- The game utilizes NFT to fight and win digital tokens.
- Axie Infinity has established the second-largest marketplace for NFTs.
Cryptocurrencies may be confusing. Many crypto websites are so full of jargon and technical terms that they throw off prospective buyers. There’s a coin based on something over a billion people already know, video games. Furthermore, players may earn Axie Infinity Shards (AXS) by playing the online video game Axie Infinity. Trung Nguyen, a Vietnam-based developer, created Axie Infinity in 2018 and co-founded Sky Mavis.
The game utilizes non-fungible tokens (NFT) to fight and win digital tokens. Moreover, Sky Mavis has already attracted well-known investors, including billionaire Mark Cuban. Also, Axie Infinity’s daily active users have increased by almost 5,000% in only six months.
Axie Infinity is the biggest and fastest-growing game based on the Ethereum network. Furthermore, in April 2021, the game had 38,000 daily active users, but now it has over 2 million daily active users.
The game’s success may offer Axie Infinity an edge over other crypto-based games in the future. More importantly, many players have spent money and effort buying Axies, the game’s animals. Money on the line may discourage players from moving to a new crypto game.
Axie Infinity may potentially attract crypto investors because of its strong fundraising record. In May 2021, the business received $7.5 million in a Series A investment led by Cuban and Reddit co-founder Alexis Ohan.
The company’s recent $152 million Series B financing round was headed by Silicon Valley venture capital firm Andreessen Horowitz. Sky Mavis is now valued at over $3 billion.
Axie Infinity has established the second-largest marketplace for NFTs, which are unique digital representations of ownership of movies, music, art, and gaming characters. As a result, Axie Infinity users can purchase, sell, trade, and breed their digital treasures. Axie Infinity has sold NFTs for $2.5 billion to date.