May 29, 2024
Ethereum's Ronin Token Hits Two-Year High Following $246K 'Axie Infinity' NFT Sale

Ethereum’s Ronin Token Hits Two-Year High Following $246K ‘Axie Infinity’ NFT Sale

In a resounding display of momentum, the native token of the Ethereum-based Ronin Network, RON, soared to a nearly two-year high price of $2.89, according to data from CoinGecko. The token’s meteoric rise, up 5% on the day and an astonishing 57% over the past 30 days, underscores the growing prominence of Ronin as a key player in the realm of crypto gaming.

Ronin, an Ethereum sidechain specifically tailored for crypto games, has experienced a surge in users and heightened activity, fueled in part by the success of Pixels, a social farming game that made the transition from fellow Ethereum scaler Polygon last fall. The recent surge in Ronin users can be attributed, in part, to the play-to-airdrop campaign initiated by Pixels, promising rewards in PIXEL tokens to top players.

The latest surge in RON’s value coincides with significant events in the world of Axie Infinity, the NFT-based monster-battling game developed by Sky Mavis, which originally built Ronin to facilitate its operations back in 2021.

Sky Mavis kicked off its seventh in-game competitive season in Axie Infinity Origins on Tuesday, unveiling the “Epic Era” Season 7. This season promises a bounty of rewards, including 18,900 AXS and over 13.7 million SLP in tokens, collectively valued at approximately $175,000.

Adding to the fervour, early Wednesday witnessed the sale of a rare NFT monster from Axie Infinity, fetching a staggering 105 Ethereum, equivalent to nearly $246,000 at the time of the sale. Axie Infinity co-founder Jeff Zirlin took to Twitter to share that the particular Agamogenesis Axie NFTs had originally sold for 6 ETH in 2018, underscoring the remarkable appreciation in value over time.

The success of Axie Infinity in 2021 cannot be understated, with billions of dollars worth of NFT trading volume and millions of active players flocking to the game. However, challenges emerged in early 2022 as the game’s play-to-earn economy faced hurdles, compounded by a significant security breach on the Ronin network’s bridge to Ethereum, resulting in a loss of $622 million. Despite these setbacks, Sky Mavis diligently reimbursed affected Ronin users and has since focused on fortifying the Axie ecosystem, gradually onboarding additional third-party game studios onto the network.

As Ronin continues to ascend to new heights and Axie Infinity embarks on its seventh season, the convergence of these events signals a vibrant future for crypto gaming, characterized by innovation, resilience, and boundless potential.


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