Coins associated with non-fungible token (NFT) games such as Axie Infinity have seen massive gains in 2021, with the Axie Infinity cryptocurrency AXS price surging by as much as 30,621 percent from the beginning of the year to reach an all-time high of $165.37 in November, according to CoinMarketCap.
Axie Infinity is a play-to-earn metaverse game inspired by the Pokemon franchise that is built on the Ethereum blockchain. Players can collect, raise, breed, and battle digital pets known as ‘Axies’ in this game. According to data from the 10th of December, Axie Infinity had nearly three million daily active users who had bred a total of ten million Axies.
The metaverse is expected to be a major theme in the cryptocurrency space in 2022; therefore, what is Axie Infinity and how does it fit into that space are important questions to consider.
What is Axie Infinity (AXS)?
Axie Infinity is a play-to-earn game based on the NFT system developed by the Vietnamese studio Sky Mavis. Built on the Ethereum blockchain, this Pokemon-themed game is a lot of fun.
The Axie Infinity Metaverse is home to a variety of fascinating NFT creatures known as Axies. Gameplay revolves around acquiring Axies, breeding and raising them to a certain level, and then using them in battles to earn in-game currency.
In the Axie Infinity Metaverse, players have the ability to truly own, buy, sell, and trade the resources they earn through the game’s various activities. Using player-owned economies as the foundational pillars of the ecosystem, the company hopes to create amazing gaming experiences for everyone.
A play-to-earn NFT game that is inspired by Pokemon
Axie Infinity Shards (AXS) and Small Love Potion (SLP) are the two in-game currencies that are essential to the Axie play-to-earn universe, and cryptocurrency investors can trade them using AXS (SLP). Breeding and Axie trading on the platform’s marketplace is also profitable opportunities for players. However, it is critical for investors to understand how the Axie Infinity game operates in order to gain a better understanding of the AXS and SLP tokens before making a decision on whether or not to invest in them.
What is the operation of Axie infinity? Each Axie is a non-fungible token (NFT), the value of which is determined by the rarity of its characteristics. Players can select and breed parent Axies together in order to produce offspring that have specific characteristics.
Land in Axie Infinity is represented by tokens, which can be freely traded between players. According to the white paper, landowners who discover AXS tokens on their plots will have first dibs on any resources that spawn on their property.
Axie Infinity Shards (AXS) and Smooth Love Potions (SLP) are the two tokens in the Axie Infinity ecosystem
In order to participate in the game, players must purchase three Axies. As the price of the Axies has risen, a scholarship system has emerged, in which Axie owners (also known as managers) lend their Axies to players in need of them as a form of compensation (who are known as scholars). The scholars will then be able to earn tokens on the manager’s behalf and will be eligible to receive a portion of the rewards.
According to Sky Mavis officials, there are approximately 2.5 million players of Axie Infinity all over the world. Play-to-earn games, such as this one, have gained popularity as a way for players in developing countries such as the Philippines, Vietnam, and Brazil to supplement their incomes in the real world. It has also made a significant contribution to inflation-stricken economies such as Venezuela, by allowing many poorer families to put food on the table in difficult circumstances.
Axie Infinity was built on the Ethereum blockchain, but high transaction fees and a desire for faster processing led game-development company, Sky Mavis, to develop the Ronin sidechain specifically for Axie Infinity transactions, which is now in use by the game.
Price forecast for the Axie Infinity (AXS) token
Technical analysis data from CoinCodex in the short term, as of the time of writing on December 29, generally concluded that now was not a good time to invest in AXS. Throughout the analysis, 20 indicators produced bearish signals, with only five indicators producing bullish signals.
The Hull moving average and the stochastic relative strength index (RSI) were among the sell signals, while the average directional index (ADX) and the RSI remained neutral in their interpretations of the market. The simple moving averages (SMAs) and exponential moving averages (EMAs) for the three- to 100-day period were bearish, while the 200-day moving averages (MAs) and EMAs were providing bullish indications.
CoinCodex, on the other hand, predicted that the price of AXS could rise by 31.30 percent to $127.99 by the 5th of January.
Based on algorithm-based forecasting site WalletInvestor’s AXS crypto price prediction (as of 29 December), the token’s value could rise from $111.716 at the beginning of 2022 to $331.629 by the end of the year. As predicted by the site, the coin will trade at $556.012 by the end of 2023, and by the end of 2025, it could reach $1,002.46, according to the information provided.
According to DigitalCoin’s Axie Infinity (AXS) coin price prediction, the coin’s price will average $152.03 in 2022, $167.22 in 2023, and $188.88 in 2025, with an average of $152.03 in 2022. Based on historical data, it anticipates that AXS will trade at an average price of $418.47 by 2028.
On the basis of machine learning, the AXS/USD price forecast from PricePrediction fell somewhere in between the WalletInvestor and DigitalCoin forecasts, with the price forecast predicting that it would average $153.37 in 2022 and rise to $488.93 in 2025, before soaring to an average of $3,166.21 by 2030.
It’s important to remember that cryptocurrency markets are still extremely volatile, making it difficult to predict with accuracy what a coin’s price will be in a few hours, and even more difficult to make accurate long-term predictions. As a result, analysts and algorithm-based forecasters have the potential to make incorrect predictions.
We recommend that you always conduct your own research and take into account the most recent AXS coin news, market trends, technical and fundamental analysis, as well as expert opinion, before making any type of investment decision. Please keep in mind that past performance does not imply future results. And never put more money into an investment than you can afford to lose.