AXS, the native governance token of a Pokémon-like open-world game called Axie Infinity, managed to set a new all-time high of $18.34. Other top gaming tokens are also on a high. MANA and SAND also thrived in a gaming coin rally of sorts this weekend.
It's a very good day for Axie Infinity fans or investors. Axie Infinity's AXS token is up 45% overnight, hitting an all-time high of $18.34. In the meantime, the coin has corrected slightly and is back at $16.67.
Axie Infinity is a Pokémon-inspired open-world game for Windows, Mac, iOS and Android in which players raise, train and battle adorable little tokenised monsters called "Axies".
The game exploded towards the end of June and now has more than 250,000 daily active players. The most expensive Axie ever sold changed hands for 300 ETH, which is equivalent to about $633,000 in today's prices.
The success is remarkable considering the high barrier to entry into the game. The first step to becoming an Axie trainer is to obtain three Axie NFTs - no easy feat when the cheapest creature on the Axie marketplace currently costs 0.1014 ETH, or about $214.
AXS rewards players for gambling
The AXS governance token was launched in November last year through a sale on Binance. AXS stands for "Axie Infinity Shards" - the game rewards players with governance rights for their in-game questing and AXS HODLing.
AXS is an ERC-20 token, meaning it is a fungible Ethereum token, not unlike MANA or SAND tokens from gaming competitors Decentraland and The Sandbox. These ERC-20 tokens are different from the Axies themselves, which are non-fungible tokens (NFTs). This means that each of the more than 1 million Axie NFTs is unique.
Today's spike follows a tumultuous week for gaming tokens. Just yesterday, the top three blockchain gaming tokens AXS, MANA and SAND all crashed after enjoying a seven-day rally.
The SAND token from emerging open-world platform The Sandbox is currently (time of writing) worth $0.52, having risen 33.24% in price overnight. Decentraland's MANA token, on the other hand, saw an 18% increase to reach a new price of $0.75.
Blockchain gaming may be a niche market with various economic and technological barriers to entry - but the rising interest this week could indicate a bright future (go here for our Axie Infinity AXS price prediction).