The Rise of Axie Infinity
Axie Infinity, a blockchain-based game developed by Sky Mavis, has taken the gaming world by storm. With its unique play-to-earn model and vibrant ecosystem, Axie Infinity has captured the attention of both gamers and investors alike. The game revolves around collecting, breeding, and battling digital creatures called Axies, which can be bought, sold, and traded on the Ethereum blockchain.
One of the key factors behind Axie Infinity’s surge is its play-to-earn feature. Players can earn cryptocurrency, specifically the in-game token called Smooth Love Potion (SLP), by winning battles and completing quests. This has opened up new opportunities for players in developing countries, where the ability to earn a decent income through gaming can be life-changing.
The surge in popularity of Axie Infinity has led to a significant increase in the value of its native token, AXS. In just a few months, the price of AXS has skyrocketed, making early adopters and investors substantial profits. This success has also attracted the attention of venture capitalists and major gaming companies, who see the potential of blockchain-based gaming.
Axie Infinity Surprises the Market
Axie Infinity’s success is just the tip of the iceberg when it comes to the future of gaming in the crypto world. This week, they have proven to be a true leader in its own category of crypto gaming. As many games have issues sustaining their value, Axie has once again shown signs of strength, gaining a whopping 42%.
This surge is no coincidence, as the developers have put some real efforts in lately by reintroducing its renowned Axie Classic game. This caused a lot of traffic to the game, garnering a Weekly Active User base exceeding 100,000. The protocol has introduced a new gaming experience, Cursed Coliseum, aiming to enhance player engagement by offering additional opportunities to earn rewards, making the gaming experience more rewarding for participants.
The Challenges Ahead
While the future of gaming in crypto looks promising, there are still challenges that need to be addressed. Scalability and high transaction fees on the Ethereum network have been a bottleneck for blockchain games, limiting their mass adoption. However, with the emergence of layer 2 solutions and other blockchain platforms specifically designed for gaming, these challenges are gradually being overcome.
Regulation is another area that needs attention. As blockchain games gain popularity and value, governments and regulatory bodies are starting to take notice. Striking the right balance between consumer protection and innovation will be crucial for the long-term success of the industry.
What’s Next?
It is now Axie Infinity setting up its next rally, preparing for the end of 2023 with strong numbers. There is no doubt that they want to match their previous all-time high of $164,90 during the peak of the 2021 bull run. While it seems like a long road to go, it is taking the right steps to gain that much-needed value at the end of 2023.
Price Prediction
Whilst we have seen a significant green number at a 7-day rate, overall this coin is still underperforming. There is a lot of speculation that a $10 mark is inevitable with the whole crypto market showing signs of an upcoming bull run. We predict an even further price prediction, but in the short term, it might reach double figures before the end of 2023. After that, the project can develop more to reach even higher numbers, with a whole community ready to back it up. We hope that the peak of the bull run brings us another all-time high for one of the leading cryptogames at this time.
