Axie Infinity, the surging Ethereum NFT game has recently witnessed around 500% gains in its price and it is now looking forward to funding tournaments and esports competitions. The game has been inspired by Pokemon and it has revealed its plans to extend support for esports competitions via funding.
This news has arrived on the back of growing interest around the game which has witnessed the growth of its native AXS token by over 500% in value over the last month.
In accordance with Sky Mavis, a developer, Axie Infinity has been able to generate more money in fees over the last week than Ethereum or Bitcoin.
In addition to this, it should be noted that Sky Mavis will be deploying a dedicated server for esports competitions to make sure the smooth and swift execution of events.
Moreover, the studio is going to provide a total of 5,000 AXS or around $125K, for prize money to be awarded at authenticated community operations.
As for the future plans of the firm, Sky Mavis has stated that it has big plans for the coming year 2022 and beyond when it comes to Axie esports and creator programs.
Back in the month of May, it was announced by Sky Mavis that it has raised around $7.5 million in a Series A funding round that included participation from Mark Cuban and Alexis Ohanian.
Lately, we have seen more of a convergence between the crypto and esports industries of late including high-profile sponsorship deals such as FTX with Team SoloMid and Coinbase with ESL and Evil Geniuses.
Along with this, it should be noted that Ubisoft, a leading game publisher has also supported the game via its Entrepreneurs Lab accelerator program and serves as a Ronin validator.