It will probably reach $1 billion in NFT trading volume next month
Axie Infinity has become the most valuable NFT collection in the history of the blockchain. The game has seen more than $753 million being traded in Axie NFTs and virtual land since its inception in 2018.
The play-to-earn game has dethroned NBA Top Shot as the leading NFT series, while CryptoPunks dropped to third place. At this moment the Axie Infinity NFT collection sees approximately $150 million in trading volume per week, suggesting that the collection will expand its lead in the weeks to come. At the current rate, $1 billion in NFT trading volume will be reached in August.
The NFT-based battle game has risen to prominence with the launch of its own Ronin sidechain. Now gamers can trade their NFTs without having to worry about transaction costs. This has proven to be a crucial step towards mass adoption, as the game is now being played by approximately 500,000 players worldwide.
Axie and the play-to-earn economy
Blockchain technology has the ability to empower users, and Axie Infinity has been one of the prominent players in this field. Gamers who own 3 Axie NFTs can play the game to earn Smooth Love Potions, or SLP tokens. A victory in the game can earn someone 1 up to 20 SLP. These SLP tokens can be traded on for example DappRadar Swap. Yes, these tokens represent real value. At the moment one SLP is worth $0,27.
However, Axie NFTs can only be created by using SLP. Therefore the costs involved in creating new Axies, has gone up as well. As a result gamers from developing countries have difficulty obtaining 3 Axies. That’s where the Axie Infinity Scholarship Program comes into play. Users who own lots of Axies, can make their collection available to others and then split the revenue.
That’s the reason Axie Infinity has become increasingly popular in developing countries, and in The Philippines in particular.