AXS has just exploded by 500%, the marketplace volume is also going through the roof – and now Axie Infinity still wants to finance gaming tournaments.
Axie Infinity, an Ethereum-based monster fighting game inspired by Nintendo’s Pokémon, has revealed plans to support esports competitions by funding community events and a dedicated server.
Interest around the game has been increasing for weeks. Its native AXS token has risen more than 500% in value over the past 30 days, according to CoinGecko. According to developer Sky Mavis, Axie Infinity also generated more money (about $35.8 million) via fees last week than Ethereum or Bitcoin – via marketplace and monster breeding fees.
Sky Mavis will provide a dedicated server for esports competitions to ensure events run smoothly. Axie Infinity’s servers have been slow or unreachable at times this week, partly due to increased demand from users, according to the developer, but also due to distributed denial of service (DDOS) attacks and server hosting issues.
In addition, the studio will provide a total of 5,000 AXS – or nearly $ 125,000 at the time of writing this article – for prize money awarded in approved community contests. Tournament organisers can submit proposals for events to be held between 6 August and 30 November until 29 July. According to Sky Mavis, there are “big plans for 2022 and beyond when it comes to Axie Esports and creator programs.” But you also turn to the community to organize competitions in the meantime.
Mega-Hit Axie Infinity (AXS)
Axie Infinity is a blockchain-driven game with a player-owned economy; users purchase in-game monsters, LAND-plots, and other items in the form of non-fungible tokens (NFTs).
An NFT is like a title deed for a digital item and can include things like artwork, video clips, and tweets – but also interactive video game items that can be resold. As with other crypto games (such as The Sandbox and F1 Delta Time), Axie Infinity has seen many sales of high-value items in recent months, such as a bundle of LAND NFTs for $ 1.5 million in February.
While the entire NFT market seems to have cooled off since the first few months of 2021, Axie Infinity has accelerated forward in recent weeks. DappRadar reports a more than 500% increase in marketplace volume over the last 30 days, plus a 335% increase in users to more than 147,000 over the same period. Axie Infinity recently launched a sidechain called Ronin to minimize the impact of Ethereum’s sometimes fluctuating fees and network congestion.
Support for Ubisoft
In addition, Sky Mavis announced in May that it raised $ 7.5 million in a Series A funding round that also included billionaire investor (and NFT enthusiast) Mark Cuban and Alexis Ohanian, co-founder of Reddit and founder of venture capital firm Seven Seven Six. Leading game publisher Ubisoft has also supported the game through its Entrepreneurs Lab Accelerator program and serves as a ronin validator.
We’ve seen greater convergence between the crypto and esports industries lately – with high-profile sponsorship deals such as FTX with Team SoloMid (TSM) and Coinbase with ESL and Evil Geniuses, among others. In addition, there are initiatives that allow players to earn cryptocurrencies while competing in multiplayer games, such as the MintGox competitions and the opportunity to bet and win Bitcoin while playing Counter-Strike: Global Offensive (CS:GO).
Text credit: Decrypt
Last updated on July 16, 2021
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