What is Axie Infinity? Developed by the Singapore-based development studio Sky Mavis, Axie Infinity is a play-to-earn blockchain-based video game. It continues to grow in popularity, allowing its indigenous token, AXS, to keep reaching new highs.
On October 4th, the cost of the AXS token increased 36% to hit yet one more lifetime top of $153 and become one of the leading 20 most crucial cryptocurrencies. Over the last two months, Axie Infinity has soared 130%.
The thoroughly diluted market cap of the cryptocurrency briefly reached $41 billion earlier today, exceeding video game leviathan Electronic Arts.
Axie Infinity players can acquire, collect, breed and feed “Axies,” cute monstrosities that customers produce in the form of non-fungible tokens. Up until now, gamers have developed more than 2 million creatures.
According to Token Terminal data, the protocol’s week-to-week revenue has struck $34 million, surpassing the leading NFT marketplace OpenSea.
The Ethereum-based game reached a significant milestone in early August by exceeding one million active players. Its fans are primarily situated in Southeast Asia, the Philippines being the center for Axie Infinity.
A variety of players depend on the game’s Smooth Love Potion (SLP) in-game tokens as their primary source of income after leaving the workforce. Because of this, in late August, Philippine regulators proposed taxing these players.
Nate got into crypto by investing in stable coins/altcoins using an algorithmic trading strategy. Shortly thereafter, he began writing about blockchain technology and all things crypto. He has become involved in a number of crypto-related projects and continues to be passionate about all things crypto.