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The blockchain game Axie Infinity (AXS) has seen tremendous growth in recent months. Not only has the number of users skyrocketed, but AXS, the game’s native token, has also seen a parabolic increase for some time. Is this all just hype or are we facing a gaming revolution?
The non-fungible token (NFT) industry is still booming. In particular, the blockchain game Axie Infinity is currently breaking all records. Less than a year ago, the market capitalization of the AXS token was just $ 7 million. It now stands at nearly $ 4.1 billion.
During the same period, AXS rose from $ 0.147 to $ 72.96.
That represents an incredible price increase of almost 50,000 percent within a single year.
What is Axie Infinity anyway?
Axie Infinity is a decentralized app (dApp) that runs on the ETH blockchain. Similar to the gaming evergreen Pokémon, Axie Infinity also focuses on cute monsters that are bred, traded and sent into battles by players. In contrast to conventional classic games such as Pokémon, the little monsters (“Axies”) are immortalized as tokens – more precisely: non-fungible tokens according to the ERC-721 standard – on the ETH blockchain. As a result, they are really unique compared to “normal” gaming characters or game objects and cannot be replicated and changed at will.
In addition, players can earn tokens in the game AXS. To do this, they have to take part in PvP battles, breed Axies, farm so-called love potions, which are needed for breeding Axies, or complete other missions. It is also possible to use the AXS token in the governance of the Axie universe, to stake AXS or to use it for payments within the game.
Axie Infinity competes with Fortnite
The growth of Axie Infinity is gigantic. If it stays constant over the next few months, it is even likely that Axie Infinity will replace Fortnite as the largest Discord community in the world. For comparison: Fortnite’s Discord Channel currently has around 800,000 members, while Axie Infinity is already on over 720,087 members comes.