Here’s an altcoin that’s different from the sea of digital tokens out there. Axie Infinity (CCC:AXS-USD) is positioning itself as one of the world’s top online blockchain-based gaming hubs, and its native currency, Axie Infinity, seems to be gaining in popularity.
If you check out the company’s official website, you’ll notice that it looks like a video gaming portal. Right on the home page, you might see a banner proclaiming, “250,000+ Daily active players.”
Meanwhile, the last time I checked, the AXS token had 24-hour trading volume exceeding $540 million. So, this is serious business, not just fun and games.
Yet, undoubtedly many folks haven’t learned about Axie Infinity and would like to know more about the company and the cryptocurrency. So, let’s take a deep dive into this unique, gaming-centered tokenized ecosystem.
Analyzing the Axie Infinity Price
Looking for a super-cheap crypto coin? Sorry to say it, but you won’t find it here. Not anymore, at least.
Sure, the Axie Infinity token was cheap at the beginning of 2021. At that time, anyone with 53 cents and a cryptocurrency trading account could buy it.
That ultra-low price didn’t last long, though. Amazingly the AXS price reached $3 in June, then $40 in July and $80 in August.
In early September, the Axie Infinity coin price was hovering near $70 and mostly moving sideways.
However, traders should expect large daily price fluctuations. That’s how it goes in the world of altcoins.
Given its overall trajectory, it’s not difficult to envision AXS reaching $100 and even $200 before the year is over.
Just please don’t load the boat on this token, or any altcoin for that matter. Small position sizing is the key to surviving the crypto investing game in the long run.
An Enchanting Universe
Before you consider making an investment in the AXS token, it’s important to read the associated white paper.
Axie Infinity is a Pokémon-inspired universe where anyone can earn tokens through skilled gameplay and contributions to the ecosystem. Players can battle, collect, raise, and build a land-based kingdom for their pets.
Thus, it’s an enticing entry point into the vast universe of blockchain-based games. And, you don’t have to be a coder or tech geek to enjoy it.
Plus, the company wants you to know that Axie Infinity is more than just a fun game. It has “also taken on characteristics of a social network and jobs platform due to the strong community and play to earn opportunities that have come from its early success.”
In other words, it pays to play. Members of the community can earn AXS tokens simply by playing games, and then they have the option of “staking” them in order to potentially receive freshly minted tokens.
Noting the NFT Angle
NFTs, or non-fungible tokens, are a red-hot commodity class in 2021.
These digital objects often are considered works of art and/or collectibles. Some NFTs are actually worth thousands of dollars or more.
Axie Infinity states that the AXS token “will be accepted as currency within the Axie NFT marketplace.”
Now, you might not care much about collecting NFTs. That’s fine. Not everybody’s going to get enthused about digital art pieces.
Nevertheless, investors should appreciate the opportunity here. You don’t have to own NFTs yourself, in order to profit from this emerging trend.
In an update posted on Aug. 3, Axie Infinity developers took the opportunity to brag about their company’s progress in the NFT niche:
Axie is the #1 NFT product by 30 day volume. By a lot. Axie is showing the unique value proposition of gaming assets versus collectibles and art. Axie also become the #1 NFT project by all time volume.
No doubt about it. This company is on the forefront of a fast-growing movement in digital collectibles.
The Bottom Line
Maybe you’re not a gamer yourself. Or, perhaps NFTs don’t appeal to you.
That’s fine, but it doesn’t mean that you should dismiss Axie Infinity. This company is quickly developing a full-fledged virtual economy, which could prove to be very successful.
So, feel free to start collecting AXS tokens as cryptocurrency investing can be both fun and profitable at the same time.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.