Axie Infinity (AXS) has gained 7% over the past week: here’s why AXS has been rising

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Axie Infinity (AXS) has gained 7% over the past week: here’s why AXS has been rising

By Charles Thuo - min read

Axie Infinity’s native token, AXS, has rallied by about 7.2% over the past week and yesterday it jumped by over 19% making it one of the best performers in the top 100 crypto assets.

At the time of writing, AXS was trading at $22.70, after pulling back from yesterday’s high of $27.82. 

Before delving into why the price of Axie Infinity native token AXS has been rising over the past week, it is important to first explain what Axie Infinity is.

What is Axie Infinity?

Axie Infinity is a popular play-to-earn blockchain-based game where players buy NFTs of Pokémon-like monsters to battle each other. 

While playing, players get a chance of earning another token called the Smooth Love Portion (SLP), and they can trade them for other cryptocurrencies or exchange them for cash.

Why AXS price has been rising

The Builders Program has been the main newsmaker within the Axie Infinity ecosystem.

Axie Infinity (AXS) price surge especially yesterday was mainly due to an announcement by Sky Mavis, Axie Infinity development group. The group announced that the first batch of 12 projects has been accepted by its Builders Program which intends to introduce user-generated content to the Axie ecosystem.

Axie Infinity Builders Program acts as a laboratory for community-created experiences and games with the goal of rewarding developers who helps in creating gaming tools and experiences on its platform.

The chosen teams will get a minimum of $10,000 grants in AXS to facilitate their projects and also get full access to tech integrations like Ronin wallet transactions and Ronin Single-Sign-On, product teams, game design, and engineering.

In a statement Sky Mavis said:

“The Builders Program is one of many initiatives that will unlock more enjoyment and utility for your Axies, in this case from community built experiences.”

The company noted that it will be partnering with other major game studios to create experiences for Ronin and Axie Infinity.

In addition, Sky Mavis said:

“We will be accepting many more teams over time (and maybe even quite soon) and everyone should continue to build.”