It is fair to say that the play-to-earn economy is booming and NFT platforms are profiting from growing demand. Developed by Sky Mavis, a Vietnamese gaming studio, Axie Infinity (AXS) surpassed 1 billion in sales and is transforming the world of gaming.
With over 1 million active daily users, this cleverly positioned NFT marketplace is bringing fun furry creatures to the masses. With 95% of its revenue going back to the players it isn’t hard to see why Axie Infinity is experiencing a huge surge in momentum.
What powers Axie Infinity
AXS is a unique case as it is the governance token, rather than the tradable asset that is on the up. As an Ethereum based digital marketplace, Axie Infinity offers a place for players to collect, breed, and trade NFT based creatures, aka Axies.
Also, Axie developers quickly realized that they would need a fast, seamless user experience for their developers and developed an Ethereum sidechain called Ronin that is easily activated and has very low gas fees.
According to CoinMarketCap data, AXS is currently trading at $71.97, rising from $42.14 at the same time last week. The steep incline in popularity with AXS is dwarfing other DeFi protocols.
AXS tokenomics
The maximum supply of AXS tokens is 270 million and they can be purchased or earned through playing the game. Axie Infinity has generated its own mini economy, earning revenue from Alix creatures, axie breeding, land sales, and marketplace fees.
The game is known for being strategic and packed full of adventure where all players have the chance to go through different levels and battle with their Axies.
A note for all the wannabe gamers out there, you need at least three Axies to take part and they are averaging at $200 per Axie with some costing a lot more. However, in another twist of innovation, players can borrow Axies from managers within the game and those managers can create passive revenue from their cut of your earnings.
According to Dapp Radar, NFT sales rose to $2.47 billion in the first half of 2021. We are on the way to learning and earning more through the world of NFT’s. The play-to-earn model is one to watch. Wouldn’t we all like to earn real money playing games? As Buzz Lightyear would say, to infinity and beyond!
Get an edge on the cryptoasset market
Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.
On-chain analysis
Price snapshots
More context
Like what you see? Subscribe for updates.
Leave a Reply