Axie Infinity is currently one of the leading non-fungible token (NFT) games and its popularity is growing fast as millions of players flock to play the game and interact with the NFTs on the platform.
In an announcement posted on the Axie Infinity Twitter handle on Sept. 30, Axie Infinity players will start earning rewards for staking AXS tokens, which is the native token of the Axie Infinity blockchain gaming platform.
NFTs are part of the growing decentralized finance (DeFi) industry, which has seen the largest growth within the blockchain industry. Most DeFi platforms (including those dealing with NFTs) have embraced staking as a way of encouraging users to buy and hold their native token, with the incentive that after staking, the users are entitled to some rewards, which is mostly in the form of more native tokens.
The beauty of it is that users can decide to trade these native tokens for other cryptocurrencies/tokens over the crypto exchanges or even exchange them for fiat currency, especially over the peer-to-peer crypto exchanges like local bitcoins.
Axie Infinity has decided to follow the same route by introducing the AXS staking program that will see players earn rewards for staking the native token.
Initially, players were attracted to sign up and play the Axie Infinity game because they would earn tokens as they play the game through the “play-to-earn” feature and adding the staking program makes things better for users and has increased the source of revenue for the players.
According to the announcement, the rewards earned by the players for staking would be activated within 24 hours after staking. By putting the activation time frame at b24 hours, it ensures that all time zones are covered. Therefore, any player who joins the staking program can claim their rewards within 24 hours or else decide to re-stake their tokens, plus the accrued rewards.
Part of the statement read:
“Today, we’re delighted to announce the launch of our AXS staking program!” This is an important step towards our long-term goal of genuine co-ownership of Axie Infinity with community members that contribute meaningfully to our rapidly growing movement. Staking allows you to lock up your precious AXS to earn AXS rewards.”
In response, the Axie Infinity team said that the launch of the staking program opened a way for Axie Infinity to reward its community of players.
What is Axie Infinity?
Axie Infinity is a play-to-earn NFT game that was launched on the Ethereum blockchain.
Players collect, breed, raise, compete for, and trade NFTs called “Axies” that have different strengths and attributes. In the process of trading the NFTs, the players also earn AXS tokens, which they can choose to use in the game to collect more NFTs, raise and breed them or simply trade the AXS tokens on crypto exchanges.
There are also reports that Axie Infinity will be granting those who stake AXS tokens some voting rights and a say on the utilization of the community treasury.