BTCS Adds Axie Infinity to its Blockchain Infrastructure Operations

Rhea-AI Summary

BTCS, a blockchain technology-focused company, has integrated Axie Infinity into its operations. In 2021, Axie Infinity's NFT transaction volume exceeded $3.5B, signifying substantial growth in blockchain gaming. The company has successfully set up an Axie Infinity validator node as part of its upcoming Staking-as-a-Service platform, having staked 28,794 AXS tokens for compounding rewards. This strategic move enhances BTCS's blockchain infrastructure and aims to capitalize on the growing 'Play-to-Earn' gaming model.

Positive

• Integration of Axie Infinity enhances BTCS's blockchain infrastructure operations.
• Staked 28,794 AXS tokens, generating compounding rewards.
• Positioning in the growing blockchain gaming market with significant transaction volume.

Negative

• None.

Silver Spring, MD, May 11, 2022 (GLOBE NEWSWIRE) -- BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology-focused company, announces the addition of Axie Infinity to its blockchain infrastructure operations. In 2021, Axie Infinity’s non-fungible token (“AXS”) transaction volume totaled over $3.5B, which accounted for two-thirds of the blockchain gaming space’s total volume.

What is Axie Infinity?
Axie Infinity is a user-owned, blockchain-based gaming universe where players can collect creatures called Axies to battle, breed, and build kingdoms with. In the skill-based game, players use Axie creatures as part of complex strategies to attain in-game resources and rise through rankings by completing quests and beating bosses across a complex storyline. Third parties can access art assets and data, which offers developers the ability to build tools and deploy unique experiences.

AXS is an ERC-20 token that players can earn while winning games or purchase on cryptocurrency exchanges. Through AXS tokens, players can participate in governance proposals and claim staking rewards.

Blockchain Gaming vs Traditional Video Games
One of the main differences between traditional gaming and blockchain gaming is player ownership. In a blockchain game, the community rewards players for reaching advanced skill levels. The player rewards have actual monetary value, which is why many blockchain games fall under the category of “Play-to-Earn.”

“We believe that blockchain gaming can shape the future of the entire gaming industry with Ethereum-based games like Axie Infinity leading as frontrunners. Axie Infinity changes the way people play games, going from something that is just fun, to something that has actual monetary value,” Charles Allen, BTCS Chief Executive Officer, said.

Technical Work Completed to Run an Axie Infinity Validator Node
BTCS has completed the technical work to run an Axie Infinity validator node and included it in its planned Staking-as-a-Service platform. The process of blockchain validation includes special intellectual property, technical know-how, and regular maintenance to ensure efficiency. BTCS has staked 28,794 AXS, in turn, BTCS is generating compounding rewards. Staking allows users to generate an annual percentage yield (“APY”) on their staked assets whereas validator node operators charge a fee on users’ staked asset rewards in addition to earning an APY on staked crypto. The highly scalable nature of both staking AXS as well as allowing users to stake AXS to earn token rewards is the premise behind BTCS’ Staking-as-a-Service platform that is currently being developed.

About BTCS:
BTCS is an early mover in the blockchain and digital asset ecosystem, and the first “Pure Play” U.S. publicly traded company focused on blockchain infrastructure and technology. Through its blockchain infrastructure operations, the Company secures Proof-of-Stake blockchains by actively validating blockchain transactions and is rewarded with native digital tokens. The Company is developing a proprietary Staking-as-a-Service platform to allow users to stake and delegate supported cryptocurrencies through a non-custodial platform, which it plans to integrate with its Data Analytics Dashboard, now in beta release. BTCS’ proprietary digital asset data analytics platform currently supports six exchanges and over 800 digital assets, and the Company plans to further broaden its suite of performance-tracking tools, add additional centralized and decentralized exchanges, as well as wallets, and stake pool monitoring. For more information visit: www.btcs.com.

Investor Relations:
Dave Gentry
RedChip Companies, Inc.
Phone: (407) 491-4498
btcs@redchip.com

Public Relations:
Mercy Chikowore
m.chikowore@btcs.com

FAQ

What is the significance of BTCS adding Axie Infinity to its operations?

Integrating Axie Infinity enhances BTCS's blockchain infrastructure and taps into a rapidly growing market.

How much transaction volume did Axie Infinity generate in 2021?

In 2021, Axie Infinity generated over $3.5 billion in NFT transaction volume.

What is the purpose of BTCS's Staking-as-a-Service platform?

The platform allows users to stake cryptocurrencies like AXS and earn rewards, enhancing user engagement.

How many AXS tokens has BTCS staked?

BTCS has staked 28,794 AXS tokens.

What is the potential benefit of blockchain gaming according to BTCS's CEO?

Blockchain gaming can significantly shape the gaming industry's future by providing player ownership and financial incentives.