AXS Crypto Prices Rebound as Axie Infinity Prepares a Game-Changing Update

Axie Infinity (CCC:AXS-USD) is one of the best-known metaverse plays available right now. A two-dimensional take on the increasingly growing virtual reality space, the AXS crypto has been a haven for speculative investors throughout the autumn of 2021. Though the last few months have brought downturns for the token, it looks like things are turning around. The AXS crypto is getting some help from developers through a new update.

Axie Infinity AXS token symbol with crypto currency themed banner
Source: WindAwake / Shutterstock.com

AXS has needed somebody to throw it a line for a while now. Since topping out at its $160 all-time high in November, the crypto had been slowly dropping ever since. Things had really taken a turn for the worst in recent weeks; the end of January saw the token plummet south of $45, marking its lowest price in over five months.

The downturn comes thanks in large part to increasing barriers to entry around the Axie Infinity space. If one wants to play the turn-based arena fighting game, they must first acquire enough Axies to battle with. The Axie non-fungible tokens (NFTs) are, thanks to both Axie Infinity’s success as well as NFTs in general, becoming so expensive that many new players can’t even get started. In many cases, the only way to get into the game is through scholarship programs, in which older players financially support new ones.

AXS Crypto Prices Rise Amid New Update

Late last week, Axie Infinity developers made players aware of an incoming update that they had hoped would keep AXS crypto prices alive. Luckily, it looks like the announcement has done just that, with AXS posting its best growth figures in months.

Developers addressed the incoming changes via a blog post on the Axie website. Specifically, the update will restructure the rewards system for Axie players. Reward tokens Smooth Love Potion (CCC:SLP-USD) are important to the ecosystem in that they fuel the in-game economy, allowing users to breed new Axies. They are also a key to earning a steady income through playing, a feat that many Axie players have been able to achieve.

The update will vastly reduce the total SLP rewards, especially those for the most highly ranked players. Effectively, this will better benefit the lower-skilled and newer players and help to reduce the barriers to entry that have cropped up recently.

Overall, the new restructuring update is being well-received by AXS crypto bulls — at least judging by the token’s price movement. In the days since the announcement, the AXS token has grown by over 50%. Multiple days of billion-dollar-plus trading volumes have helped to push the token further along. Today alone, the crypto is gaining nearly 10%.

On the date of publication, Brenden Rearick 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.


Article printed from InvestorPlace Media, https://investorplace.com/2022/02/axs-crypto-prices-rebound-as-axie-infinity-prepares-a-game-changing-update/.

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