Like Derplander from End of an Era when he was running into the Garleans and about to use Steel Cyclone.
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I could see them raising it above their heads to drop it on their opponents, but I only see this as a good idea at a certain distance and inwards towards a target. Anything above that particular threshhold would just look silly.
Maybe a sideways carry or putting it lower to cleave up into your enemies?
I'd have to say that when it comes to wielding a giant axe, most characters look pretty awkward.
I kind of like the idea of dragging it across the ground with sparks/dirt flying.. Buuut that's just vanity to me. xD