The project at the forefront of crypto games is driving the market
As Axie Infinity, a Play-to-win-based video game created by Singapore-based developer studio Sky Mavis, continues to grow in popularity, its original code, AXS, continues to hit new heights.
On October 4, the price of the governance token Axie Infinity Shard (AXS) surged 36% to reach another lifetime peak at $153 and break into the top 20 cryptocurrency list. It is now up 130% over the past two months.
The fully diluted market capitalization of the cryptocurrency briefly reached $41 billion earlier today, surpassing the video game giant Electronic Arts.
In Axie Infinity players can buy, breed, collect and feed “axes”, which are lovable creatures created by users in the form of non-fungible tokens. To date, players have created more than two million creatures.
The protocol’s weekly revenue reached $34 million, according to data provided by Token Terminal, outperforming the leading NFT market OpenSea.
The Ethereum-based game reached a milestone by passing 1 million active players in early August. Its fans are mainly located in Southeast Asia, where the Philippines is a hub for Axie Infinity.
A large number of players rely on Smooth Love Potion (SLP) in-game tokens as their main source of income after leaving their jobs. This prompted Philippine regulators to propose taxing them in late August.