Ethereum Based NFT Game, Axie Infinity, Raises $860,000 in Governance Token Sale

Top Ethereum-based crypto game Axie Infinity has raised $860,000 in its sale of AXS governance token.

The firm launched the AXS token officially this month on Uniswap and Binance. It was valued at $0.12 when it was first launched. But its current market price stands at $0.47, according to CoinGecko.

The fundraising was led by Delphi Digital and was necessary to make yield farming more simplistic. Other contributors to the funding include Sparg and Arca.

Axies' are used like CryptoKitties, which are non-refundable tokens, symbolized by cryptographically distinguished cartoon characters that are almost difficult to find elsewhere. The NFT collectible creatures are rare, especially the Axie NFT, which was sold for 300 ETH ($1,300) this month.

Axie Infinity the only NFT project with over 10,000 users

Jeffrey Zirlin, the co-founder of Axie Infinity, commented on the achievement in an interview.

“We’ve overtaken CryptoKitties by quite a lot,” he said, adding that the company is the first Ethereum-based NFT project to cross the 10,000 level for monthly active users.

Based on information available on data site DappRader, Axie Infinity game currently maintains over 2,500 users per day, which makes it the most popular game on the Ethereum blockchain.

AXS token has been in development for two years

The AXS project may be coming when blockchain is taking center stage for the latest technology. But the Vietnam-based start, who also developed the Sky Mavis game, said the AXS token project began two years ago. According to Zirlin, the launch would have happened earlier, but the pandemic put a little hold on its development.

The scale of today’s governance token is coming amidst collaboration with Chainlink, announced a few days ago.

The announcement stated that Chainlink’s decentralized ETH/USD had been integrated into the game to make sure players always see the current price. The game also added Chainlink’s Verifiable Randomness Function (VRF) for more efficient in-game play involving breeding Axis.

Zirlin also said that the governance token's primary goal is to bring everyone onboard by aligning their incentives. Core developers, content creators, and players can all have their aligned incentives, which the token will provide.

He also revealed that the tokens would have both fee-sharing features and governance functions, and the proceeds from such features will be sent to the Community Treasury.

Zirlin also confirmed the crypto gaming firm is about launching a new game mode, which will be available on the platform early next year. The game will feature an animal crossing-like setting, where the players can farm on virtual pieces of land to earn in-game tokens.

The play-to-earn approach is part of the game’s success.

Zirlin responded to questions about the game’s play-to-earn approach and said the process is one reason for its success.

According to him, players can spend time playing the Axie Infinity game to earn ERC-20 tokens, which is approximately $5 per hour.

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Ali Raza
Ali Raza
A freelance journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali's work has been published on a number of cryptocurrency publications.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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