The Axie Infinity Shards token, which is linked to the online game Axie Infinity, is now dominating the NFT market. AXS has surpassed the $1 billion market cap barrier, setting a new all-time high.
Axie Infinity, according to its whitepaper, mixes a Pokémon-inspired environment and gameplay paradigm with a blockchain-based technology design.
Players “battle, collect, raise, and develop a land-based kingdom for their pets,” earning Axie Infinity Shards in the process.
As a result, holders of AXS can use them to gain in-game rewards, play the game, and vote in governance elections.
Of course, AXS may be exchanged for fiat or other cryptos on exchanges like Binance AVATrade and, most recently, Kraken, with another NFT from the Axie universe known as “Small Love Potions (SLP).”
As a result, playing the game can be a genuine source of revenue, and more individuals are becoming aware of this.
After someone purchased $1.5 million in virtual land within the same game, Axie Infinity is now responsible for both the most highly traded gaming token on the market as well as the largest NFT sale to date.
According to CoinGecko, the price of Axie Infinity Shards (AXS) has surged about 400% in less than a month, with a market cap of over $1 billion on July 10th.
AXS reached an all-time high of $19.63 earlier today, following a 55% daily surge. Only a year ago, AXS was trading at under $0.5 per share.
A comparison of Axie Infinity’s revenue to its fully-diluted market capitalization reveals that the market cap is rising in lockstep with the company’s revenue.
The fact that this is happening during a Bitcoin bad market may highlight Axie Infinity’s sturdiness in the face of adversity since it indicates that individuals are trading and investing in AXS rather than simply speculating on its price.
The token’s 30-day trading volume has surpassed $260 million, nearly equaling the combined trading volume of NBA Top Shots, CryptoPunks, and OpenSea.
People are already buying real-world commodities and necessities with the money they make from trading AXS, such as this 22-year-old who recently purchased two residences and this man who recently purchased a block of land.
Furthermore, anyone can earn AXS just by playing Axie Infinity, the token’s native game.