- The astonishing rise of Axie Infinity, which has seen it gain nearly 2000%, in just a few months, has caught the attention of the crypto exchange, Coinbase.
- A non-fungible token (NFT) is a digital collectable, and in the case of Axie Infinity, is represented by the little creatures in the game, called Axies.
- Some Axies have been sold off for 600 Ethereum which equates to roughly US$190,000.
Cryptocurrency has been the rage this year as people have turned to the crypto space to make extra money amidst the COVID-19 lockdowns.
One of the most popular attractions in the crypto space is a non-fungible token (NFT) game by the name of Axis Infinity (AXS).
Axie infinity combines crypto with gaming and players can gain NFTs by collecting, breeding, and battling little digital creatures known as Axie’s. The concept is very similar to the Pokemon game which gained a huge following about five years ago.
However, people who might be quick to dismiss Axie Infinity as a craze or a fad might want to think again as Axie Infinity generated more than US$42 million in sales in June 2021 alone. Moreover, that number is rising very quickly.
Coinbase Adds AXS to its platform
The astonishing rise of Axie Infinity, which has seen it gain a 2000% rise in just a few months has caught the attention of crypto exchange, Coinbase. Coinbase is considered the most legitimate digital currency exchange, having been the first of its kind to be publicly listed on the NASDAQ earlier this year.
Now that Coinbase has added AXS to its list of cryptos, investors can expect to see AXS’s value continue to rise.
Are NFTs a Fad?
While it’s difficult to predict what’s a passing trend versus what’s here to stay (at least for some extended amount of time), it’s worth noting that ten years ago - when Bitcoin was just tinkering on the fringes of finance – there were many people who though Bitcoin was just a fad. Since then, it has gone from less than US$100 to its price today US$47,482.
Many people have turned their nose up at NFTs in a similar manner, claiming them to be a passing trend. If this year is anything to go by, however, NFTs seem to be here to stay, at least for the foreseeable future.
Source: © Justlight | Megapixl.com
So, What’s an NFT?
A non-fungible token is a digital collectable and can include art, music, and videos. Earlier this year, the popular YouTube video “Charlie Bit My Finger” which is about a minute long, sold as an NFT for just under US$1 million. It’s a one-of-a-kind asset that belongs to whoever purchases it.
In the case of Axie Infinity, the NFT is represented by the little creatures in the game called Axies. If that sounds somewhat daft and pointless, it should be noted that around a quarter of a million people log on to play this online phenomenon…each day!
In some Asian countries like the Philippines, where the job market has been hard hit by the COVID-19 enforced lockdowns, people have made the Axie Infinity game their full-time occupation.
Some Axies are more valuable than others, just like when people used to trade baseball cards.
To give you an idea of these little digital creature’s potential value, some Axies have been some off for 600 Ethereum, which equates to roughly US$190,000.
What’s the verdict?
It’s undeniable that gaming is currently witnessing a revolution with the onslaught of NFT games being introduced to a whole new generation of gamers. Axis Infinity is at the forefront of this revolution and doesn’t seem to have a great deal of resistance to pit its ever-increasing value – at least not in the foreseeable future.
That being said, investors should be wary that Axie Infinity, much like any crypto, is a speculative investment. This meaning its value gains are not determined by any real-world value. Instead, the value is determined by market speculation.
With the price of Axie Infinity growing higher by the week, it's hard not to be bullish about it.
AXS is priced at US$68.19 as of August 16, 2021.