Yahoo Finance Metaverse Token Avaxtars Built on Avalanche Rises over 180% in 24-hours
Metaverse tokens continue to take the market by surprise as altcoins in that category present massive upticks despite the larger crypto market’s consolidation.
Avaxtars, a metaverse coin built on the Avalanche blockchain was the highest price gainer among Metaverse tokens on January 17 noting 182.99% price gains in 24-hours.
What is Avaxtars?
Avaxtars is a browser-based idle sci-fi game built on Avalanche’s C-Chain making it the first browser-based Play to Earn (P2E) idle game on the platform. Launched on 31 March 2021 Avaxtars has a roadmap with progressive development with AVXT as the native currency of the Metaverse game.
The game is built on NFTs with each in-game component tokenized on the Avalanche blockchain. Avaxtar is digitally generated and recorded on the Avalanche mainnet as a unique ERC-721 NFT.
Additionally, the game also features the Personal Avaxtar Generation Machine (PAGM) which aims to analyze the Digital Genetic Code (DGC) of Gen1 Avaxtars and create new Gen2 Avaxtars. The aforementioned process is called Avaxtar Farming and enables users to earn new Avaxtars and thereby earn new AVXT tokens.
Apart from AVXT, the game also features two other tokens- DGC and ENXT. The platform’s tokenomics allow AVXT to be earned by in-game mechanics, DGC to be generated by PAGM processes, and ENXT earned by providing liquidity to AVXT-AVAX pools on decentralized exchanges.
So, while some of the top Metaverse tokens like Axie Infinity and MANA noted minor gains of 2.96% and 1.75% respectively, what aided AVXT’s triple-digit price rise?
What Fueled the 180% Gains?
Avaxtars Token’s trade volumes as per data from Coin Market Cap jumped by 1582.20% over the last 24-hours as its price trajectory noted a vertical uptick. That said, the coin’s market cap also picked up and stood at $2,944,002 presenting 209.98% rise in the last day.
We are very happy to announce our partnership with @KairaNetwork
Avaxtars NFTs owners;
1️⃣ Connect via #NFT character to Kaira Network
2️⃣ Create topics and content
3️⃣ Earn Kaira token while socializing.#gamefi #metaverse #nft #avax #avalanche #playtoearn https://t.co/MHIb27R6UM— Avaxtars🔺 (@Avaxtars_Game) January 16, 2022
The recent price rally came after Avaxtars’ announcement of a partnership with Kaira Network, the first social network on Avalanche. The partnership will let users connect their Avaxtar NFTs to the Kaira Network platform, create content, and earn Kaira tokens while socializing.
While Avaxtars’ recent price hike was triggered by the partnership news the gaming platform’s growing ecosystem has also acted as a catalyst for price growth. Riding on a wave of high positive social sentiment and retail euphoria the coin traded at $18.21 at the time of writing.
This article was originally posted on FX Empire