption to a certain extent, so this criticism doesn’t really hold up in the opinions of many. AXS has seen some intense price action in the last year alone – rising from a mere $0.05 to heights of $160 in November – making it a very well-performing asset.
The Crypto-Gaming Trend
The hype surrounding assets such as AXS and similar projects stems from the exciting innovation that is crypto-gaming. Blockchain has ushered in some revolutionary ways of using and earning money, and crypto-based games are among the latest innovations in this regard.
During the recent pandemic, huge numbers of people in countries such as the Philippines were using Axie Infinity the game as their primary source of income. While this does open the door to controversies surrounding fair wages, it testifies to the revolutionary and innovative nature of the game and its associated cryptocurrency, AXS.
Despite the grand claims made by the likes of Mark Zuckerberg on the topic of the metaverse, Axie Infinity is actually way ahead. The in-game universe of Axie Infinity is a fully functioning metaverse, with purchasable assets that come in the form of NFTs, such as land and other items.
These factors, and many more that haven’t been mentioned, all seem to point in a bullish direction. The crypto-gaming trend is also just getting started, and Axie Infinity is undoubtedly one of the companies pioneering the technology.
Axie Infinity price prediction
The question on most people’s minds is: will Axie Infinity go up?
Some of the price predictions for AXS are incredibly bullish, with gov.capital suggesting that the price will surge to over £350 by the end of October 2022. Their 5-year prediction is even more exciting, as they suggest AXS could reach heights of over £3,200 by 2027.
The analysts at walletInvestor.com are much less bullish, but their predictions are still extremely positive for the asset and its holders. They describe AXS as a fantastic long-term investment, predicting that its price will reach over £200 by February 2022 and around £740 in 5-years time.
Axie Infinity Shards or AXS do appear to have a lot of potential in the eyes of investors. The Axie Infinity project as a whole offers something that the majority of other crypto projects don’t: the ability to play a game to earn tokens and use those tokens to affect the game. This helps AXS to foster a loyal community and customer base, which in turn helps to make it a self-sustaining and fully decentralised project.
Frequently Asked Questions on Axie Infinity (AXS)
Here are some frequently asked questions surrounding this particular crypto, along with answers: