NFT-based online video game, Axie Infinity has been expanding in the spotlight among the latest NFT craze.
Starting in late 2020, the simple game – similar to Pokemon, using NFTs as creatures that have different stats and can reproduce – has exploded in popularity amongst its users.
The secret behind Axie Infinity’s success is in their Play to Earn structure. Holders of these NFTs not only see the value of the NFTs increase dramatically but can also play the game to win more.
The rewards hit levels so high that some players in Southeast Asia were using it as a main source of income. The project continues to hit all-time highs in token price. Trung Nquyen, Sky Mavis CEO, commented: “We are on a mission to create economic freedom for gamers and are making this happen by turning players into owners of in-game assets.
“Unlike the traditional model where publishers, distribution platforms, and game developers retain control and benefit the most.”
Axie Infinity finished its token sale in November 2020. It brought around $3m of funding. A year later, the project now introduces a market cap of $7.5bn. With funding of an estimated $150mn for the project’s next steps.
With high valuation and large funding, the prospects of Sky Mavis implementing a new game could be on the horizon. With Axie Infinity proving a costly sum for those desiring involvement, a game with a lower barrier of entry would boost its user base.