The crypto of a Pokémon Go type game has almost doubled in 4 days. Here’s why Axie Infinity and its NFTs are all the rage.

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The NFT gaming platform’s AXS token for winning Axie Infinity nearly doubled in four days, pushing its price to an all-time high of around $ 155 on Monday.

The Thursday, September 30th platform enabled staking, which allows users to lock down their AXS and earn rewards. It also distributed 800,000 AXS, or about $ 60 million based on AXS’s price at the time, to its early adopters.

AXS recently traded at $ 140, up 12% in the past 24 hours. Bitcoin BTCUSD,
+ 0.41%
is trading at $ 49,237, up 0.53% in the past 24 hours. Ether ETHUSD,
+ 0.07%
has lost 1.26% in the past 24 hours, trading at $ 3,430.

Games to win

Axie Infinity is a Pokémon Go type game, where players breed, breed, and battle their digital pets called Axies. However, unlike traditional games where characters are primarily of in-game value, each Axie is a non-fungible token, or NFT, which refers to non-interchangeable digital assets stored on blockchains.

Axies, which can be bought and sold in the platform market and other secondary markets such as OpenSea, worth at least $ 150 each.

Players can also earn AXS and another Small Love Potion (SLP) token in the game, while both tokens can be traded on certain crypto exchanges such as Uniswap. SLP recently traded at $ 0.096, up 32% in the past 24 hours, according to CoinGecko.

There is, however, a barrier to entry – you will need to acquire at least 3 Axies to start playing.

Developed by Vietnamese studio Sky Mavis and released in 2018, Axie Infinity is particularly popular in places like the Philippines, where some people play the game for a living.

Why is staking important?

In a proof of stake (POS) blockchain, cryptocurrency holders could help validate transactions and thus earn a reward.

Staking on Axie Infinity currently has an APR of 187%, according to a page on Axie Infinity.

Different from Bitcoin’s ‘proof of work’ system, which requires computing power to verify transactions, the point of sale system claims to be more environmentally friendly.

Ethereum is in the process of moving from “proof of work” to “proof of stake”.

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