According to information by Coinbase CEO Brian Armstrong, One altcoin shows the crypto industry’s fast expansion. Especially, into other sectors of the economy.
More so, Armstrong goes on to reveal a new Coinbase blog post to his 862,000 Twitter followers. While, noting the rise of Axie Infinity (AXS), the non-fungible-token-focused (NFT) play-to-earn video game. Which has of course, recently taken over the entire market.
So, the amount of revenue from Axie Infinity, represents $186 million is second only to Ethereum. Record in the last 30 days, as Token Terminal reveals.
“Beyond the wealth Axie Infinity has created, the game’s popularity has served…”
“as a means for getting a large new class of users comfortable using crypto applications…”
“As these 1 million users interface with cryptocurrencies, NFTs, digital wallets,..”
“and DEXs [decentralized exchanges], it’s not hard to see this new cohort…”
“as natural users of other DeFi and Web3 applications.”
Furthermore, Coinbase notes that Axie Infinity is sometimes in comparison to Pokémon. Meanwhile, this is due to how users collect various creatures called Axies. Then, fight against those of other players.
More so, One can bred Axies or trade to other players. When this happens, Axie Infinity Treasury owns the revenue, amounting to over $600,000,000. Notably, The Axie Infinity economy is of a governance token (AXS). Then, also an in-game currency known as Smooth Love Potion (SLP).
Coinbase Says Whole Ecosystem Behaves Like Its Own Digital Economy.
“If Axie Infinity is its own digital nation, game developer Sky Mavis serves as…”
“its Federal Reserve. Where the Fed has various tools it uses to influence…”
“the economy, Sky Mavis can adjust the SLP issuance rate and breeding…”
“fees with the aim of keeping the Axie economy healthy.”
“Just like a real economy, digital economies have to consider the effects of inflation.”
Lastly, Armstrong and Coinbase shows strong believe that that Axie Infinity’s growth represents how mature the digital asset landscape is. Also, not just speculative trading and investing.
“With DeFi [decentralized finance], NFTs, and now crypto gaming, we’re rapidly evolving…”
“past the original crypto killer app of speculative trading and into a…”
“universe of expressive new apps and models. We’re in fascinating times…”
“as crypto’s utility phase marches forward with a full head of steam.”
Amstrong concludes,
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