Play-to-earn (P2E) gaming was one of the most popular sectors in the cryptocurrency market in 2021 and built 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 really grab mainstream attention and highlight the possibilities of what P2E had to offer and it continues to lead the way in 2022 as the protocol gears up for its next big release.
Data of Markets Cointelegraph Pro and TradingView shows that the price of AXS increased by 56.5% in the last ten days, as an increase in its 24-hour trading volume took AXS to a daily high of $69.82 on March 24.
VORTECSโข data from Markets Cointelegraph Pro started spotting a bullish outlook for AXS on March 14, prior to the recent price rally.
Exclusive to Cointelegraph, the VORTECSโข Score is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements, and trading activity. Twitter.
As seen in the chart above, the VORTECSโข score for AXS rose to green on March 14 and reached a high of 78 around 24 hours before the price began to rise 52.32% over the next nine days.
Three reasons for the AXS price increase are the upcoming release of Axie Infinity: Origin, the steady increase in active users and participants of AXS, and the growing popularity of the Ronin sidechain, which enables Axie Infinity gameplay.
Axie Infinity: Origin
The most significant development underway that helps drive future prospects for AXS is the upcoming release of Axie Infinity: Origin, which is expected to take place in the coming weeks.
To clarify, we still aim to get Origin out by the end of the month.
It's getting close, but our engineers are working non-stop to polish and fix bugs.
Shipping a very complex and quality product is difficult. Engineers can empathize with this. We are pushing!
โ Felipe La (@philipla) March 22, 2022
According to a recent report from Delphi Digital, Origin is a "completely revamped version of the popular Axie Battles game everyone is familiar with."
Origin will include new gameplay mechanics designed to enhance the overall player experience, such as free starter Axies to help bring new players into the game, a reimagined story that adds depth to the player experience, and the addition of active cards for parts of the game. body of the eyes and ears. .
The update will also introduce new items to the game, such as runes and charms, which will act as power-ups for Axies and will require players to burn the platform's native SLP token.
Active users and AXS participants are on the rise
The AXS price increase has also been fueled by the steady increase in Axie Infinity's user base, which is now at an all-time high of 207,209 total users. according to Dune Analytics data.
While the pace of new users joining the ecosystem has slowed along with activity in the broader cryptocurrency ecosystem, the increase is still significant and indicates continued adoption.
Non-players have also been incentivized to own AXS with a current 73% staking reward offered through the Axie Infinity platform.
As shown in the chart above, almost a third of the circulating supply of AXS is currently staked in the protocol, generating a total daily reward of 50,516 AXS.
Related: Blockchain Gamers See NFT Gaming As A Potential Full-Time Job, New Survey Finds
Steady growth in the Ronin network
A third factor bringing additional momentum to Axie Infinity is the growth taking place in the Ronin network, an Ethereum (ETH) sidechain that Sky Mavis created for Axie Infinity and which is becoming 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 being consistent. classification in the top 3 in terms of total value locked compared to other Ethereum bridges, with almost $3.4 billion in value locked currently on Ronin.
That will soon change, however, as Ronin will see the introduction of third-party developers, including "over 1,000 apps from teams that want to develop Ronin," according to Delphi Digital.
This has the potential to lead to an influx of new users into the Ronin ecosystem, which could also benefit Axie Infinity as new users check out the highest performing project on the network.
The views and opinions expressed here 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.
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