The price of AXS, the native token of blockchain gaming platform Axie Infinity, has hit a new all-time high of $ 32.19 today, according to crypto metrics platform CoinGecko.
As of this writing, the price of AXS has slowed as the token is trading at $ 30.62, up 31.2% in the last 24 hours.
Axie Infinity is a Pokémon-like game that allows players to collect and breed various fantasy creatures and pit them against other users' pets. The popularity of the game has been on the rise lately, making Axie one of the most popular blockchain games on the market.
Additionally, each of Axie's mascots is actually a non-fungible token (NFT), which itself is another booming sector in the crypto industry. NFTs are a special type of provably unique tokens that cannot be duplicated or counterfeited.
Thanks to this scarcity, NFTs, which can be minted singly or in small batches, became very popular with collectors. Consequently, the prices of such tokens, which can represent all kinds of digital media, such as works of art, music, video clips or virtual pets, can reach millions of dollars.
Nor is it just the token that is in a tear. Thanks to renewed interest, the blanket protocol is generating millions in revenue from gaming fees. In the last 30 days, Axie Infinity is the most profitable blockchain application, ahead of many of DeFi's “blue chip” tokens on Uniswap, Aave and SushiSwap.
However, it remains to be seen whether the trend can continue. AXS has outperformed almost every other large-cap cryptocurrency on the market, including Bitcoin and Ethereum this month.