NFT’s popularity and sales have skyrocketed in recent months, with many artists and collectors selling entire NFT collections for millions of dollars.
One platform that has become a fan favorite is Axie Infinity (AXS), a blockchain-based fighting and trading game inspired by games like Pokémon and Tamagotchi. In the game, players collect, breed, breed, fight, and swap creatures based on icons known as Axies.
Over the past two months, AXS’s market capitalization has increased 600% from $ 19.25 million to its current value of $ 115 million as users flock to the platform for a chance to win the rare and valuable Axie Prize.
Data from Cointelegraph Markets and TradingView show that the price of AXS has risen 74% in the past 24 hours, from $ 1.78 on March 3 to $ 3.10 for a new full time on March 4, amid a 1,000% increase on March 24. … In one hour.
While AXS has been on an uptrend for several months, the altcoin actually began to gain traction in early February following the launch of Ronin, an Ethereum (ETH) sidechain designed to help AXS users avoid high transaction costs and load the network onto the Ethereum network. …
Since the launch of Ronin on February 1, the number of active users on the platform has grown exponentially as NFTs began to spread exponentially and regular news channels reported a standard set of unique digital art.
The digital land in Lunancia, the virtual world of the player-driven Axie universe, is generating more interest from a user who recently spent a total of $ 1.5 million to purchase nine digital stories.
VORTECS data from Cointelegraph Markets Pro began providing an upbeat outlook for AXS on March 3, ahead of the most recent price hike.
The VORTECS result, excluding Cointelegraph, is a mathematical comparison of historical and current market conditions, compiled from a set of data points including market sentiment, trading volume, recent price movements, and Twitter activity.
As shown in the chart above, the AXS-rated VORTECS hit a high of 76 on March 3, just hours before the price began to rise from $ 1.84 to $ 3.10 for a full day.
Despite recent setbacks in the broader cryptocurrency market, important calculations like the Glassnodes Reserve Risk Index show that Bitcoin’s rally is still early, indicating that Bitcoin has plenty of room to rise to the peak of previous beef markets.
The continued rise in the price of bitcoin is likely to drive interest in NFTs, and as the emerging sector expands, projects like AXS may continue to grow in popularity.