AXS users can now access NFT loans and earn staking rewards as well
Despite development, Axie Infinity struggled to improve adoption
On February 2 Axie Infinitys [AXS] engine, the Ronin Network, confirmed that users of the Play-to-Earn project can access loans directly in their wallets. According to the announcement, the feature became available following the network’s partnership with MetaLend.
1/ @MetaLend_DeFi bet on Ronin!
MetaLend helps Axie Infinity players take out loans against their in-game assets like axies and land directly from their Ronin Wallet.
Here’s what you need to know 🧵👇 pic.twitter.com/izkQjKjQuY
— Ronin (@Ronin_Network) February 2, 2023
Is your wallet green? look at the Axie Infinity Profit Calculator
Possible way out of the calamity
MetaLend is a leading partner that allows AXS users to borrow against their in-game assets or NFTs. The Ronin Network, also owned by Sky Mavis, noted that AXS players could access liquidity while having collateral with their NFTs.
The official tweet pointed out,
“Anyone, anywhere, can now access liquidity and earn returns from their Axies and land on Ronin. In the future, players will even be able to play with their NFTs if there are certainties.”
This could be a welcome initiative for AXS holders who have survived the hard times of neglect over the past year. During this period, AXS’ gaming ecosystem, who was once attractive became a shadow of himself. The NFT sector, where it flourished for some time, became a point of disinterest from the wider community.
However, there is some uptick in AXS aside from the 67% increase in value over the last 30 days. Since the beginning of the year there have been days when the NFT volume over $1 million.
When Ronin learned about the MetaLend partnership, AXS NFT trading volume reached its highest point in 2023. During the aforementioned period, the volume was $1.91 million.
Is AXS coming back into play?
In addition to development, Axie has Infinity’s COO Aleksander Leonard Larsen allowed that the project had long pursued loans for its NFTs. Reportedly, the network’s co-founders were looking at options to unlock liquidity.
NFT loans are a product our community has been asking for since 2019, and @Jihoz_Axie even set up the legendary JihoDAO so players could unlock liquidity back in the day
Now with @MetaLend_DeFi players can do this without confidence
I look forward to more #DeFi for gamers on $RON https://t.co/za2qYtpnhr
— Aleksander / Psycheout – Axie Infinity (@Psycheout86) February 2, 2023
Now that the mission has been achieved, would AXS become more attractive to investors?
Realistic or not, here it is The market cap of AXS in terms of BTC
According to Santiment, Axie Infinity’s network growth fell short of an increase. The measures for network growth acceptance by the user and illustrates the number of new addresses created daily.
At the time of writing, the stat was down to 37. This indicated a decline in traction despite several spikes. However, the number of 24-hour active addresses has increased, which means there has been an improvement in the number of unique transactions on the network.
This post Why Axie Infinity’s [AXS] loan offer is a silver lining in dark clouds
was published first on https://ambcrypto.com/why-axie-infinity-axs-lending-offer-could-be-the-silver-lining-in-the-dark-clouds/