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News

Axie Infinity Announces Land Staking Feature

July 3, 2022 - Around 2 mins mins to read
The Play-to-Earn Axie Infinity project on July 1st launched the staking feature of NFT Lands to receive rewards in the form of AXS tokens.
Axie Infinity Announces Land Staking Feature

According to the latest announcement from Axie Infinity, game players can now start locking Land NFTs in the game to receive AXS tokens.

Land is originally NFTs of land for Axie’s future plan, called Project K. Accordingly, players will own their own plots of land, conduct livestock/farming on it, and then go to battle with enemies. together. Project K is expected to turn Axie Infinity into a true metaverse game.

In the meantime, Axie Infinity will provide players with a way of passive income from staking Land.

To staking, users only need to visit Ronin’s staking page, connect a wallet, and select the plots of land to lock. Players will then be able to see how much AXS they can claim each day.

Axie Infinity says the daily reward for staking Land will be 11,194.62 AXS, divided equally by the amount of land-based on rarity. This is the second in-game asset that can be staked, besides the AXS token from October 2021.

Since the removal of the SLP bonus, Axie Infinity has plummeted without brakes, reflected in the amount of money the project generates from users’ gaming activities. The launch of a new version called Axie Infinity: Origin is also not attractive enough to keep players. Currently, Axie Infinity is promoting the Builder Program, a franchise so other developers can create derivative games using Axie images.

https://twitter.com/twobitidiot/status/1541342248461295617

The project also encountered a big problem when at the end of March 2022, the Ronin bridge was attacked by hackers and wiped out more than $622 million in cryptocurrency. This is the most damaging attack in the crypto industry. The new Ronin bridge was reopened on June 28, the project claimed to have compensated all users, minus the damage of Axie DAO.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.