Axie Infinity: Millennials get 25,000% returns on new crypto that mixes up the game

[ad_1]

Axie Infinity, a digital token that combines gaming and now has a market cap of over $ 2.5 billion, has attracted many millennials throughout the pandemic period.

The gaming token launched in November 2020 has gained over 25,000% so far; this means that an investment of Rs 1,000 would have become Rs 2.5 lakh in nine months.

Cryptocurrency is one of the exceptions, which survived the scars of May and hit a new all-time high, hovering around $ 42. The crypto market has seen aggressive sales in the biggest and most popular tokens after China launched a major crackdown on the crypto industry in May.

Despite the volatility, the value of this NFT (non-fungible token) has climbed 75 times so far in 2021.

Vikram Subburaj, CEO and co-founder of Giottus Crytocurrency Exchange, said the ecosystem has half a million daily active users and new users are coming from developing economies such as the Philippines and Indonesia.

“For the gaming community, however, AXS is more than just a cryptocurrency and therefore it remains valuable in this ecosystem. The real challenge AXS will face would be to multiply daily active users,” a- he declared.

Built on the Ethereum network, Axie brings blockchain technology to appeal to gamers. There are several ways they can earn the Axie Infinity Shard (AXS) token and the other in-game token. Its universe is very similar to Pokemon, which most millennials would relate to.

Each user must purchase Axie to get started with the game and digital pets in games can be purchased through this digital currency. The earning potential is what has made the game so popular, especially in developing countries.

Siddharth

, COO of WazirX, strongly believes that real crypto in the gaming spectrum is one of the biggest markets. He appreciated the cryptocurrency for his work in this space.

Players spend endless money to buy assets, but cannot resell or transfer those assets to other games. Crypto games are a real added value to games, he added.

Axis Infinity has a white paper with a clearly defined roadmap and goals. He will soon be introducing staking. This allows token owners to lock in their coins for a fixed period of time and earn interest.

Experts believe that crypto-related games will be another big trend in the near future, where players will not only trade inter-game NFTs, but sell them to cult followers. Gambling as a career is gaining ground in the Western world and spending by young people on gambling has increased.

Giottus’ Subburaj said new blockchain and cryptocurrency use cases will continue to revolutionize the gaming world as a whole. He said AXS turned gambling from a time and money consuming business into a lucrative endeavor.

When a game gets big, players don’t benefit from it, except for more players to play with, Menon said. “It’s amazing how in this space as the gaming network grows, the players grow with them.”

However, not everything is perfect for the Axie Infinity. The very expensive Ethereum network has some limitations and it needs solid technology to support growth.

Competitors will sprout soon given the success, which is generally good for the ecosystem, Subburaj said. However, such investments are not for those who don’t understand the nuances of the gaming space, he warned.

[ad_2]