Coinbase CEO Brian Armstrong turned his eyes to a new altcoin project. According to Brian Armstrong, a hot altcoin is a prime example of the rapid expansion of the crypto market to other sectors of the economy. cryptocoin.com We have compiled the details for you, let’s examine the subject together…
Coinbase CEO turns his eyes to the altcoin project Axie Infinity (AXS)
Coinbase CEO Brian Armstrong turned his eyes to the altcoin project called Axie Infinity (AXS). A blog post on the subject highlights the amount of revenue for Axie Infinity, which has earned $186 million in the last 30 days after Ethereum alone, according to Token Terminal. Coinbase CEO used the following statements on the subject:
Beyond the wealth created by Axie Infinity, the popularity of the game has served as a tool to enable a new and broad class of users to use crypto applications comfortably. As these 1 million users interface with cryptocurrencies, NFTs, digital wallets and DEXs (decentralized exchanges), it is not difficult to see this new group as natural users of other DeFi and Web3 applications.
Coinbase says the entire ecosystem is acting like its own digital economy
As Coinbase mentioned in the post, Axie Infinity is sometimes compared to Pokémon as users collect various creatures called Axies and battle against other players. Axies can also be “bred” to each other or traded with other players.
When an Axie is bred or traded, the proceeds go to the Axie Infinity Treasure, which is currently over $600,000,000. The Axie Infinity economy consists of an administrative token (AXS) and an in-game currency called the Smooth Love Potion (SLP). Coinbase says the entire ecosystem acts as its own digital economy. Coinbase used the following statements on the subject:
If Axie Infinity is its digital land, game developer Sky Mavis serves as its Federal Reserve. Where the Fed has various tools it uses to influence the economy, Sky Mavis can adjust its SLP issuance rate and breeding fees to keep the Axie economy healthy. Just like a real economy, digital economies need to consider the effects of inflation.
Altcoin AXS has grown over 100000% in less than a year!
According to Armstrong and Coinbase, the growth of Axie Infinity highlights how the digital asset landscape is evolving into more than just speculative trading and investment. Coinbase used the following statements on the subject:
With DeFi (decentralized finance), NFTs and now crypto gaming, we are rapidly moving past the original crypto-killing practice of speculative trading and into an impressive universe of new applications and models. We are in fascinating times as crypto’s utility phase is in full swing.
According to CoinGecko, at the time of writing, AXS has increased by over 100,000 in less than a year and is trading at $128.
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