On the one hand, Mark Zuckerberg is betting big on virtual reality, and on the other, brands are harnessing the popularity of metaverses to market their products. Axie Infinity could be said to have entered the world of metaverses before other players like Decentraland and The Sandbox. What is Axie’s future, and what to hope from its AXS crypto in the near-to-long term?
Axie Infinity’s game and NFTs
Axie Infinity can be said to have many highlights. It is not just yet-another cryptocurrency. The popular game is based on a blockchain, and millions of users across the globe play it.
Blockchain technology makes the game decentralized, with governance aspects controlled by its users. This feature does away with the control of a centralized entity.
Also read: 10 best penny cryptos to watch in 2022
What makes Axie Infinity even more interesting is its in-game non-fungible tokens. NFTs are virtually everywhere today, and some are even outshining big cryptos like Bitcoin. Axie creatures in the Axie Infinity game are NFTs, which can be earned by users and traded over OpenSea. In this manner, the game allows users to earn revenue from the price appreciation of the NFTs, a play-to-earn model.
Rise of other metaverse tokens
Decentraland’s metaverse and the fictional world of The Sandbox are regularly making news. A parcel of land on the former can sell for millions of dollars, while Adidas and other brands are using the latter to enter the metaverse frenzy.
Also read: Why are people buying virtual real estate?
Microsoft’s Activision Blizzard deal is also being closely tracked by analysts that believe it could be a shortcut for the tech giant to enter the metaverse sphere. Metaverse cryptos, including Axie Infinity, allow the user to earn revenue by holding in-game virtual assets. For example, a user can purchase a virtual petrol pump or a bank, which could generate regular income.
Axie Infinity token’s price prediction
The AXS token of the game was one of the top-performing cryptocurrencies last year. From a humble price tag of under US$2, AXS went on to become a major cryptocurrency in 2021. The market cap, which is nearly US$3.3 billion as of writing, was over US$9.5 billion in November 2021.
Also read: Top 5 blockchain games of 2021 with massive price appreciation
AXS has had a very dull 2022 so far. It was priced nearly US$95 on January 1, but as of now, the price is almost US$55. But it may be possible that this bearish phase is owed to a wider sell-off in cryptos.
In 2022, there are fears that the Fed and other banks may raise rates in the wake of inflation. A muted phase has gripped risky investment assets like stocks and cryptos
But with Facebook’s metaverse entry in the coming months, metaverse cryptos may also shine. In this light, Axie Infinity, which is a high market cap gaming token, might reclaim the lost ground soon. By the end of the first half of 2022, a three-digit price may be possible if Axie NFTs can create some noise.
Data provided by CoinMarketCap.com
Also read: BTT, SHIB & XEC: Top 3 cheap cryptocurrencies with market cap over $1B
Viewpoint
Axie Infinity’s blockchain game and Axie NFTs make for an interesting watch, thanks to the plunge of major brands like Samsung and McDonald’s into metaverses. AXS is the native governance token of the Axie blockchain game, and its demand might surge if metaverses remain a top trend in the crypto universe.