The equipped monster gains 1000 ATK, but its effects are negated. During each of your Standby Phases: Inflict 500 damage to the controller of the equipped monster.
You can use Massivemorph on your opponent’s monster to disable it from direct attacking, and then equip that monster with Axe of Fools to make your opponent take 500 Life Points damage every one of their standby phase.
The Unfriendly Amazon would benefit the most from using Axe of Fools because it will negate this monster’s effect of requiring a Tribute of your own monster during each of your standby Phases, and greatly increases its own ATK to a whooping 3000 ATK. Similarly, you can Normal Summon Mist Archfiend and equip it with Axe of Fools, therefore Mist Archfiend will not be destroyed during the End Phase and you do not take 1000 damage. Using Axe of Fools on Gandora the Dragon of Destruction will negate its effect of being destroyed during the turn it was Normal Summoned, but it will also rob its effect of banishing cards from the Field to increase its ATK. Using Axe of Fools on Cloudian - Eye of the Typhoon will further increases its ATK to 4000, while allowing it to be switched to DEF position without being destroyed, but at the same time it loses its immunity in Battle and can be destroyed by your opponent’s monsters.
Since using Axe of Fools will require Life Points every turn, you can consider using these healing cards. Golden Ladybug is overall better because it will not clog your backrow.
|Monster/Spell/Trap categories||Negates the effects of Effect Monsters|
|LP||Damages you / Damages your opponent|
|Stat changes||Equipped gains ATK|