Axie Infinity Surges 16% as “Game Jam” Takes Effect

The AXIE token posts an 11-week high as Game Jam 2023 kicks off its voting phase.

A group of Axie Infinity characters gathering on a hill for attack.
Created by Gabor Kovacs from DailyCoin
  • Axie Infinity jumps 16% to an 11-week high
  • Voting for Game Jam 2023 has opened. 
  • Axie Infinity users remain significantly below their peak.

Blockchain gaming has largely failed to win the hearts of mainstream audiences, especially in Western markets. While novel in theory, most play-to-earn models face strong pushback due to perceptions around their focus on monetization over gaming enjoyment. Despite that, data suggests that the blockchain gaming market will jump over 450% in value to $133.2 billion by 2033

Axie Infinity is well poised to capitalize on this projected uptrend as it continues to support gaming development initiatives. Its latest initiative, Game Jam 2023, kicked off on Sunday, giving developers a platform to showcase their ideas. Markets responded favorably with a 16% jump in the AXIE price. 

Axie Infinity Soars

The Axie Infinity token jumped 16% over the last 24 hours, hitting an intraday high of $5.98 on October 30. This performance saw AXIE hit an 11-week high, but bears have since dipped the price lower to $5.78 at the time of writing.

AXIE reached a local bottom of $4.07 on October 19, having previously bounced on this yearly low support zone on September 11. Since October 19, AXIE has been gathering momentum to record a 47% trough-to-peak gain following Game Jam opening voting on Sunday. 

Daily chart showing Axie Infinity dollar price per Trading View.
AXIEUSDT daily chart on Trading View

Despite AXIE’s strong run since October 19, the token is down 58% from its 2023 high of $13.90 in January and 96.5% from its all-time high price of $164.90 achieved in November 2021.

While Axie Infinity has undergone a prolonged macro decline, developers Sky Mavis aim to catalyze fresh momentum and web3 gaming creativity through Game Jam 2023.  

Game Jam 2023

Game Jam 2023 is a two-week-long competition for independent game developers to create and submit games for the Axie Infinity universe. Game submissions were open between October 15 and 29, with community members having until November 5 to cast their votes based on each game’s design, enjoyment, graphics and sound, and innovation.

The top three entries will receive cash prizes and opportunities to feature their games on Sky Mavis’ platform. This incentivizes participation while allowing the company to identify promising talent contributing to the growth of the Axie ecosystem.

On the Flipside

  • Axie Infinity has released multiple updates and improvements, including improved reward structures, since the March 2022 hack to lure back players.
  • The platform’s average monthly player count currently stands at 311k, only a fraction of the 2.8 million average monthly players recorded in January 2022.

Why This Matters

Axie Infinity remains a major force in the blockchain gaming world despite its decline in monthly users. The platform’s support for innovation post-hack, such as Game Jam, indicates a determination to live up to its reputation as a pioneer of play-to-earn and new gaming models and economies.

Learn more about Filipino authorities bashing play-to-earn gaming here:
Axie Infinity’s Double Whammy: Declining Users and Police Warning

The Indian central bank opts to incentivize CBDC use to boost usage; read more here:
Another CBDC Stumbles, India Incentivizes E-Rupee Use

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Samuel Wan

Samuel Wan is a finance professional turned crypto journalist, known for his insightful reporting on market trends, regulatory changes, and technological developments within the digital asset industry. His ability to simplify complex concepts and report the facts has made him a trusted source in the crypto community. Beyond his writing, Samuel is an active mountain biker and gamer.