Axie Infinity has recorded consequence all-time highs in the past few days, and the project is still on the growth path. The blockchain-based game has shown big potentials, and the AXS token is among the top-earning tokens.
There are numerous reasons behind the recent rise of AXS price and more investors considering buying the token. Many of the early investors are in profit, and many others are earning good revenues because of staking on the platform.
Great Potential of Blockchain Games
Axie Infinity is among the top-performing blockchain games in the industry. It offers many opportunities for gamers and stakers to play and earn or even become passive investors.
The NFT concept in this game is very interesting and attracts many gamers. Battling, creating and owning lands, and trading characters are some of the options in the games. The marketplace behind the digital arts in this virtual world is massive. The most expensive Axie ever sold on this game is worth 300 ETH, for example. All of these attractions and many more reasons have resulted in massive growth for the project and its native token, AXS.
AXS token is currently trading at about $149 after a massive growth of 196% since September 21st. Some experts believe that the biggest reason behind this increase is the increase in Axie Infinity revenue since Q3 2021. Ryan Watkins tweeted about this idea:
In Q3 2021, Axie Infinity produced $782 million in revenue – up 48X since last quarter.
If you’re wondering why investors are excited, this is a big reason why. pic.twitter.com/IoeXtEbswK
— Ryan Watkins (@RyanWatkins_) October 3, 2021
“In Q3 2021, Axie Infinity produced $782 million in revenue – up 48X since last quarter. If you’re wondering why investors are excited, this is a big reason why.”
A 48X increase in the revenue of a platform surely attracts investors. Besides, some others believe that opening the accumulated treasury in the game may have caused an increased price for AXS. Many of the holders are now considering to stake the AXS tokens because the current APR for this token is 189%.
Staking always results in more attraction for investors. Projects often receive considerable interest from inventors in the first days and weeks of staking plans because the APR is high at that time.
The staking dashboard of Axie Infinity shows that 12,432,376 AXS tokens are currently staked that are worth $1.87b. These numbers are solely attractive for more investors to buy and stake the AXS token.
After all, the recent spike in AXS price can continue because of the domino effect we have seen in similar projects before. Or it may experience a revered pattern because investors may start to sell their tokens to make a profit.