Ethereum-based Game Axie Infinity Raises $860,000 From Token Sale
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Ethereum-based Game Axie Infinity Raises $860,000 From Token Sale

November 20, 2020      Jafrin Ahmed

Ethereum-based NFT game Axie Infinity has raised $860,000 from the governance sale of its AXS tokens. The funding round was led by Delphi Digital with contributions from Arca, Sparq. The funding amount will be used to further enhance the gamification of yield farmings. Axie Infinity uses Ethereum’s non-fungible tokens (NFT) as collectible gaming creatures. For instance, earlier in November 2020, a rare Axie NFT was sold for 300 ETH or approximately $130,000 during the sale.

Axie Infinity Raises Funding Through Token Sale

AXS token was launched officially on Binance and Uniswap, a month earlier. Data has shown that the price of the AXS token rose from $0.12 to its current price of just under $0.47.

The crypto game is known to be inspired by popular games such as Pokémon and Tamagotchi. The NFT game has also been inspired by the Ethereum-based game CryptoKitties. Axie Infinity draws heavily from CryptoKitties as both rely on Non-fungible Tokens to represent the unique gaming characters or collectibles which cant be replicated.

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Axie Infinity is the only Ethererum-based NFT project with over 10,000 monthly active users, making it one of the most popular games on Ethereum. In fact, data from DappRadar has revealed that there were about 2,500 users on the platform in the last 24 hours alone.

Incentivizing Everyone Through Governance Tokens

Co-founder of Axie Infinity Jeffrey Zirlin has revealed the idea behind governance tokens in Axie Infinity:

“The idea of the governance token is to align the incentives of everyone in the ecosystem from payers to content creators to core developers.”

The tokens will not only have governance functions but also fee-sharing features where its proceeds will go into a Community Treasury. The co-founder further added that a new game mode will be launched on the platform by next year. The game mode will have an Animal Crossing-like setting where players could own pieces of land and farm to earn governance tokens in-game.

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Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Being a HODLer she takes a keen interest in following the volatile Bitcoin charts. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.