Axie Infinity has announced the beginning of a staking programme for its native token, Axie Infinity Shards, a play-to-earn nonfungible token (NFT) game built on the Ethereum blockchain (AXS).
According to a Thursday notice, AXS holders can begin staking their tokens, and the rewards will be activated in 24 hours to ensure that all time zones can stake ahead of schedule.
“Staking is a means for us to reward our community members for having a long-term attitude and locking up their AXS tokens,” the Axie Infinity team explained in a statement, adding that users can earn AXS incentives by staking.
By staking, the team intends to grant voting rights and “a say over the use of the Community Treasury.” At the time of writing, Axie Infinity’s Community Treasury held approximately 18 million AXS tokens worth over $1.4 billion.
During the first month of the staking programme, a total of 2 million AXS tokens will be distributed. The rest will be distributed through staking, gameplay awards, and ecosystem reward structures, according to the announcement. Approximately 58 million AXS tokens currently in circulation, with the remaining 270 million to be released through staking, gameplay incentives, and ecosystem reward structures.
Axie Infinity, which was released in 2018, is a trading and battling game in which players may gather, breed, raise, battle, and trade Axies, which are basically NFTs with various qualities and strengths.
AXS tokens, which are also traded on many cryptocurrency platforms, are a small part of the game’s environment. Players can acquire in-game achievements, such as placing high on leaderboards or winning tournaments, in addition to purchasing them directly.