first off, it looks like anchor more than an axe. An axe has much more of a flatter edge than it being that rounded. Also, to make it look more realistic, it would be wiser to attach the axe to the edge of the handle instead of it being bolted down on it. I have seen many axes in this case, and it makes it look so much more unrealistic and 100% more cartooney.
For the blade, try to have an edge to it. adding highlights to the edge of the axe will make it seem like it has a bit of an edge. also, add some highlights around it may improve its look in shape and volume. This is critical, because without strong sharp (flat) edges, it ends up looking a bit blobby and round. and with the shading you are doing, Its not helping it look any more flat.
As for the wood, try to give it a bit of a grain by using a burn tool at a low opacity and going down the wood to give it the look and feel of wood. and if it is a round pole (which im assuming it is) then add gradual shading along the sides and highlight the middle. This gives it a more rounder feeling to it and makes it look so much better when its done.
The blood is also a no. It doesn't look like its on the blade, but more like you've splattered it on the icon. so try to get rid of that for now until it looks a bit better. An
INCREDIBLE point you need to consider is to give it some dynamics. Your making it look like the simplest axe in the world when you keep it at a straight angle like that. Try to have it at a more dynamic angle and colour. Make it something that will impress people. To get them to say, WOW.
Read some good tutorials on the matter.
My Tutorial gives a good idea on certain metal and items such as this. Other tutorials are great to use as well to get to know how to draw and such. And look at some pictures and icons of other more experienced people. Their ideas and methods can help you out a lot and hel pyou to be more succesful in art and such. Good Luck.
~Dentothor
)
