How to Buy Axie Infinty in Canada

“Axie Infinity is a decentralized trading and battling game run on the Ethereum blockchain. It is inspired by Pokémon and Tamagotchi games and can be played on Android phones, iPhones, and PC.”

 Axie Infinity is a blockchain-based game created in early 2018 by Vietnamese studio Sky Mavis. The game allows players to collect, breed, raise, battle, and trade creatures called Axies. Each Axie is a non-fungible token (NFT) ranked by different rarity classes and can be bought or sold on the Axie marketplace. AXS is the official governance token of Axie Infinity. Each token is known as an Axie Infinity Shard and can be used to participate in key governance votes to exert influence on the project and how the community treasury is spent.

If you are wondering how to buy AXS in Canada, Netcoins is a publicly-traded, fully regulated crypto trading platform based in Canada. Its a platform free to fund with e-Transfers, with free cash withdrawals, and live customer support service seven days a week, we make it simple for Canadians to buy AXS and other cryptocurrencies.

Why Buy Axie Infinity (AXS)? 

Axie Infinity is one of the largest decentralized applications in the gaming space and has amassed a large and loyal following since its creation. The game has consistently seen over 100,000 daily active users, showcasing the popularity of the game among players.

One of Axie Infinity’s largest value propositions comes from Play-to-Earn, a mechanic that enables players to leverage their skills and time into earnings and distribution rights for tokenized in-game items. Providing players with a chance to earn monetary perks makes Axie Infinity stand out among other games.

Additionally, creating a marketplace that enables the trading of playable creatures, called Axies, creates a deeper and stronger connection between players and the game itself. Axie Infinity also enables the trading of digital land, similar to other platforms such as Decentraland and Sandbox.

From an investment perspective, buying AXS is an opportunity to bet on the future growth of Axie Infinity. As the official governance token of the platform, AXS is heavily integrated into the project’s development and operations making it a potential worthwhile investment that could appreciate in price as Axie Infinity continues to grow.

Does AXS have a supply cap?

AXS has a supply cap of 270,000,000 AXS coins. This means there will never be more than 270 million AXS coins in circulation. A hard supply cap removes inflation risk, which can potentially reduce the value of your coins over the long-term.

What is special about Axie Infinity?

Axie Infinity offers a unique value proposition as a game that enables players to earn rewards as they play through a Play-to-Earn format. Additionally, the ability to own and trade Axies (playable characters) as NFTs adds to the platform’s engaging format.

What do I need to get started playing?

To play Axie Infinity, you must create an Axie Infinity account and download both a Metamask and Ronin crypto wallet which will be used to hold Axie NFTs and in-game crypto. Axie Infinity’s official starting guide gives a more detailed look into the necessary steps to get an account setup. To begin playing Axie Classic, you will need at least 3 Axies. However, you do not need any Axies to begin playing Axie Origin.

 

What Can You Do with AXS?  

The simplest thing to do with AXS is to hold it as a long-term investment. However, some things can be done with AXS surrounding both Axie Infinity and staking to maximize returns.

AXS is integrated into nearly every aspect of Axie Infinity. As a Play-to-Earn game, you are able to earn AXS by playing the game and participating in breeding, raising, and battling your Axies. These tokens can either be exchanged for other currencies or be used to participate in staking and governance.

By locking up your AXS in the Axie Infinity staking portal, you are eligible to earn passive income on your AXS holdings. In the future, staking your tokens will also make you eligible to participate in network governance in the form of votes on new proposals. Power held within these votes will depend on how many AXS tokens you hold. Governance also includes the management of Axie Infinity’s community treasury, which holds all revenue generated by the platform.

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How Much AXS Can I Buy? 

AXS, like other cryptocurrencies, is highly divisible. You can buy a whole AXS coin or fractions of it. When opting to buy AXS, a platform like Netcoins allows you to buy whatever dollar amount of AXS coins you’d like. Buying AXS in regular intervals (like days, weeks or months) is known as dollar-cost averaging and can be a great way to average the price you buy at. All of these options are available on Netcoins, Canada’s first publicly-owned, fully regulated cryptocurrency trading platform.

How Do I Store My AXS?

You can buy AXS coins from crypto trading platforms, like Netcoins, and leave your AXS coins inside the platform. However, there are much safer options to storing your AXS as leaving them in exchanges can expose them to certain risks like hacking and theft.

The safest option to keeping your AXS secure is to transfer them into an AXS wallet. An AXS wallet is a type of digital wallet that is used to send and receive AXS, similar to a Google wallet or a physical wallet.

There are four different types of AXS wallets: hardware wallets, desktop wallets, mobile wallets and web wallets.

Hardware wallets look like a USB device. They are considered to be offline wallets because they’re not connected to the internet. The fact they’re offline makes them more difficult to find and to hack. As such, they’re typically considered the safest option to store your AXS.

Desktop wallets on the other hand are programs that store your AXS on your computer’s hard drive. Mobile wallets perform the same function as a desktop wallet but on a mobile device instead.

Finally, a web wallet is an online service that sends and stores your AXS on your behalf anywhere, anytime. Similar to checking your email. PolkaAXS JS offers web and desktop wallets that allow you to manage your AXS.

Desktop, mobile and web wallets are all connected to the internet (and referred to as “hot wallets”). Like mentioned earlier, they are more susceptible to potential risks. On the other hand, hardware wallets (or “cold wallets”) are considered safer options as they are not connected to the internet.

This is why it’s often advised that Canadians pull out their AXS from crypto trading platforms and send them directly to a hardware wallet. Only in this way, are they in full possession of their AXS and can keep them secure.

Related article: How Do I Keep My Cryptocurrencies Safe?

 

Is AXS a Good Investment? 

AXS is a cryptocurrency heavily integrated into the Axie Infinity ecosystem through Play-to-Earn features, staking, and upcoming governance opportunities. It can be safe to assume that the token’s future price performance will rely tremendously on the future of Axie Infinity and the growth it sees in users and engagement.

Up until this point, the project has been able to generate a substantial user base through its Play-to-Earn style, which encourages users to play as much as possible. Alongside an interesting format with tradable characters and fun competition between players, Axie Infinity has done a great job of engaging its users and rewarding them for playing time.

The biggest risk associated with AXS remains the longevity of Axie Infinity. Like other video games, people often get bored quickly and need new iterations of video games to stay engaged. Beyond 2022, Axie Infinity needs to continue innovating and developing its platform to encourage people to stay on.

As one of the biggest projects in the decentralized application gaming space, Axie Infinity is a solid bet on the future of blockchain-based gaming.

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This post is for informational purposes only. For proper financial advice, we recommend you speak to a financial advisor.