Axie Infinity Goes Against The Trend, How It Hit New ATH In The Past Week

Reynaldo Marquez

3 years ago

3 mins read

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Investors have been jumping into Axie Infinity (AXS) in a rush to leverage future upside. This ERC-20 token and its protocol could be the beginning of a new mania in the crypto space and a game-changer for the videogame industry.

Inspired by the popular game Pokemon, Axie Infinity allows players to explore in an open-world game to breed, capture, train, and battle with pet creatures known as Axies. On the platform, Axies are tokenized in the form of Non-Fungible Tokens (NFTs) that can also be traded on a marketplace.

The platform rewards players for breeding new creatures, during battles, and can obtain resources to implement improvements on their Axies. Rewards can be obtained with AXS, these tokens can be stake, or use to participate in the protocol’s governance model.

A major shift from other games is that players can take out their in-game assets by turning them into ETH. This is one of the reasons why the platform has been gaining traction amongst players and investors.

In order to participate, a new player must own around 3 Axies. This is the only way to gain access into Axie Infinity’s open world. Thus, players must spend ETH to mint their creatures. High fees and congestion on the Ethereum blockchain could certainly affect a player’s experience.

Axie Infinity, The Future Of Gaming On Ethereum?

Before acquiring Axies, players must deposit ETH into Ronin wallet. These funds will allow them to purchase their creatures on the Axie market. Later, using MetaMask, players can download the game and begin their adventure.

Website Startups Zone highlights 4 important pros to the game that have also contributed to its popularity. First, it has an “in-depth automated battle gameplay”, it has “many” activities for players, to breed Axie players can use different body types and genes making an “entertained process”.

Finally, the land and the creatures themselves have real-life investments values. Unlike other games, a player’s effort can be translated into real money without the intervention of a third party, an outside marketplace, or other entities. A player’s time can literally be turned into money.

Data from DappRadar indicates that Axie Infinity has reached all-time highs in other metrics. The platform has scored records in trading volume with $292 million, a 405% increase in 30 days, number of transactions with 393,700, and users with 115.950, a 288% increase in the same period.

Axie Infinity AXS AXSUSDT — Axie Infinity Historical Activity for the past month. Source: DappRadar

In the long run, Axie Infinity could add new features to its game, a new game mode, more resources. The expansion of this universe is set to provide cryptocurrencies and blockchain technology with a real-world use case that nurtures the gaming experience.

At the time of writing, AXS trades at $17,47 with minor losses across the board. The token has managed to rise by 128% and 354.3% in the 7-day and 30-day charts. Time will tell if AXS can continue to score new all-time highs or if it will become part of the many crypto fads that fade away with the hype.

On the other hand, ETH seems to have lost bullish momentum. This cryptocurrency was leading the crypto market’s recovery but was rejected at around $2,390. Thus, ETH and AXS could see some downside if BTC’s price takes a new hit by the bears.

Ethereum ETH ETHUSD — ETH with small gains in the 24-hour chart. Source: ETHUSD Tradingview

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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