5,700% Growth Rate In A Year – Here’s Axie Infinity (AXS) Price Target Till End 2021
The pseudonymous host of the popular crypto channel Coin Bureau discusses in detail with his subscribers about Axie Infinity (AXS) platform and its price target till the end of this year.
Axie Infinity Overview
Axie Infinity is an NFT game inspired by Pokemon and Tamagotchi. It consists of millions of ‘adorable fantasy creatures’ called Axies which can be bred, raised, battled. The NFT game was founded by Trung Nguyen, Aleksandr Larsen, and Jeffrey Zirlin in early 2018.
“The trio met in 2017 because of Cryptokitties, the popular NFT game on Ethereum. They came up with the idea for Axie Infinity in December 2017 after realizing how unsustainable Cryptokitties and other blockchain games were at the time,”
According to its whitepaper, Axie Infinity is a Pokemon-inspired universe allowing anyone to earn tokens through skilled gameplay and contributions to the ecosystem. Players can battle, collect, raise and build a land-based kingdom for their pets as well.
In terms of back end, Axie Infinity was originally built on the Ethereum blockchain with Axies as ERC-721 tokens. Naturally, SLP and AXS are ERC-20s. As of April this year, Axie Infinity exists almost exclusively on the Ethereum compatible Ronin side chain which was created by Sky Mavis for the sole purpose of hosting Axie:
“Axie Infinity has quickly become one of the highest-revenue projects on the Ethereum blockchain. Axie Infinity’s revenue is up over 17,000% since April 1 as user growth accelerated dramatically during the second quarter.”
AXS is an ERC-20 token used for governance of the Axie Infinity NFT game. AXS is short for Axie Infinity Shards, and AXS can be either bought on a cryptocurrency exchange or earned by playing Axie Infinity
How To Make Money Playing Axie Infinity
Axie Infinity’s core philosophy is ‘play to earn’ and it practices this philosophy by rewarding its users for their time and effort instead of sucking them dry of every dollar they have like most video games:
“As you might have guessed, these rewards come in the form of the SLP tokens you earn from playing the game, and from selling any extra Axies you breed that you don’t want,”
The crypto KOL holds a very bullish view on the price of AXS. At the time of the video, the coin was trading at $39, implying a year-to-date gain of over 5,700%.
“AXS has had a pretty good run over the last month, and it makes me wonder just how much higher it could have gone if the crypto market hadn’t been crashing.”
According to the trader, AXS will likely move significantly higher before the end of the year, as long as the blockchain-based game sustains its rising rate of adoption (growth in numbers of players).
“In terms of how high AXS could go by the end of the year, I reckon $100 is a more and reasonable expectation, especially if Axie Infinity continues to see user adoption.”
The strategist also points out two fundamental factors that could support Axie Infinity’s uptrend until the end of the year: medium-size market cap and lengthy vesting schedule:
“It certainly helps that AXS has a medium-size market cap, meaning it has a lot of room to grow compared to other cryptos. Not only that, but AXS’ lengthy vesting schedule means it’s unlikely to see any serious price suppression from selling by the team, advisors, and private investors.”
The host adds that Axie Infinity has the potential to take cryptocurrency to the masses: “There’s still so much room for Axie Infinity to grow, too, and it might just be the killer that will take cryptocurrency mainstream.”
Besides AXS, with regards to SLP, as SLP has no initial allocation of any kind, it was minted from zero by Axie Infinity players, which technically means it’s a fair launch cryptocurrency. Because of this, it likely has a lot of potentials.
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