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Governance token for the Axie Infinity game, AXS lets holders (as opposed to developers) shape the game’s direction and help populate its Pokémon-inspired universe of cartoon creatures. AXS is earned and staked along the way.
An Ethereum-run ERC-20 token, AXS has risen up quickly just like the Axie project with which it is connected. Axie can be considered a non-fungible token (NFT) sales machine. Its play-to-earn model exploded in popularity during the summer of 2021, garnering one million daily users and generating more than $2 billion worth of NFT transaction volume.
Entry into this digital domain does not cheap, as Decrypt has noted. "An NFT acts like a deed of ownership to a digital item, or, in this case, an interactive creature, or a chunk of customisable terrain." To play, you need three NFTs each costing at least $150 worth of ETH, "a sizable upfront investment that hasn’t deterred the project’s exponential growth of late," Decrypt said.
Building a hearty platoon of Axies and conquering all comers requires an even larger investment; and players can create their own kingdoms, build empires, looping in allies, raising the potential to earn that much more.
This NFT-based video game was developed three years ago by Vietnamese game developer Sky Mavis. In May of 2021, the startup raised $7.5 million from a group of backers that included entrepreneur/Dallas Mavericks owner Mark Cuban and Blocktower, one of the first crypto hedge funds.
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