AXS, the native token of play-to-earn blockchain-based video game Axie Infinity, soared 36% on Monday to break yet another lifetime record of $153 as the game continues to enjoy increasing popularity.
The digital asset created by Singapore-based development studio Sky Mavis broke into the list of the top 20 biggest cryptocurrencies when it set the new high. It has now gained over 130% in the last two months.
In terms of market caps, the diluted market cap of AXS briefly reached the $41 billion mark earlier today, overtaking video game giants Electronic Arts (NASDAQ:EA).
Players of the Axie Infinity game can buy, breed, collect and feed "Axies" (adorable little creatures) generated by users as non-fungible tokens. So far, players have created over two million Axies.
According to data provided by Token Terminal, the weekly revenue of the protocol recently hit $34 million, surpassing the leading NFT marketplace OpenSea.
The Ethereum-based video game achieved a major milestone by accumulating over one million active players earlier in August, with the majority of its fans located in South East Asia.
A large number of players depend on the game’s Smooth Love Potion (SLP) in-game tokens as their primary income source when they quit their jobs. This inspired regulators in the Philippines to propose a tax system back in August.