AXS is the governance token of Axie Infinity, a digital marketplace for Axie Infinity Game.
The Axie Infinity Governance Token, AXS has reached a new record high of $23.60 on July 14th, 2021. From a low of just $2.36 on June 22, the AXS token has been up by over 700%.
It was also during this time, Bitcoin experienced a price drop of below $30,000 dollars for the first time ever since January.
Axie Infinity is a play to earn Crypto game that is widely popular in the Philippines. Its one of the biggest kind of Crypto game where players can earn rewards in the form of Tokens. This is a huge shift in the gaming industry for players who can actually earn by playing games. In the case of Philippines, for many of them, this game has been a source of actual income for players.
The game is essentially about breeding, battling and trading digital pets called “Axies”. Similar, to the famous Crypto Kitties game. Axie Infinity was created by SkyMavis. Players use AXS tokens to purchase these pets and new players have to purchase atleast 3 digital pets using Ether. Additionally, players can also stake their coins and earn weekly rewards and participate in governing the protocol.
The game has changed a lot since 2020 when it would just cost you $5 to buy a team of 3 Axies. Today, a decent team can cost over $1000 dollars.
Since the last CoinDesk Update, Axie Infinity has extended its lead in revenue collection over major DeFi protocols, such as PancakeSwap, Uniswap and Compound.
The game has created a huge impact on the players from Philippines and Venezuela.