Amid the recent 500% spike in token price and trading volume, Axie Infinity has announced plans to support esports competitions.

Axie Infinity, an Ethereum-based monster fighting game inspired by Nintendo’s Pokémon, has announced plans to support esports competitions by sponsoring community events and a dedicated server.

The news comes after growing interest in Axie Infinity, where AXS, its native token, has appreciated more than 500% in value over the past 30 days. However, AXS price has fallen to $ 22.5 since hitting an all-time high of $ 29.29 yesterday (July 15th).

AXS. Price chart | Source: Tradingview

According to developer Sky Mavis, Axie Infinity has also generated more money from fees – around $ 35.8 million – than Ethereum or Bitcoin, via the marketplace and in monster breeding fees in the past week.

Sky Mavis will provide a dedicated server for esports competitions to ensure that the events run smoothly. Axie Infinity’s servers have been slow or inaccessible at times this week, apparently in part due to increased user demand associated with Denial of Service (DDOS) attacks and server memory caching issues.

In addition, Sky Mavis will offer a total of 5,000 AXS – nearly $ 125,000 at the time of this writing – to award prizes in approved community contests. Tournament organizers have until July 29th to submit proposals for events to take place between August 6th and November 30th.

Sky Mavis writes that it “has big plans for 2022 and beyond when it comes to esports shows and Axie creators,” but is meanwhile preparing for the community hosting competitions.

Axie Infinity is a blockchain-based game with a player-owned economy. Users purchase monsters, plots, and other in-game items as non-fungible tokens (NFTs).

Thanks for the patience as we go through exponential growth!

Our engineers are fully focused on upgrading our servers!

This moment will go down in history, it is a sign of how much people want to be part of this amazing movement.

We love you! pic.twitter.com/DWz83oSz2z

– Axie Infinity (@AxieInfinity) July 14, 2021

“We have grown exponentially!

Our engineers are fully focused on upgrading our servers!

This moment will go down in history, it is a sign of how much everyone wanted to be part of this great movement. “

Like a title deed to a digital item, NFTs can contain things like artwork, video clips, and even tweets – but also resell items that are being interacted with in the marketplace. As with other games like The Sandbox and F1 Delta Time, Axie Infinity has sold a number of high-quality items in the past few months, including a $ 1.5 million LAND NFT package in February.

While the NFT market overall seems to have cooled off since the first few months of 2021, Axie Infinity has risen sharply in recent weeks. DappRadar reports an increase in transaction volume of over 500% in the last 30 days and an increase in the number of users by 335% to over 147,000 in the same period. Axie Infinity recently launched a sidechain called Ronin to help mitigate the impact of fees and network congestion when Ethereum fluctuates.

In addition, Sky Mavis announced in May that it raised $ 7.5 million in a Series A funding round that featured billionaire NFT enthusiast Mark Cuban and Alexis Ohanian, Reddit co-founder and founder of venture capital company Seven Seven Six, were involved. The leading game publisher Ubisoft has also supported the game through its Entrepreneurs Lab Accelerator and serves as a Ronin validator.

We have seen a convergence between the crypto and esports industries so far, including popular sponsorship deals like FTX with Team SoloMid (TSM) and Coinbase with ESL and Evil Geniuses. In addition, there are initiatives that allow players to earn crypto while participating in multiplayer games, such as: B. MintGox competitions, as well as the opportunity to bet and win Bitcoins while playing Counter-Strike: Global Offensive.

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After decryption

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