Axie Infinity token value jumps after Coinbase listing

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AXS crypto is poised to continue making big moves. This Ethereum-based token runs the NFT game based on the Axie Infinity blockchain. For those unfamiliar with it, Axie Infinity is a game where players buy, sell, trade, breed, and battle digital pets. Pets, of course, are known as Axes.

Before considering this as a passing trend, it should be noted that the Axies NFT collection is one of the most expensive on the market. It generated over $ 42 million in sales in June 2021 alone. And that number is growing rapidly. It should also be noted that when this kind of money is poured into a game, players are not likely to just walk away.

While the game itself may not capture gamers’ imaginations in the years to come, it has gained a lot of momentum on its end. And things are really starting to heat up. Keep in mind that even the fleeting fad of Farmville lasted for years before finally shutting down in 2020. And then there are examples like Grand Theft Auto V, which is still one of the most popular cross-platform games around. ‘a decade after its release. This is why the AXS crypto has risen by over 2,000% in just a few months.

This kind of price movement has caught the attention of investors for good reason. And now that Coinbase has added it to its growing list of cryptos, we expect the value of the AXS crypto to continue to climb for some time.

For those unfamiliar with Coinbase, this is one of the most intuitive crypto exchanges. You can read our review here. Or if you’d rather ignore the man in the middle, you can create an account here.

Here’s what AXS Crypto powers

Back when I first started mining Bitcoin, it was almost universally seen as a passing fad. Keep in mind that at the time, 10,000 Bitcoins were equivalent to two large pizzas. It was then operating on the fringes of society.

Since then, more than 400 Bitcoin obituaries have been published. The media love to downplay the impact it has had and will continue to have for the foreseeable future. And NFTs operate on a similar path to the Bitcoin salad days.

You don’t have to search much to find news about the untimely death of NFTs. But just because they don’t all get the same attention as a $ 69 million piece of art doesn’t mean they’re less popular… Even if some of them are pretty dumb.

But Axies makes NFTs an escape utility… and maybe a profit. And while gambling is not for everyone, it is nonetheless a growing trend. Over a quarter of a million people log in to play daily. And unlike most video games, this one rewards players with cryptocurrency. In some cases, a lot. Those who breed rare Axies have sold them for up to 600 Ethereum. It works out to about $ 190,000 today. This is obviously the exception and not the rule. But with numbers like that, it’s likely that Axie Infinity is still in its infancy. And that can be good news for AXS crypto investors.

Why AXS Crypto could be a good investment in the medium term

When Coinbase introduced a new token to its list of offers, it led to some incredibly quick wins. Just look at what happened to Alchemy Pay and Harvest Finance crypto recently. Based on the momentum that AXS crypto has had in recent times, it would not be at all surprising if the volume of trade quickly sends this value of tokens skyward.

Because it is fueling a project with strong fundamentals and an impressive revenue stream, we expect crypto AXS to continue its upward momentum for quite a while. But for how long is the big question.

Right now, Axie Infinity is most popular in developing countries like the Philippines and Venezuela. Their players tend to treat it like a job… because it actually makes up the majority of their income. You can actually check the current number of players here.

If the game starts to gain traction in the United States, we would expect the value of AXS cryptos to increase significantly. But in the short term, it makes sense to keep an eye on the number of players in the game. If the competition and cost of entry increases too quickly before spreading to places like Europe and the United States, the trend might not last too long.

But if that can hold players’ interest long enough as adoption ramps up, we expect the AXS crypto to continue its rise in value.

The basics on AXS Crypto

Love them or hate them, NFTs are having a transformative impact on all kinds of industries. The game is just one of many. In the case of Axie Infinity, this helps bring the game to a new generation of gamers across the world. And the crypto AXS that powers this business has a lot of momentum behind it… without too much resistance to thwart future price hikes.

That being said, AXS crypto is still a speculative asset. But there are good reasons to be optimistic about this. At least until Axie Infinity does something to alienate its core users or drive its players away.

Are you not convinced that this is a good investment for you? If you are still looking for your next investment opportunity, we suggest signing up for Manward Financial Digest. It is led by crypto expert Andy Snyder who has helped countless investors better understand the crypto markets and their financial futures as a whole. To get started, all you need to do is enter your email address in the field below.

About Matthew Makowski

Matthew Makowski is Senior Research Analyst and Writer at Investment U. He has studied and written about the markets for 20 years. As comfortable with identifying value stocks as he is with discounts in crypto markets, Matthew started mining Bitcoin in 2011 and has since focused on cryptocurrency markets as a whole. He is a graduate of Rutgers University and lives in Colorado with his dog Dorito.

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