As Axie Infinity, a play-to-earn blockchain-based video game created by Singapore-based development studio Sky Mavis, continues to see growing popularity, its native token, AXS, keeps setting new highs.
On Oct. 4, the price of the Axie Infinity Shard (AXS) governance token soared 36% to hit yet another lifetime peak of $153 and break into the list of the top 20 biggest cryptocurrencies. It is now up 130% over the last two months.
The fully diluted market cap of the cryptocurrency briefly reached $41 billion earlier today, surpassing video game behemoth Electronic Arts.Axie Infinity players can purchase, breed, collect and feed "Axies," adorable monstrosities that are generated by users in the form of non-fungible tokens. To date, players have created more than two million creatures.
The protocol's weekly revenue has hit $34 million, according to data provided by Token Terminal, trumping leading NFT marketplace OpenSea.
The Ethereum-based game reached a major milestone by surpassing one million active players in early August. Its fans are mainly located in Southeast Asia, with the Philippines being the hub for Axie Infinity.
A slew of players relies on the game's Smooth Love Potion (SLP) in-game tokens as their main source of income after quitting their jobs. This even prompted Philippine regulators to propose taxing them in late August.