Axie Infinity, which experienced a meteoric rise in popularity last year as one of the first crypto-focused computer games, could face significant selling pressure as $215 million worth of the project’s AXS tokens are unlocked in the coming days.
Players earn Axie’s in-game cryptocurrencies and non-fungible tokens, which they can sell, trade or use to level up their characters.
Some 21.5 million tokens, almost 8% of the total supply, will be freed up when the vesting period expires Oct. 24, according to data site TokenUnlocks. Aleksander Larsen, chief operating officer of Axie developer Sky Mavis, told CoinDesk the unlock schedule is based on transaction block numbers, which he projected to take place on Oct 26.
A vesting period is when early investors and insiders are required to hold their investments for a minimum period of time, partly so they can’t cash out just as new investors arrive. When the vesting period expires, holdings become unlocked and investors can sell. In digital...
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