Axie Infinity Will Become More Aggressive with Crypto: Bloomberg

According to a Bloomberg report, Axie Infinity, the popular name in the blockchain-based video game, is planning to be “even more aggressive” with crypto tokens earned by its players in 2023. Axie suggested that the play-to-earn model is here to stay after a difficult year.

Aleksander Leonard Larsen, Co-Founder of Axie’s Vietnam-based developer Sky Mavis Inc., said “we need more tokens and crazy stuff in terms of experiments,” on a panel moderated by Bloomberg News at a conference in Paris on Friday.

AXS price analysis

Axie Infinity price noted the decline of almost 80% in one year of time frame. While its current trading price is $9.87 with a 24-hour trading volume of $56.10 Million. Axie Infinity is up 0.07% in the last 24 hours, with a current market cap of $1.10 Billion.

In the last one year, AXS gave its one year high at the price of $74.85 in March 2022, and low at $5.74 in November 2022. On the other hand, AXS noted the upsurge of 62.58% in its year to date price analysis. While it is down by almost 10% from the last 7 days.

Know more about the AXS token

The native ecosystem token, Axie Infinity Shard (AXS) token is an ERC-20 token. It was launched in November 2020 on the Ethereum blockchain thus it is secured by Ethereum’s proof-of-work (POW) consensus mechanism. The token is the central mechanism for running the Axie Infinity game.

In early 2021, Axie Infinity plans to migrate its NFT tokens, including Axies, Land and other in-game item tokens from the Loom Network to a custom-built sidechain on Ethereum known as Ronin— an application-specific sidechain built just for Axie Infinity. This is being developed by Sky Mavis and is designed to support almost instant transaction confirmations, reduced gas fees and be capable of helping Axie Infinity scale.

AXS tokens have a total supply of 270 Million tokens. Out of this, around 53.5 Million tokens were in circulation as of mid-November 2020. The AXS token holders will soon be able to stake their tokens to receive regular rewards. But unlike some other stakeable assets, AXS holders will also need to vote and play to claim their rewards, according to coinmarketcap data.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.