Play-to-earn gaming was one of the breakout sectors of the cryptocurrency market in 2021 and the trend was led by Axie Infinity (AXS), a mobile, blockchain-based game where users collect, breed, raise and battle NFTs called Axies for monetary rewards.
As the market topped and then entered what has become a deep bear market, AXS price retraced from an all-time high near $170 to its current price at $15.20 following several setbacks, including a $600 million hack of the Ronin sidechain that hosts the game.
Currently, the future of P2E gaming remains in question and advocates are closely watching to see if this former unicorn had turn the ship around. Let’s take a look at some of the developments taking place within Axie Infinity and determine whether any of them are bullish for the short and longterm.
The launch of land staking
The most recent development to arise out of the Axie Infinity ecosystem is land stake parcels as a method for earning AXS tokens.
How much can you earn in Land Staking?
With Axie Infinity releasing land staking, we are curious about how much $AXS can holders accumulate per week!
1 $AXS = PHP 785.75
Thoughts on this? #AxieInfinity #PlayToEarn pic.twitter.com/jNmahoxWSi
— Ikigai Gaming | Play-to-Earn News and Scholarships (@IkigaiGuild) July 4, 2022
Based on the stats provided by the Ronin Chain explorer, land staking has been popular among holders and at least 87% of each of the different levels of plots have already been staked.
In addition to the success of land staking, several land plots recently sold for over 130 Ether (ETH) each, which suggests that the level of interest in the game is still high.
While land owners have been excited about the new income opportunity, some community members have concerns about what effect the daily rewards of 11,194.62 AXS will have on the price of the token as the supply inflates.
The platform also offers AXS staking with a current yield of 72%, but only 38.47% of the current circulating supply is being staked, which indicates that a majority of the supply is available in the open market and could potentially be sold off.
The Ronin bridge reopens
The recent reopening of the Ronin bridge could also be another positive sign for Axie, especially considering that it had been disabled following a $600 million hack in March of this year.
The Ronin Bridge is open!
• All user funds are fully backed 1:1 by…
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