Now, online gamers earning cryptocurrencies with up to 25,000% returns

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Online games letting players win big on cryptocurrencies is gaining huge popularity among millennials these days. One such opportunity is offered by the AXI Infinity Shard (AXS). Axie Infinity is a digital token that blends gaming and cryptocurrencies. This token is popular among gamers and has registered returns of more than 25,000 %. The market capitalisation of this cryptocurrency which started in November 2020, has crossed $2.5 billion. This has been achieved only because of the massive engagement millennials have shown, according to a company statement.

Though the cryptocurrencies have witnessed sporadic volatility, the value of this NFT (non-fungible token) has soared as much as 75 times so far in 2021.

The game begins with the player purchasing his/her own digital currency, the AXI Infinity Shard (AXS). Then there are other types of popular tokens found inside the game, which can also be earned.

The interface of the game is very similar to the game of Pokemon. This has helped the game gain huge popularity among millennials who have watched the cartoon network show in their childhood. The game, built on the Ethereum blockchain, consists of animated Pokemon characters (Axie). The players have to catch, build and follow them. The goal of the game is to collect small love potions (SLPs) from which the pokemon pets are created and then take them into online battles.

How does it work?

These SLPs can be converted into cryptocurrencies. These can then be bought and sold on crypto exchanges. According to reports, the top players of the game are earning up to $435 (about Rs 32,000) in a day. They can also sell their Axie on the Axie Marketplace as a non-fungible token (NFT).

Experts believe that this method of linking online games to cryptocurrencies could soon become a trend. Those who play them will not only collect crypto and NFT, but will also be able to convert that money into government currencies. Given the success of Axie, many blockchain games may soon hit the market.

The gaming company extracts its earnings from players’ Axie transactions. It charges a fee of 4.25% on every transaction. Even after creating and breeding Axie, it takes some money from the players. According to the company’s data, it has 3.5 lakh daily active users.

Sharp jump

In June this year, the price of an AXS token was less than Rs 371. With a sharp jump, the coin will now be about Rs 2,600 to Rs 3,350.

Amidst rising prices, Vietnamese company Sky Mavis, which made Axie, recently raised $ 7.5 million (about Rs 55.5 crore) in Series A funding. One of its investors is Mark Cuban, famous for investing money in cryptos like bitcoin and ether.