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Axie Infinity (AXS): A Blockchain Trading and Battling Game

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Axie Infinity (AXS): A Blockchain Trading and Battling Game

Axie Infinity (AXS) is a blockchain-based battling and trading game that is largely operated by players. Axie Infinity allows players to collect and exchange various items with each other.

hese items known as Axies may have different forms, and they are available in different scales. Axie Infinity uses various gradations of its items from common to ultra-rare and legendary, thus allowing it to charge different prices from players. Some Axies can also be used to produce new and unique offspring that can also be offered in the marketplace.

Axie Infinity Shards allow its members to participate in the voting process and contribute to making collective decisions on the major questions.

Axie Infinity offers maximum flexibility for users as well as only provides the general infrastructure and scarcity of different types of items. Their specific exchanges and interactions with each other can be freely negotiated, ensuring the game’s popularity among different populations and age groups.

Axie Infinity (AXS): A Blockchain Trading and Battling Game - 1
Figure 1. Axie Infinity’s Gameplay; Data source – LevelDash

AXS’s current price is $66.23 with a circulating supply of 60.9 million. Its total market capitalization equals $4.0 billion, making Axie Infinity the 39th major cryptocurrency at the moment. In addition, it is also one of the major Metaverse projects, along with Decentraland and the Sandbox.

AXS’s maximum supply is 270 million, implying the possibility of high rates of new tokens’ issuance in the following years. AXS is an ERC-20 token, and its security relies on Ethereum’s proof-of-work mechanism (although Ethereum is currently undergoing the transition to the proof-of-stake algorithm).

To ensure almost instant confirmations of all transactions in the Metaverse, a new sidechain named Ronin was developed specifically for Axie Infinity.

Is It Reasonable to Invest in AXS?

The future demand for AXS will depend on the following interrelated factors. The first one is the growing functionality of Axie Infinity and users’ experience associated with using its products. Other things being equal, the higher satisfaction will lead to the appreciation of AXS with the growing capitalization of Axie Infinity.

The second one is the general trends in the Metaverse segment. The growing integration of Metaverse solutions into the general cryptosystem may increase the investors’ interest in the major Metaverse projects, including Axie Infinity.

The third one is the impact of competition on the segment as Shiba Inu and even Samsung have announced their Metaverse realities, thus threatening the positions of current leaders.

Axie Infinity (AXS): A Blockchain Trading and Battling Game - 2
Figure 2. AXS’s Price Dynamics (1-Month); Data source – CoinMarketCap

The short-term price dynamics of AXS illustrate the presence of a strong support level at the price of $43. The structure of trading orders effectively protects this level from further decline.

At the same time, the AXS price has to overcome the following two resistance levels: at the prices of $76 and $82. Then, AXS may be able to overcome the persisting bearish pressure.

Until then, investors should abstain from opening long positions as other Metaverse projects, such as Decentraland and the Sandbox demonstrate better dynamics and have a higher likelihood of becoming Metaverse leaders in the future.