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Highlights
- AXS and SLP, the two tokens of the same game, are trading below their all-time high prices.
- The Axie Infinity game and its Axie NFTs will likely need to shine in order to help AXS regain lost ground.
- AXS’s long-term price most likely will be shaped by how Axie NFTs trade on NFT platforms like OpenSea.
Non-fungible tokens (NFTs) and metaverses remain two of the hottest cryptocurrency trends. While a house in Florida has lately sold as an NFT, with payment done by the buyer in ETH tokens, parcels of land on Decentraland’s virtual reality world are selling for millions of dollars.
In this light, what is the future of another high market cap cryptocurrency, AXS, which combines NFTs with a metaverse? In Axie Infinity’s gaming metaverse, Axie creatures are NFTs, which can be purchased using the AXS token.
Let’s know more.
Axie Infinity latest news
Axie Infinity has two tokens within its gaming verse. The first, which has a multi-billion-dollar market cap is AXS, while the other, which ranks low on the CoinMarketCap listing, is Smooth Love Potion or SLP.
Also read: Florida home sells as NFT: Top 3 non-fungible token projects to watch
Lately, the game has made news on two fronts. First, it was reported that the blockchain-based game is close to shifting to an arrangement where new users would not need to buy NFTs to start playing. This may be a trigger for wider adoption of Axie Infinity.
Second, the platform has announced a cut in the creation of new SLP tokens. SLP is used to breed Axie creatures and paid as incentives to players.
Also read: DOGE price prediction: Can Dogecoin reach double digits by 2025?
Axie Infinity’s price
AXS was one of the most profitable cryptos of 2021. This year so far, the ride has been anything but impressive. As of now, the market cap is nearly US$3.5 billion, with one AXS token trading for nearly US$58. The price has surged over the past 24 hours and so has the trading volume.
Axie Infinity price prediction
The AXS token traded at US$160 at one point in November last year. This was the culmination of a steep rally on the last day of September 2021, when the price skyrocketed from nearly US$75 to US$110. In the last two months of the previous year, AXS’s price remained subdued.
Also read: SHIB price prediction 2025: Can Shiba Inu crypto reach $1?
In 2022, the price plunged to almost US$45 at one time, but a broad-based rally in cryptos also, perhaps, helped AXS to recover some losses in the initial days of February.
AXS may reach a price of US$100 by the end of 2022. The entry of other metaverse tokens like MANA and SAND may be putting a downward pressure on AXS, which is why bouncing back to US$160 may not be easy. But if metaverse games and their linked tokens shine, AXS may reach US$400 by 2025.
Image description: AXS price movement in 2022
Data provided by CoinMarketCap.com
Also read: Bitcoin price prediction 2025: Can Web 3.0 catapult BTC to $300,000?
Bottom line
AXS and SLP are two tokens of the same blockchain game Axie Infinity. AXS is more popular, and it is the governance token. It may rise in value if the Axie Infinity game and linked NFTs find more backers.
