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Axie Infinity Tries To Woo Players With Staking Rewards, Can It Succeed?

Varinder Singh

Axie Infinity on Wednesday said it has launched land staking rewards to increase AXS ownership among landowners in the game. The decision comes after the community expressed outrage over limited land utility and earnings amid delays from developers.

Moreover, the launch appears to be an attempt by developers to increase Axie’s player count, as well as AXS prices after the recent Ronin hack.

Axie Infinity aims to allocate 337,500 AXS per month for the land staking initiative. Land allows players to build bases, gather resources, and strategize operations to compete against other players.

Axie Infinity targets AXS prices, dwindling users

In an official announcement, Axie Infinity said it is launching land staking rewards for users to have increased ownership and influence in the ecosystem.

The AXS staking rewards per plot are based on land type. The Genesis plot has the maximum reward of 32.70, while the Savannah plot has the least reward of 0.08. Whereas, Forest, Arctic, and Mystic have 0.26, 0.74, and 1.64 rewards, respectively.

Thus far, the company has completed the design and development of the user experience for land staking. Moreover, the development of land staking smart contracts has been initiated in collaboration with smart contract developer Owl.

With the latest update on the delay of the Land game to December 2022, Axie Infinity players started listing their Axies and plots for sale on the marketplace. The move puts more pressure on developers, who are also dealing with the backlash due to the Ronin bridge hack.

Phil La, the product lead at Sky Mavis, also promised to revisit a light-weighted approach to Land utility and rewards, which will combine land staking with gameplay.

AXS Prices Down Nearly 50% Since the Ronin Bridge Hack

AXS prices are down more than 50% since the Ronin bridge hack in late March. Currently, the AXS price is trading at $29.49. In the last seven days, the price has plunged more than 26%.

But traders did not appear to be particularly thrilled by Wednesday’s announcement. While AXS prices rose about 0.7% from intraday lows, they were still down 2.7% over the past 24 hours.

In addition to the Ronin hack, the game is also struggling with a dwindling userbase. Data from activeplayer shows that monthly player figures have consistently dropped since peaking in January.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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