While most digital currency markets have lost value, a token called Axie Infinity, the native coin tied to the blockchain-based trading and fighting game of the same name, has hit new highs, rising to $ 21.55 on Tuesday. The Axie Infinity platform has seen massive demand in the past few days, and other tokens from the gaming economy such as “smooth love potion” have also seen significant buying pressure.
Axie Infinity Token jump in value
Last week Bitcoin.com news reported on the booming Axie Infinity economy as the value of the project’s non-fungible tokens (NFT) and its native token skyrocketed. The project is basically an Ethereum based game that also features a digital marketplace and governance protocol.
The token, Axie Infinity (AXS), is used for governance and other actions within the game. The game includes a battle between token-based creatures called “Axies,” and players can collect items, breed the creatures, and train them similar to Pokemon or Hearthstone game characters.
On Tuesday morning (EDT), axie infinity (AXS) hit an all-time high of $ 21.55. The token has been in the market for the past few weeks, outperforming coins like BTC and ETH in terms of percentage gains. Seven-day statistics show AXS is up 86.72% against the US dollar and 410.11% over the past 30 days.
Coingecko statistics and data from nomics.com show that AXS ‘market cap is around $ 1.3 billion and its 24-hour trading volume on Tuesday is $ 1.2 billion. At 0.00062 BTC per AXS, the Axie Infinity token gained 18.11% over Bitcoin (BTC) on Tuesday. Out of the thousands of cryptocurrencies out there, Coingecko shows that AXS ranks 74th on July 13th.
Attention has not only been focused on AXS lately as there is demand for the other tokens of the Axie Infinity economy as well. A specific token called Smooth Love Potion (SLP) is one of the Axie Infinity tokens that sees buying pressure. Axie Infinity players can earn SLP as rewards and when fighting in the game’s Adventure mode.
SLP also hit an all-time high (ATH) on Tuesday morning, hitting $ 0.39 per unit on Binance. In addition to collecting and collecting SLP and AXS, the tokens of the Axie Infinity Economy can be bought and sold on exchanges such as Uniswap, Binance, Bkex, Digifinex and Huobi.
While the play-to-earn structure is popular, some call it a pyramid scheme
The Axie Infinity universe was developed by a game studio founded in 2018 called Sky Mavis. The game uses a play-to-earn structure and players can collect rare Axies and breed them through the use of SLP. Axie Infinity players earn more resources by participating in PVP battles hosted in the game’s Adventure mode.
Players need to download the game, Ronin Wallet and Ronin Bridge to get started, and the web3 ETH Wallet Metamask is also used to connect to the game. In addition to all of these steps, users must have sold at least three Axies on the Axie Marketplace in order to start playing.
NFT games will be a GAME CHANGER, understand? Got it???
Games like #AxieInfinity will bring finances into games and also gamify finances.
However, the line between gamified Ponzi schemes will also become blurred 🤷♂️
– Holger 🌈 (@rohmeo_de) July 9, 2021
Blockchain-based games have become very popular recently, especially with the advent of NFTs. The play-to-earn structure allows people to make money in the Axie Infinity economy, but they still have to surrender some ether to get started.
Therefore, some people have started to think of Axie Infinity as a borderline Ponzi scheme. “Is it just me or [does] Axie Infinity feels like a ponzi / pyramid scheme? ”An individual said on Twitter on Tuesday. Twitter is littered with comments from other people saying the same thing.
What do you think of the Axie Infinity blockchain gaming universe and the associated tokens that are growing in value? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, Axie Infinity, nomics.com data, Twitter,
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