Axie Infinity, an ethereum blockchain-based NFT game, has announced the launch of a betting program for its native token Axie Infinity Shards or AXS.
According to the September 30 announcement, AXS holders can begin pledging their tokens, and the rewards will be activated within 24 hours to ensure early pledging in all time zones.
“Pledging is a way for us to reward community members for having a long-term mindset and locking in their AXS tokens,” the Axie Infinity team said in the announcement, adding that by pledging, players can earn AXS rewards.
The team plans to give voting rights and “a say in how the community’s finances are spent” through the stakes. At the time of writing, Axie Infinity’s community treasury holds over 18 million AXS tokens worth over $1.4 billion.
A total of 2 million AXS tokens will be distributed during the first month of the staring program. Of the set cap of 270 million AXS tokens, approximately 58 million tokens are in circulation and the rest will be released through staking, game rewards and ecosystem reward structures, the announcement reads.
Launched in 2018, Axie Infinity is a trading and battling game that enables players to collect, breed, raise, fight and trade Axies, which are essentially non-fungible tokens (NFTs) with different properties and strengths.
AXS tokens are also listed on several cryptocurrency exchanges and represent a small slice of the game’s universe. In addition to outright purchases, players can earn in-game achievements, such as placing on leaderboards or winning tournaments.