The past few months have certainly been tumultuous for the Metaverse. Market-wide volatility at the end of 2021 prompted investors to put these players on the back burner. Money flowed from these more innovative cryptos to stronger investments. However, it looks like things are picking up as the market rebounds. Axie Infinity (AXS-USD) is leading the charge as one of the fastest cryptos of the week. A new announcement helps the AXS crypto to cut its losses in early 2022 and generate quite a buzz.
Axie Infinity is the project that introduced many investors to metaverse and blockchain gaming. The mobile game allows users to create non-fungible token (NFT) creatures to compete with others in an arena. It also has its own real estate industry, where players can buy and develop tokenized plots.
The game became huge in July 2021, when prices began their meteoric rise from $5 to $150. It has also garnered a lot of attention due to its play-to-win model, which allows some of the most dedicated users to earn enough passive income to earn a living by playing.
Unfortunately for developers and investors, the hype was short-lived, but not by its fault; Bitcoins (BTC-USD) the rapid price halving in December dragged the entire industry down, and the metaverse industry was one of the hardest hit by the bear market. Since finding its floor price between $40 and $50, the project has been looking for a catalyst for some time now. Fortunately, he may have found that.
Axie Infinity Crypto (AXS) Prices Rebound on New Game Launch
While Axie Infinity and the crypto AXS have fallen out of favor in recent months, it looks like the project is poised for a return to glory. The market seems to be on an uptrend; Axie is looking to capitalize on the growing momentum with its own big catalyst.
Metaverse developers Axie announce a new game in the series, titled “Axie Infinity: Origin”. The new game is basically an improved version of the existing project. Users will receive free starter Axies, game mechanics will be optimized for the best experience, and new in-game items will add combat possibilities. All this is accompanied by an improved storyline for players.
With the news comes growing adoption of the platform; active users on Axie Infinity recently hit an all-time high of over 207,000. And by launching this new game with free starter NFTs, the developers are removing a major barrier to entry for new users.
The developers say they aim to roll out Origin by the end of the month. But, they assure investors that it is coming soon even if this goal is not achieved. Meanwhile, the announcement leads to a change for AXS crypto prices; the token is reversing on its early 2022 losses with a 40% seven-day gain. Today, the token is up 4%, with a trading volume exceeding $1.7 billion.
As of the date of publication, Brenden Rearick has not held (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.