What’s wrong
Axie Infinity ((((CRYPTO: AXS). A very popular Metaverse style blockchain game. One of its major cryptocurrencies, the AXS Token, surged on Saturday afternoon and has increased by 12.7% in the last 24 hours as of 2:00 EST.
Image source: Getty Images.
Volatility is a hallmark of the crypto market, and prices can fluctuate sharply without actual provocation. However, in this case, many cryptocurrencies seem to be built on the momentum of the stock market. The S & P 500 And that Nasdaq Composite Index Both finished on the green last week and in 2022 recorded the best weekly performance ever. And Axie Infinity seems to be riding that wave.
In addition, some of Axie’s momentum could be due to certain gameplay changes announced Thursday. Specifically, daily quests and adventure modes will be discontinued. This means that gamers can only earn the Ethereum base. Smooth love potion ((((CRYPTO: SLP). Tokens in arena battles in the Axie Infinity game.
So what
Axie Infinity gamers can collect, train, and fight digital creatures called Axies. Each creature has different attributes that are more or less valuable. To that end, each Axie, along with other in-game items such as lands, is represented as follows: Non-substitutable token (NFT) Ethereum According to DappRadar, gamers can buy and sell these NFTs through the Axie Infinity Marketplace, which is ranked as the third most popular NFT marketplace in the blockchain industry.
By eliminating daily quests and adventures from gameplay, the developer team has reduced SLP token creation by 56%. This is important because SLP tokens are used to breed Axies. This is a feature that allows players to combine existing Axies traits to create new (and potentially more valuable) digital creatures. In other words, it will be harder to get SLP tokens and the value of Axies will increase.
So
The Metaverse Is a popular buzzword among investors in both the stock and crypto markets. And Axie has benefited from that trend. AXS tokens have fallen 66% from record highs, but have increased 45,000% since reaching their lowests in November 2020.
Assuming Axie Infinity continues to attract the attention of gamers and crypto enthusiasts, the demand for AXS tokens will be used not only for breeding, but also for staking, governance, and (eventually) market payments. There is a possibility that , Push that price up.
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