Axie Infinity Price

What Is Axie Infinity?

Axie Infinity is a blockchain game where players collect, breed and battle cartoon creatures called Axies. Each Axie is an NFT, a token on a blockchain that proves who owns a specific digital item. AXS, short for Axie Infinity Shards, is the game's governance and staking token.

The project's pitch is that players should own their in-game items and have a say in how the game is run. AXS is the tool for that. Holders stake it to earn rewards and to vote on how the community treasury is spent, and the game charges AXS for some actions on Axies.

Sky Mavis, a game studio based in Vietnam, builds the game. Its founding team lists Trung Nguyen as CEO, along with Aleksander Larsen, Tu Doan, Andy Ho and Jeffrey Zirlin. Axie surged in 2021, when players in the Philippines and other countries earned rewards worth more than local wages, then shrank as token prices fell. Sky Mavis also runs Ronin, the blockchain where the game and most AXS activity live.

How Axie Infinity Works

AXS has a hard cap of 270 million tokens. The Axie whitepaper set the split: 29% for staking rewards, 21% for Sky Mavis, 20% for play-and-earn rewards, 11% for the public sale, 8% for an ecosystem fund, 7% for advisors and 4% for private investors. Tokens unlocked on a 65-month schedule that started with the late-2020 public sale, so the planned unlocks have now run their course.

Staking rewards come from a fixed pool. By November 2025, about 95% of that pool had been paid out, and Sky Mavis changed the schedule so rewards shrink by 5% every nine days starting December 1, 2025, which stretches the remainder out indefinitely.

The whitepaper says the community treasury collects a 4.25% cut of Axie marketplace sales plus AXS paid in breeding fees. Stakers vote on Axie Improvement Proposals that decide how it's used.

In February 2026, Sky Mavis launched bAXS, or Bonded AXS, a game currency that can't be traded or sent to others. Players can convert bAXS to AXS at a rate tied to their Axie Score, a measure of in-game activity, and the shortfall goes to the treasury. Sky Mavis says most rewards will shift to bAXS over time.

Ronin itself became an Ethereum layer 2 network built on the OP Stack on May 12, 2026.

What People Use It For

Most AXS demand comes from inside the Axie ecosystem. Players spend AXS, or now bAXS, to breed new Axies and to upgrade existing ones. Axies, land plots and items also trade on the official Axie marketplace, and a cut of each sale goes to the treasury.

Holders stake AXS through the App.axie site to earn the remaining staking rewards and to vote on treasury proposals. In December 2025, for example, stakers voted on whether the treasury should stake its own AXS, roughly 23 million tokens according to Sky Mavis.

Competitive players can win AXS or bAXS as prizes in ranked seasons and tournaments. Outside the game, AXS is mainly a traded token on centralized exchanges.

Risks To Know

Ronin suffered one of the largest crypto thefts on record. In March 2022, attackers took over enough validator keys to drain 173,600 ETH and 25.5 million USDC from the Ronin bridge, about $620 million by the FBI's count. The FBI attributed the theft to North Korea's Lazarus Group. Sky Mavis said all users were made whole when the bridge reopened in June 2022. Our crypto hacks tracker covers it.

The SEC named AXS as a crypto asset security in its June 2023 lawsuits against Binance and Coinbase. The agency dropped the Coinbase case in February 2025 and the Binance case in May 2025, and no court ruled on AXS.

AXS demand depends on one game studio. Sky Mavis can change rewards and token rules, as it did with bAXS, and Sky Mavis and advisors received 28% of the supply.

How To Buy Axie Infinity

AXS is listed on several US exchanges: Coinbase, Kraken, Bitstamp, Binance.US and Crypto.com. Bitstamp's US service stops taking new deposits and purchases on Feb. 1, 2027. Binance.US offers it only against USDT, and Kraken doesn't serve New York or Maine. Gemini doesn't list AXS. OKX lists AXS on its global exchange, but check whether OKX's US platform offers it. International buyers can also use KuCoin, MEXC and Gate.

To use AXS in the game, you'll need to withdraw it to a Ronin wallet on the Ronin network. Our walkthrough of what Axie Infinity is and how to buy AXS covers the steps. The table below shows what your money actually gets you at each exchange.

Axie Infinity And Your Taxes

The IRS treats AXS as property, so selling or trading it creates a capital gain or loss. Staking rewards count as ordinary income at their value when you gain control of them, under Revenue Ruling 2023-14, and AXS won as game prizes is generally income too. The IRS hasn't said how to treat bAXS, which can't be sold until it's converted. Read more on how crypto taxes work and how play-to-earn rewards are taxed.

FAQ

Is Axie Infinity A Good Investment?

That depends on your goals and risk tolerance. AXS has a fixed 270 million cap and its planned unlocks are finished, but its demand rests on one game, its staking pool is nearly spent, and the Ronin network lost about $620 million in a 2022 hack. Weigh how active the game is, how Sky Mavis handles bAXS, and how much volatility you can stomach.

What Is The Max Supply Of AXS?

AXS has a maximum supply of 270 million tokens, and the whitepaper says that cap won't be exceeded. The tokens unlocked over 65 months from the 2020 public sale. Some unlocked allocations, such as play-and-earn rewards and the ecosystem fund, are paid out only as Sky Mavis and the treasury distribute them.

Who Created Axie Infinity?

Sky Mavis, a game studio based in Vietnam, created Axie Infinity. Its founding team includes CEO Trung Nguyen, Aleksander Larsen, Tu Doan, Andy Ho and Jeffrey Zirlin. Sky Mavis also built Ronin, the blockchain that hosts the game. AXS stakers vote on how the community treasury is used.

What Was The Ronin Bridge Hack?

In March 2022, attackers gained control of enough validator keys to approve fake withdrawals from Ronin's bridge to Ethereum. They took 173,600 ETH and 25.5 million USDC. The FBI tied the attack to North Korea's Lazarus Group. Sky Mavis repaid affected users and reopened the bridge in June 2022 with a daily withdrawal limit and extra review for large transfers.

Can I Buy Axie Infinity In An IRA?

There's no US AXS ETF, so you can't hold it in a regular brokerage IRA. Self-directed crypto IRA providers set their own coin lists, so check whether AXS is offered before opening an account. Our list of crypto IRA providers compares the options. Gains inside the IRA aren't taxed each year, but losses there can't offset other gains.

Where Can I Buy AXS In The US?

Coinbase, Kraken, Bitstamp, Binance.US and Crypto.com list AXS for US customers, though Kraken isn't available in New York or Maine and Binance.US trades it only against USDT. Gemini doesn't carry it. Compare the full cost in the table above, and see our ranking of the best crypto exchanges for more on each platform.