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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.

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