Axie Infinity (AXS), the popular blockchain game and metaverse project, has introduced an innovative new program that grants commercial rights to owners of its non-fungible tokens (NFTs) to create and sell authorized merchandise.
In conjunction with this announcement, Sky Mavis, the developer of the game, has launched a dedicated merchandise store for the Axie Infinity brand.
According to Sky Mavis, owners of specific Axie NFTs now have the opportunity to produce and sell their own products, marking a significant move into user-generated content (UGC) and commercialization.
A select group of 4,877 Axie NFT holders, who own Mystic and Origin Axies, now have the freedom to use their NFT characters for business ventures. The Axie team suggests ideas such as opening Axie-themed cafes, creating comics, restaurants, or toy collections, thanks to the lifted restrictions.
Currently, commercial restrictions apply to less than 5,000 out of the 11.9 million total Axie monster NFTs, making up just 0.04% of all Axie NFTs, according to Axie marketplace data.
In time for the holiday season, an official Axie Infinity merchandise store has been launched, featuring Squishmallow-style plush toys, a $300 figurine, and branded apparel including a hoodie, t-shirt, and baseball cap. This collection is inspired by the initial Axie mint in 2018, where buyers received Axies without attached art, showcasing their NFTs solely through code.
Buyers have the option to pay using cryptocurrency or fiat currency. The first 5,000 purchasers will receive a complimentary Axie NFT and the chance to win one of three Mystic Axie NFTs.
Additionally, fans in the Philippines using the Grab app can earn Grab points and Axie merchandise discount codes by clicking on in-app ads that lead to the Axie merchandise store.
For those choosing to pay with cryptocurrency, additional rewards can be unlocked at spending thresholds of $10, $50, $100, and $1,000, including a special badge, plushies, and other rewards.
Furthermore, Sky Mavis plans to allocate 20% of the net profits from merchandise sales to the Axie Community Treasury, which supports community-driven decision-making and the concept of progressive decentralization.
This move by Axie Infinity signifies a significant shift in the realm of NFTs and their potential applications, showcasing the versatility and potential of NFTs as digital assets that can be utilized in various ways, including generating passive income.
This initiative could inspire other companies and platforms to follow suit, leading to a more diverse and thriving NFT market.
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Axie Infinity acts as a platform that allows gamers to participate in various games and trade NFTs for potential profits. Despite a period of underperformance in 2023, analysts predict a rebound for AXS, surpassing $5 and reaching $7.30 by December.
On October 25, there was an increase in development activity, maintaining an unprecedented level throughout the month and contributing to increased investor confidence. The rise in value reflects the growing interest and engagement of investors in the Axie Infinity ecosystem, aligning with the broader trend of heightened focus on NFT-based gaming platforms and their associated cryptocurrencies.
Continuing the trend from the previous day, there has been a notable increase in significant transactions since October 27, coinciding with the asset’s sustained bullish performance.
At the time of writing, Axie Infinity is trading at $6.40, representing a 6.6% increase in the past 24 hours, according to data from CoinGecko.