Before trading any crypto assets it is important to understand the risks. This overview summarizes certain risks associated with AXS.
The U.S. The Securities and Exchange Commission (SEC) has expressed an opinion about AXS, including an opinion that AXS itself is a security.See the SEC’sand as well as for more information.
Token Description & Project Background
AXS is the governance token for Axie Infinity, a play-to-earn NFT game.
AXS lets holders (as opposed to developers) shape the game’s direction and help populate its Pokémon-inspired universe of cartoon creatures. Its play-to-earn model exploded in popularity during the summer of 2021, garneringand generating more than $2 billion worth of NFT transaction volume.
Axie Infinity runs on Ethereum and the Ronin sidechain. Users need to own three Axie NFTs to participate in the game.
Axie Infinity was developed by Sky Mavis, founded by Trung Thanh Nguyen, Aleksander Leonard Larsen, Tu Doan, Andy Ho, and Jeffrey Zirlin in March 2018.
Risks of AXS
Like an investment in other crypto assets, there are some general risks to investing in AXS. These include: (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to thestatement.
In addition to these general risks, an investment in AXS is subject to the following specific risks:
- Any potential success associated with AXS is dependent on its rate of adoption by users. Investors should be aware that a number of competing blockchain gaming projects have entered the field since 2018.
- Any potential success associated with AXS is dependent on a number of external factors, such as the growth and increased adoption of the metaverse economy, and the continued popularity of NFTs as digital collectibles.
We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with AXS. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.
The AXS community and founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of XS have no recourse to the AXS community, its founding team, or Uphold if AXS declines in value for any reason.
Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.
Uphold’s Evaluation Process
Prior to listing AXS on the Uphold Platform, Uphold performed due diligence on AXS and determined that AXS is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following:
- The creation, governance, usage, and design of AXS, including ensuring the source code being open-source, audited and peer reviewed, security, and roadmap for growth in the developer community.
- The supply, demand, maturity, utility, and liquidity of AXS.
- Marketing materials put forward by the AXS social team including, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
- Material technical risks associated with AXS, including any code defects, security breaches and other threats concerning AXS and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
- Legal and regulatory risks associated with AXS, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of AXS.
Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.
Uphold users should read thestatement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.
Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following. Please also review the for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and statement.
Last updated on June 12, 2023.
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