What happened
There wasn't much memorable action in many cryptocurrencies this week, but Axie Infinity (CRYPTO: AXS) was an exception. The crypto, which anchors the non-fungible token (NFT)-based video game ecosystem of the same name, was up nearly 16% week to date as of Friday morning before market open, according to data compiled by S&P Global Market Intelligence.
So what
Axie's ascent started on Sunday, with the catalyst being an announcement from the blockchain's developers. In it, they provided an update on their plans to decentralize their ecosystem, detailing steps they are currently taking and will take in the coming weeks and months. This paints a much sharper picture than the relatively vaguer plans the team shared earlier this year.
Chiefly, these measures include the elevation of "invested" members of the Axie community to decision-making roles, and the establishment of "councils," for various aspects of the blockchain's governance. They also include on-chain voting and treasury functions. All of these will occur "As progress is made on the decentralization continuum," in the team's rather flowery language.
"The ultimate goal is to empower the collective with the responsibility of guiding one another in advancing the community's mission through self-organization," it wrote in its announcement.
Now what
Axie could also be benefiting from certain crypto investors' taste for the offbeat. Star names in the digital currency realm like Bitcoin and Ethereum have been freezing over this latest stretch of the crypto winter. So, some folks could be eager to get their hands on coins and tokens that are offbeat and/or anchor a different and unusual platform that nevertheless has potential. The game-based Axie certainly fits this bill.
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Eric Volkman has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
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