Blockchain is the revolution that’s going to change the future of technology, no doubt. It has already infiltrated the way we transact goods and currencies. Now, its influence is slowly seeping into the internet via Web 3.0. Still, while these ends are noble and ambitious, there are plenty of other projects that take a more lighthearted approach to the technology. Specifically, blockchain gaming is currently having a renaissance thanks to the metaverse and non-fungible tokens (NFTs). Axie Infinity (CCC:AXS-USD) is one of the leaders in this space. Although AXS is struggling at the moment, investors are hoping a new gaming mode will help lift AXS crypto price predictions once again.
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Axie Infinity is a Vietnam-based NFT game in which players battle each other with NFT creatures called Axies. These Axies can be bred to mint new and rarer NFTs and make players harder to beat in battle. As a play-to-earn game, users can earn real-world income by playing the game. As users win, they earn Smooth Love Potion (CCC:SLP-USD), the sibling token of AXS. Users can mint new NFTs with these tokens or sell them for a quick profit.
Thanks to its appealing game model and the potential to earn money just by playing, AXS had quite the price explosion throughout 2021. In June of last year, AXS traded at just around $4 apiece. By mid-November, the going rate for the token reached an all-time high of more than $160.
AXS Crypto Price Predictions: Will the New Land Game Mode Help Revive AXS?
Unfortunately for AXS holders, the token is seeing quite the downturn since that all-time high. Since the beginning of December, the token has been paring increasing losses, ultimately shaving over $50 from the AXS price. Currently, the currency is trading at $68. But with a new feature on the horizon, AXS crypto price predictions could become more bullish.
At the beginning of the new year, Axie Infinity developers began teasing an incoming feature for the game. A blog post teases the incoming “Project K” game mode, which combines the blockchain game with aspects of the metaverse. This new game mode will allow all players who own in-game land to participate in experiences across an expansive Axie Infinity “kingdom.” As with other metaverses, the new mode will tie land ownership with social experiences for a more immersive experience.
This news is quite bullish for the AXS token; with metaverses becoming a point of increasing interest, there is a reasonable likelihood that AXS stages a price comeback thanks to the new mode’s rollout. So, with that said, let’s take a look at some AXS crypto price predictions and see what analysts think:
- CoinPriceForecast is incredibly bullish on AXS. The outlet expects the token to close out 2022 at a jaw-dropping $339.
- A much less bullish DigitalCoin is still expecting some sizable gains for the crypto, finishing the year at around $93.
- WalletInvestor is expecting AXS to have a busy year of gains, reaching $235 by next January.
- Most bullish is Gov Capital, which expects AXS prices in 2023 to dwarf prices today. The website forecasts a price of $426 for the token by next January.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.