Only $1,2 million difference between the two leading NFT marketplaces
Over the last seven days, Axie Infinity has been actively gaining both new users and a lot of additional trading volume getting closer to surpassing OpenSea. While OpenSea has been regarded as the NFT industry leader for quite some time now, Axie Infinity now follows very closely behind. The transaction volumes both NFT marketplaces processed in the past week are relatively similar – OpenSea secured $22,8 million, and Axie Infinity is behind only by around a million at $21,6 million.
The interesting takeaway from last week’s analysis is that Axie Infinity actually attracted more traders. With close to 3,000 users more than the entire and diverse offering of OpenSea. Axie Infinity is taking the lead in terms of an increase in its user base, while only offering a marketplace dedicated to the game with the same name.
Why Axie Infinity performs so well
While OpenSea operates on the Ethereum mainnet, Axie Infinity moved to the specifically created Ronin sidechain. It might be rather surprising that a project running on a sidechain is actually attracting more users. However, Axie Infinity’s relatively accessible pricing, community empowerment, and play-to-earn gameplay mechanics are attractive selling points.
The Axie Infinity collection has been exhibiting a stellar performance over the past week, with more than 63k sales recorded. What is even more impressive is the fact that only around 15k users completed these sales. This means that on average each user has performed more than 4 transactions during the week.
Another additional selling point for Axie Infinity’s NFTs is the fact that they are all tied to the game itself. OpenSea features hundreds and thousands of different NFTs. On the other hand, the Axie Infinity Marketplace focuses only on NFTs tightly connected to the game. These include Axie creatures, land parcels, or land items. Sky Mavis started the big Axie migration in late April. Today, all Axie NFTs exist only on Ronin and the Axie Infinity Marketplace. This is one of the big factors that help Axie Infinity secure more trades and a better volume than big names in the industry like OpenSea.
Can Axie Infinity surpass OpenSea?
We cannot say for certain that Axie Infinity will surpass OpenSea, but there are some factors pointing towards that possibility.
According to our latest market analysis overview report, the NFT market dipped by 5% in sales volume. Even so, we are seeing increased attention towards NFT sales of smaller value. This could potentially be a good sign for Axie Infinity and its race to reach and surpass OpenSea.
While Axie Infinity is steadily gaining traction, it is important to note that OpenSea has started offering users the option to trade NFTs minted on the Polygon (MATIC) blockchain. This is a significant diversification for the platform. Furthermore, OpenSea will soon start supporting the Flow blockchain as well.