Ethereum based nonfungible token (NFT) game, Axie Infinity (AXS/USD) has announced that it has rolled out a staking program for its native token, Axie Infinity Shards.
The announcement also noted that Axie Infinity players will start receiving rewards for staking their AXS tokens. The rewards will be activated in 24 hours to make sure that all times zones can be staked on time.
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The Axie Infinity team stated that staking is a way to offer rewards to its community members that have locked up their AXS tokens for long term, adding that players can earn AXS rewards when they stake on the platform. Some of the opportunities on the gaming portal include collecting, breeding, raising, and trading NFTs known as Axies. They are unique in their strengths and attributes, which makes the game a lot more fun.
Axie To Release More Tokens Via The Reward System
Apart from the opportunity to earn rewards, the team also plans to give the participants voting rights. It will also offer them the opportunity to participate in some decision-making processes in the Axie gaming community. As of press time, Axie Infinity Community Treasury holds about 18 million AXS tokens, which is worth about $1.4 billion.
The team plans to distribute about 2 million AXS tokens during the first months of the staking program. The plan is to encourage more users and holders to participate in the staking program.
Presently, out of the set cap of 270 million AXS tokens, about 58 million of them are in circulation. Axie Infinity says it plans to release the remaining tokens via staking for ecosystem reward, gameplay, and staking structures.
More Opportunities For Players To Earn Rewards
Axie Infinity was launched in 2018 as a battling and trading game that allows players to carry out several actions on the platform. Since its launch, the tokens are now listed on several crypto exchanges and gaining more popularity within the NFT community.
Apart from buying the tokens directly, players also have the opportunity to earn in-game achievements by winning tournaments or placing high on leaderboards.
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