Axie Infinity now Transforming the Online Gaming Industry

Axie Infinity now Transforming the Online Gaming Industry

ENTERTAINMENT | Jul 28, 2021 | WOZINGA NEWS

Axie Infinity now Transforming the Online Gaming Industry

  • Axie Infinity, a mobile game developed by Sky Mavis, has doubled its native coin market cap in three days.
  • It will soon implement staking.

By Elah Mae Ariate Wozinga Journalist

Axie Infinity, a mobile game developed by Sky Mavis, has doubled its native coin market cap in three days, continuing a month of exploding NFT projects.

In June of this year, it was worth just under $5. According to Yahoo Finance, the AXS token is currently trading in the $35 to $45 range. Putting the project’s native NFT platform ahead of OpenSea’s NBA Top Shot and Dapper Labs’ NBA Top Shot, which dominated the market for the majority of 2021.

With Play to Earn Basis

The game is play-to-earn, with users able to raise, battle, and trade digital creatures. The protocol generates revenue by charging a 4.25 percent fee to players who buy and sell Axie NFTs in its marketplace, as well as by collecting fees for creating and breeding axies.

The rapid growth comes after Sky Mavis raised $7.5 million in Series A funding, with Mark Cuban among the backers. Konvoy Ventures, Derek Schloss, and Stephen McKeon are among the other investors.

Axie Infinity Shards (AXS) holders are rewarded for staking their tokens. AXS also serves as governance tokens in the Axie universe, allowing users to vote on important issues. As a result, users are encouraged to hold on to their tokens, providing substantial support for AXS’s market value. The Axie team created a special treasury for storing fees and sales profits, as well as a portion of staking rewards.

The Game’s earning potential

Axie Infinity now commands a market cap of over 2.5 billion. It drew plenty of millennials through the pandemic period. The gaming token launched in November 2020 has gained over 25,000% so far. 

It was built on the Ethereum network, Axie brings blockchain technology to woo gamers. They can obtain Axie Infinity Shard tokens (AXS) and other in-game tokens in a variety of ways.

To begin the game, each user must purchase Axie, and the digital pets in the games can be purchased using this digital currency. The game’s earning potential is what has made it so popular, particularly in developing countries.

Axie Infinity will soon introduce Staking

According to an Economic Times report, Axie Infinity defined its roadmaps and goals in a whitepaper. It will soon implement staking. Token owners can use this feature to lock up their coins for a set period and earn interest.

Based on the experts in crypto-related games, it will be another big trend soon. The gamers will not only exchange inter-game NFTs but will sell them, cult followers. Gaming as a career is gaining traction in the Western world, and young people’s spending on gaming is increasing.

Experts say, Axie Infinity will be another big trend soon, do you agree?

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