Why Is Axie Infinity (AXS) Moving Today?

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Blockchain based gaming is gaining in popularity after the rise of non-fungible tokens (NFTs). These games are integrated with decentralized ledgers, typically Ethereum, to give players ownership of their in-game items. 

Some players, especially those in low income countries, have been able to make significant income through playing games like Axie Infinity.

What is Axie Infinity?

Axie Infinity is a blockchain based game where users battle creatures called Axies to progress through the game. These Axies are non-fungible tokens, and each have their own unique traits and rarities. To get started playing Axie Infinity, you need to own 3 of these creatures which can be bought on a secondary marketplace.

Once a player has 3 Axies, they can battle other players for rewards in Ether, or they can progress through the game and earn Small Love Potions (SLP). Small Love Potions are an Ethereum based (ERC-20) cryptocurrency that is used to breed and level up Axies. 

If you so choose, you can sell your SLP to other players. Small Love Potions are currently worth around $0.28 per token on exchanges like Uniswap.

Why is Axie Infinity (AXS) Up 36% Today?

The gaming platform’s native token AXS is up over 36% in the last 24 hours. The token is used for governance, which many decentralized platforms implement. Governance tokens are essentially voting shares on a decentralized application (DApp). 

AXS has shot up in price while the rest of the cryptocurrency market has stayed relatively flat. This sharp increase in price is in part due to the game improving its in-game economics. It’s now more profitable for users to breed Axies and sell them on secondary marketplaces, which has incentivized gamers to play Axie Infinity.

Where To Buy AXS Tokens

If you’re located in the U.S, then there are 2 ways for you to start investing in AXS. The most direct way is making an account with Crypto.com. Crypto.com has a huge variety of altcoins on its website and mobile app, all tradable with low fees.

The 2nd way to buy AXS is with Ethereum. All of the top U.S based crypto exchanges offer Ethereum, including Coinbase, Gemini and Voyager. Once you purchase Ethereum on one of these exchanges, you can use an Ethereum wallet to swap your Ether for AXS on Uniswap.org.
 

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.