Axie Infinity, an Ethereum-based NFT game has lately witnessed its ATH, where the value of token surged to 500%. The platform is now planning to fund Esports competitions. The game was inspired by Pokemon, and it has disclosed plans to increase funding for esports competitions.
Sky Mavis created Axie Infinity, an NFT-based online video game that uses the Ethereum-based cryptocurrency AXS and SLP. It’s a trading and battling game where players can collect, raise, battle, and trade “axies,” which are digital as NFTs.
Ethereum NFT Game Supports Esports Competitions
As a result of the increased interest in the game, it is noticeable that its native token has increased by more than 500% in the last month. According to Sky Mavis, a developer, Axie Infinity has been able to generate more money in fees than Ethereum or Bitcoin in the last week.
Furthermore, Sky Mavis will be deploying a server for esports competitions to ensure that the execution of events goes seamlessly. Besides, the studio will provide a total of 5,000 AXS, which is about $125,000, for prize money to award at authenticated community operations.
Sky Mavis states that he has “big plans for 2022 when it comes to Axie esports and creator programs”. According to DappRadar reports, Axie Infinity surged 500% along with a 335% rise in users in the same span.
Series A Funding Round
Sky Mavis announced in May that he had raised approximately $7.5 million in a Series A funding round that included participation from Mark Cuban and Alexis Ohanian. In addition, it is noticeable that Ubisoft also supported the game. It is a leading game publisher, supported via its Entrepreneurs Lab accelerator program, and serves as a Ronin validator.
Significantly, there has been greater collaboration between the crypto and esports industries. Some high-profile sponsorship deals such as FTX with Team SoloMid and Coinbase with ESL and Evil Geniuses. More so, there are few interventions which allows to earn cryptocurrency while playing multiplayer games like MintGox and CS:GO.
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