It has certainly been a tumultuous few months for the metaverse. Market-wide volatility at the end of 2021 prompted investors to put these players on the backburner. Money flowed out of these more novelty cryptos in favor of sounder investments. However, it looks like things are turning back around as the market rebounds. Axie Infinity (AXS-USD) is leading the charge as one of the fastest-gaining cryptos of the week. A new announcement is helping the AXS crypto pare its early 2022 losses and generate quite a buzz.
Axie Infinity is the project that introduced a lot of investors to the metaverse and blockchain gaming. The mobile game allows users to mint non-fungible token (NFT) creatures to battle it out with others in an arena. It also has its own real estate industry, where players can buy and develop tokenized plots.
The game became huge in July of 2021, when prices began their meteoric rise from $5 to $150. It also caught a lot of attention due to its play-to-earn model, which allows some of the most dedicated users to earn enough passive income to generate a living by playing.
Unfortunately for developers and investors, the hype was short-lived, though not by its own fault; Bitcoin’s (BTC-USD) rapid price-halving in December dragged the entire industry down, and the metaverse industry was one of the hardest hit by the bear market. Since finding its price floor between $40 and $50, the project has been looking for a catalyst for sometime now. Luckily, it may have found just that.
Axie Infinity (AXS) Crypto Prices Rebound on New Game Launch
While Axie Infinity and the AXS crypto fell out of favor in recent months, it looks like the project is primed for a return to glory. The market seems to be on an upward trend; Axie is looking to capitalize on the growing momentum with its own big catalyst.
Developers of the Axie metaverse are announcing a new game in the series, titled “Axie Infinity: Origin.” The new game is essentially an upgraded version of the existing project. Users will get free starter Axies, gameplay mechanics will be optimized for the best experience and new in-game items will add to possibilities for battle. All of this comes with an enhanced storyline for players.
The news comes alongside a growing adoption of the platform; active users on Axie Infinity recently reached an all-time high of over 207,000. And by launching this new game with free starter NFTs, developers are removing a major barrier to entry for new users.
Developers say they aim to roll out Origin by the end of the month. But, they assure investors it is coming soon even if this goal isn’t accomplished. In the meantime, the announcement is leading a change for AXS crypto prices; the token is reversing on its early 2022 losses with a 40% seven-day gain. Today, the token is rising 4%, with transaction volume surpassing $1.7 billion.
On the date of publication, Brenden Rearick did not hold (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.
