Axie Infinity grew by over 25,000%
With the introduction of new technologies, the purchasing power of cryptocurrencies continues to grow.
This time it is the Axie Infinity ( AXS) token corresponding to the online game in combination with the new cryptocurrency. Since the start of the pandemic, the market value of the token has reached $ 2.5 billion.
The Axie Infinity, released last November, is up over 25,000%. This brought a lot of profit to investors who put their trust in the AXS token.
New cryptocurrency escapes May downtrend
To the surprise of investors, Axie Infinity is one of the few cryptocurrencies that escaped a downtrend in May. This cryptocurrency has not lost more than 50% of its original value, such as Bitcoin or Ethereum. In contrast, Axie Infinity hit an all-time high of $ 42 .
Since May, activity in the cryptocurrency market has dropped significantly, and token sales have grown significantly. This is due to the new rules of the Chinese government and numerous regulatory bodies that seem to have united against cryptocurrencies. Despite all these attacks, the cost of NFT for online gambling in 2021 increased more than 75 times.
Vikram Subburaj, CEO of Giottus Cryptocurrency Exchange, noted that the new cryptocurrency has over 500,000 active users, most of whom are residents of countries such as Indonesia and the Philippines.
Subburaj also believes that Axie Infinity is not just a game or cryptocurrency, but a single community. The ecosystem of the game is addicting, requires skill and uses new technologies to deliver maximum user experience.
Millennials are attracted to new cryptocurrencies because of their value and the quality of their games. Axie Infinity, built on the Ethereum blockchain, is similar to Pokémon, except that players can receive AXS tokens in a variety of ways instead of storing worthless creatures.
Axie Infinity's goal surprised millennials
To start the game, each participant must buy an AXS and spin up the available creatures using tokens. Since the investment is minimal and long-term profit is promised, many users have taken an interest in this game since its inception.
According to experts, games using cryptocurrency are the future of technology. Players can not only store NFTs but also exchange them for legal tender.
Axie Infinity is a great example of how users spend their time playing fun games while making money. Video games could encourage other companies to use Ethereum technology to build their digital networks.
However, the new cryptocurrency has more and more problems that may ultimately affect its stability. One of the problems is that AXS may have numerous competitors in the near future .
At the time of writing, the AXS token is trading at $ 41 on the Huobi cryptocurrency exchange .
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