Axie Infinity Shards (CRYPTO:AXS) are seeing a wild trading day, with the token surging from $128 on Sunday evening to more than $155 this morning before settling in around $138 by 5:05 p.m. for a 9.9% gain.
Investors are finally discovering the potential of the namesake turn-based monster-battling game Axie Infinity. Similar to games like Pokémon, players battle one another and complete quests with creatures called Axies.
As for the game and its creatures, though, the skeptics couldn’t have been more wrong. The game has reached more than 250,000 daily active players. And each Axie is a distinct non-fungible token (NFT) denominated in Ethereum (CRYPTO:ETH) that can be bought and sold on the open market.
Rare Axies with stunning battle attributes can fetch as much as 300 ETH, or $1 million. In the past 30 days, the total volume of Axies bought and sold on the game’s marketplace surged to 155,406 ETH, or $518.19 million.
Do keep in mind that AXS tokens are separate from the big-money Axie NFTs, as they are used for the game’s governance. Also, the cryptocurrency used to buy and sell Axies isn’t AXS but ETH, and all Axie NFTs on the Ethereum blockchain. So beware of excessive speculation regarding AXS tokens.
Play-to-earn games
Axie Infinity is a Pokémon Go-like game, where players raise, breed, and battle their digital pets called Axies. However, unlike in traditional games where characters are valuable primarily within the game, every Axie is a nonfungible token, or NFT, which refers to noninterchangeable digital assets stored on blockchains.
Axies, which can be bought and sold at the platform’s marketplace and other secondary markets such as OpenSea, are worth at least $150 each.
Players may also earn AXS and another token Small Love Potion (SLP) in the game, while both tokens can be traded at some crypto exchanges such as Uniswap. SLP is recently trading at $0.096, up 32% during the past 24 hours, according to CoinGecko.
There is an entry barrier, though — you’ll need to acquire at least 3 Axies to start playing the game.
Developed by Vietnamese studio Sky Mavis and released in 2018, Axie Infinity is especially popular in places such as the Philippines, where some people play the game to earn a living.
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