Investors rushed to Axie Infinity (AXS) to take advantage of the future rally. This ERC-20 token and its protocol could be the start of a new craze in the crypto space and a game changer for the video game industry.
Inspired by the popular Pokemon game, Axie Infinity allows players to explore in an open world game to breed, capture, train and fight with companion creatures known as Axies. On the platform, Axies are tokenized in the form of non-fungible tokens (NFTs) which can also be traded on a marketplace.
The platform rewards players for breeding new creatures, during battles, and can obtain resources to implement upgrades on their Axies. Rewards can be obtained with AXS, these tokens can be stake or used to participate in the governance model of the protocol.
A major change from other games is that players can withdraw their assets from the game by turning them into ETH. This is one of the reasons the platform is gaining traction among gamers and investors.
To participate, a new player must have approximately 3 Axies. This is the only way to access the open world of Axie Infinity. So, players have to spend ETH to hit their creatures. The high fees and congestion on the Ethereum blockchain could certainly affect a player’s experience.
Axie Infinity, the future of gaming on Ethereum?
Before acquiring Axies, players must deposit ETH into the Ronin Wallet. These funds will allow them to buy their creatures in the Axie market. Later, using MetaMask, players can download the game and begin their adventure.
Website start area strong points 4 important pros of the game who have also contributed to its popularity. First, it has “deep automated combat gameplay”, it has “many” activities for players, to reproduce Axie, players can use different body types and genes to create an “entertaining process”.
Finally, the earth and the creatures themselves have real investment values. Unlike other games, a player’s effort can be converted into real money without the intervention of a third party, outside market, or other entities. A player’s time can literally be turned into money.
Data from DappRadar says Axie Infinity has reached all-time highs in other metrics. The platform achieved record transaction volume with $ 292 million, an increase of 405% in 30 days, a number of transactions with 393,700 and users with 115,950, an increase of 288% over the same period.
Ultimately, Axie Infinity could add new features to its game, a new game mode, more resources. The expansion of this universe is expected to provide cryptocurrencies and blockchain technology with a real-world use case that nurtures the gaming experience.
At the time of writing, AXS is trading at $ 17.47 with minor losses across the board. The token managed to rise 128% and 354.3% in the 7 and 30 day charts. Time will tell if AXS can continue to reach new all-time highs or if it will be one of the many crypto fads that are fading with the hype.
On the other hand, ETH seems to have lost its bullish momentum. This cryptocurrency was leading the recovery in the crypto market but was rejected at around $ 2,390. So, ETH and AXS might suffer some disadvantage if the price of BTC takes another hit by the bears.