Axie Infinity unveils NFT monetization solution, merchandise

Axie Infinity (AXS), the widely-played blockchain game and metaverse project, has unveiled a novel initiative, allowing its non-fungible token (NFT) owners the commercial rights to produce and sell authorized merchandise.

This announcement coincides with Sky Mavis, the game’s developer, launching a dedicated merch store for the Axie Infinity intellectual property.

According to Sky Mavis, owners of specific Axie NFTs will now have the opportunity to create and sell their products, marking a significant step into user-generated content (UGC) and commercialization.

A select group of 4,877 Axie NFT holders, possessing Mystic and Origin Axies now have the freedom to utilize their NFT characters as mascots for launching businesses. The Axie team recommends possibilities such as starting Axie-themed cafes, 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, constituting just 0.04% of all Axie NFTs, as per Axie marketplace data. 

Coinciding with the holiday season, an official Axie Infinity merch 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 draws inspiration from the inaugural Axie mint in 2018, where buyers acquired Axies without attached art, showcasing their NFTs solely through code.

According to Sky Marvis, buyers have the option to pay using either cryptocurrency or fiat currency. The first 5,000 purchasers are promised a complimentary Axie NFT and the chance to win one of three Mystic Axie NFTs. 

Additionally, fans in the Philippines utilizing the Grab app can earn Grab points and Axie merch discount codes by clicking on in-app ads that redirect to the Axie merch store, as mentioned in a statement.

For those opting to pay with cryptocurrency, extra rewards can be unlocked at $10, $50, $100, and $1,000 spending thresholds. This includes a special badge, plushies, and various other rewards.

In addition, Sky Mavis also plans to dedicate 20% of the net profits generated from merchandise sales to the Axie Community Treasury. This treasury is established to support community-driven decision-making and the concept of progressive decentralization.

This move by Axie Infinity represents a significant shift in the world of NFTs and their potential use cases, demonstrating the versatility and potential of NFTs to serve as digital assets that can be used in various ways, including generating passive income.

The initiative could inspire other companies and platforms to follow suit, leading to a more diverse and prosperous NFT market.

IMF bullish on Axie Infinity as whales amass AXS

A recent report from the International Monetary Fund (IMF) expresses optimism about three cryptocurrencies. The report anticipates positive performance from these projects by December 2023.

Axie Infinity functions as a platform enabling gamers to engage in diverse games and trade NFTs for potential profits. Despite a period of subpar performance in 2023, analysts project a recovery for AXS, surpassing $5 and reaching $7.30 by December. 

On Oct. 25, there had also been an increase in development activity, maintaining a level unprecedented throughout the month and contributing to heightened investor confidence. The surge in value reflects the growing interest and engagement of investors in the Axie Infinity ecosystem, aligning with the broader trend of increased attention on NFT-based gaming platforms and their associated cryptocurrencies.

Continuing a trend from the previous day. This uptick in significant transactions has been notable since Oct. 27, coinciding with the asset’s sustained bullish performance. 

At the time of writing, Axie Infinity is exchanging hands for $6.40, representing a 6.6% increase in the past 24 hours, according to data from CoinGecko.