AXS, Axie Infinity’s native token, has exploded recently with the current trading price set at around $40.
The price rose to $28 on July 15 after which it felt a sharp decrease to $15 on July 21. The price rose at a record high of $48 after falling to its current price at $40. Compared to its current value, AXS’s price at the starting of the year was $0.5.
Axie Infinity is an NFT-based online video game where players breed, fight and trade digital pets called “Axies”. The players buy NFTs (Called AXS) of creatures and pit them against each other in battles.
The rising popularity of this game garnered a total revenue of $85 million in June alone. With these figures, the company is expected to reach sales of over $1 billion by the end of this year, according to Delphi Digital, a boutique digital firm.
Game payments are done either through the AXS token or the SLP token (the in-game reward token). Axie Infinity also earns revenue via commission. It charges a 4.25% commission on the trading of its assets.
It is a play-to-earn game that allows the users to earn while playing the game. The game is especially popular in the Philippines and Venezuela where users earn an average of $50 a day. AXS, as well as SLP, are available to trade with fiat currencies or other crypto assets making up for a great source of revenue.
Players can also earn through an ‘Axie scholarship’ where managers lend 3 ‘Axies’ to the players and the amount of SLP earned by the players is distributed between them.
The NFT token has a current market capitalization of $1.85 billion and the NFT- gaming segment stands at the value of $4.78 billion.