Axie Infinity is an Ethereum-based game that allows you to battle monsters and has been inspired by Nintendo’s Pokemon. It plans to support esports through funding for community-run events as well as a dedicated server.
This news is due to growing interest in the game. Its native AXS token has seen its value rise over 500% over the past 30 days per . The price of AXS token has dropped by 15% since it reached its all-time high today. Sky Mavis, a developer, stated that Axie Infinity also generated more in fees over the past week–some $35.8million–than Ethereum or Bitcoin via the marketplace and monster breeding fees.
Sky Mavis will set up a dedicated server to host esports competitions. This will ensure that everything runs smoothly. Axie Infinity’s servers were slow or unavailable at times this week. This is likely due to increased user demand, as well as what the developer claims are distributed denial-of-service (DDOS) attacks and server hosting problems.
The studio will also provide 5,000 AXS (or almost $125,000 as of the writing) for prize money that can be awarded at community competitions. Tournament organizers have until July 29 to submit their proposals for events that will take place between August 6th and November 30. Sky Mavis wrote that the company has “big plans” for Axie esports creator programs in 2022, but is now turning to the community to host events.
Axie Infinity, a blockchain-driven game, allows players to purchase in-game monsters and LAND plots. Other items can be purchased using non-fungible tokens.
We appreciate your patience during our rapid growth.
Our engineers are focused on updating our servers!
This moment will be remembered in history books. It’s a sign that people desire to be part of this incredible movement.
We love you! pic.twitter.com/DWz83oSz2z
— Axie Infinity (@AxieInfinity July 14, 2021
An NFT can be described as a deed for ownership of a digital item. It can include artwork, video clips and tweets, but also interactive video games that can be resold. Axie Infinity, like other crypto games such as F1 Delta Time and The Sandbox, has seen many high-value items sell in recent months. For example, a bundle of LAND NTs sold for $1.5million in February.
Axie Infinity is gaining momentum in recent weeks, despite the fact that the NFT market seems to have slowed down since the beginning of 2021. DappRadar has reported a 500% increase in market volume in the past 30 days and a 3355% increase in users to over 147,000 in that time period. AxieInfinity launched Ronin, a sidechain that minimizes the effects of Ethereum’s volatile fees and network congestion.
Sky Mavis also announced in May that it had raised $7.5million in a Series-A funding round. This included participation by billionaire investor Mark Cuban (and NFT enthusiast), as well as Alexis Ohanian (cofounder of Reddit) and founder of Seven Seven Six venture capital firm. Ubisoft, a leading game publisher, has supported the game through its Entrepreneurs Lab accelerator program. It also serves as a Ronin validater.
There has been a greater convergence of the crypto and esports industry in recent years, with high-profile sponsorship deals such as FTX with Team SoloMid and Coinbase with ESL/Evil Geniuses. There are also initiatives that allow players the opportunity to earn cryptocurrency while participating in multiplayer games such as the MintGox competitions. Players can wager and win Bitcoin while playing Counter-Strike: Global Offensive.