The play-to-earn game solidifies top spot in NFT collections ranking
The play-to-earn game Axie Infinity has smashed through yet another impressive milestone. The NFT collection of the game on the Ronin sidechain has now generated upwards of $2 billion in all-time sales. This secures Axie Infinity’s position as the most valuable NFT collection to date.
According to DappRadar data, Axie Infinity now has an all-time NFT sales volume of $2.05 billion. More than 615,000 traders have bought or sold Axie Infinity NFTs, in upwards of 4,880,000 transactions. This means that an average transaction for an Axie Infinity NFT is worth about $420.
Interestingly, Axie Infinity’s main function is as a game, not an NFT collection. Despite that, Axies manage to beat big names in the NFT space like CryptoPunks, Art Blocks, and NBA Top Shot. Axie Infinity is steadily building a lead on CryptoPunks, as the latter is lagging with an all-time volume of $1.29 billion.
Axie Infinity’s stellar rise
According to a recent DappRadar Industry Report, Axie Infinity was the biggest contributor to the NFT economy. The game’s collection generated more than $765 million in sales, representing about 83% of the total volume of game NFT sales in August. Interestingly, activity for Axie Infinity continues to grow, despite the rising prices for in-game NFTs. While in May, DappRadar reported that the average transaction within the Axie Infinity NFT collection was $226, this value has almost doubled now.
Axie Infinity managed to lay a strong foundation in Asia, especially in the Philippines, where the community found the game to be a sustainable source of income. Following tremendous growth in its early stages, Axie started attracting attention on a global scale. According to a recent development update, the game now boasts 1.5 million daily active players. These players need to own at least three Axies, which can be purchased on the dedicated NFT marketplace.
Considering the reach the game has secured in the past couple of months, it is no surprise that the NFT collection is generating vast amounts of sales volume. Interestingly, Sky Mavis, the Vietnamese development team behind Axie Infinity, recognizes that this growth cannot continue forever. However, they are actively working on introducing major server updates to accommodate even more players in the future.
AXS, SLP, and future plans
As a play-to-earn game, Axie Infinity relies on its AXS governance token and SLP utility token. Players can earn the latter through gameplay, and then sell it to other users who need SLP to create new Axies.
On September 4th, AXS hit an all-time high of $93.68, according to CoinGecko data. At the moment of writing the governance token is trading for $68,51, up 1% over the past 24 hours. On the other hand, SLP has gone up more than 7% in the past 24 hours. One Smooth Love Potion is now worth $0.087, down 78% from its all-time high 2 months ago.
These price swings are not at all surprising, considering the continued interest in Axie Infinity. A surge of new players creates lots of demand for both SLP and AXS, after which the economy will slowly balance out again. However, a prolonged period of growth could point towards a potential slowdown. The initial investment value necessary to start playing Axie Infinity increases. Consequently, more players are prone to passing up on the game.
Sky Mavis has predicted this turn of events and is now working on a new game mode, which will allow users to test the game for free. According to the September development update, the studio is hard at work on creating Battles V2. This will be a new battle system with a demo version for players to try out before even owning any Axies.
DappRadar will continue monitoring Axie Infinity’s development. Hopefully, the game will continue its path of success. Explore the links below if you want to learn more about the game or get your hands on some AXS tokens. DappRadar has a large library of news on Axie Infinity. Additionally, you can easily swap between ETH and AXS on the integrated DappRadar Token Swap service.