Play-to-earn (P2E) gaming has been one of the hottest sectors in the cryptocurrency market in 2021, based on the recent moves of Yuga Labs and Bored Ape Yacht Clubthe gaming industry could still be a winner in 2022.
Axie Infinity was the first game to truly garner widespread attention and highlight the possibilities of what P2E had to offer, and will continue to lead in 2022 as the protocol prepares for its next big launch.
Data from Cointelegraph Markets Pro and trading view shows that the price of AXS is up 56.5% over the past ten days, as an increase in 24-hour trading volume took AXS to an intraday high of $69.82 on March 24.
VORTECS™ data from Cointelegraph Markets Pro began to see a bullish outlook for AXS on March 14th, ahead of the recent price spike.
Exclusive to Cointelegraph, the VORTECS™ Score is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements, and Twitter activity.
As seen in the chart above, the VORTECS™ score for AXS turned green on March 14th, reaching a peak about 24 hours before the price began to surge 52.32% over the next nine days from 78.
Three reasons for the rising price of AXS are the upcoming launch of Axie Infinity: Origin, the steady increase in active users and AXS players, and the rising popularity of the Ronin sidechain that powers Axie Infinity’s gameplay.
Axie Infinity: Origin
The main ongoing development that is helping to improve future prospects for AXS is the upcoming launch of Axie Infinity: Origin, which is expected to happen in the coming weeks.
To be clear, we’re still aiming to release Origin by the end of the month.
It’s close, but our engineers are constantly working to improve and fix bugs.
Shipping a very complex and high quality product is difficult. Engineers out there may empathize. We push!
— Philip La (@philipla) March 22, 2022
According to a recent report by Delphi Digital, Origin is a “completely reimagined version of the popular Axie Battles game that everyone is familiar with.”
Origin will include new game mechanics intended to improve the overall gaming experience, such as: B. free starter axes to attract new players to the game, a redesigned storyline that deepens the gameplay experience, and the addition of active maps for eye and ear body parts.
The update will also introduce new in-game items such as runes and spells that act as power-ups for Axies and require players to burn the platform’s native SLP token.
Active users and AXS players are on the rise
The rising price of AXS has also received a boost from the ever-growing Axie Infinity user base, which is now at an all-time high of 207,209 total users. according to on data from Dune Analytics.
While the pace of onboarding new users into the ecosystem has slowed along with activity in the broader cryptocurrency ecosystem, the increase is still significant and indicates continued adoption.
Non-gamers have also been encouraged to hold AXS with a current 73% staking reward offered through the Axie Infinity platform.
As shown in the chart above, nearly a third of the circulating supply of AXS is currently staked on the protocol, bringing a total daily reward of 50,516 AXS.
Steady growth in the Ronin network
A third factor adding momentum to Axie Infinity is growth on the Ronin network, an Ethereum (ETH) sidechain developed by Sky Mavis for Axie Infinity, which will become the default NFT scaling solution for crypto games.
Axie Infinity is currently the only game running on Ronin, but that hasn’t stopped the network from playing consistently ranking Top 3 in terms of total value compared to other Ethereum bridges, with Ronin currently valued at nearly $3.4 billion.
That’s about to change, however, as Ronin will see the adoption of third-party developers, which Delphi Digital says “encompass over 1,000 applications from teams looking to build on top of Ronin.”
This has the potential to result in an influx of new users into the Ronin ecosystem, which could also benefit Axie Infinity as new users try out the most powerful project on the network.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
https://cointelegraph.com/news/axie-infinity-axs-price-reverses-course-with-50-gain-ahead-of-origin-launch Axie Infinity (AXS) price reverses course with over 50% surge ahead of Origin launch