Gaming project thriving on in-house developed Ronin sidechain
In the past seven days, gamers have spent $6,69 million on NFTs for the blockchain-powered creature battle game Axie Infinity. This makes Axie Infinity the most valuable NFT collection of this moment, according to data from DappRadar.
Where other blockchain projects on the Ethereum projects are often hampered by transaction costs due to rising gas fees, Axie Infinity is blossoming on its own Ronin sidechain solution. With 29,514 sales in the past week, the project has seen more than $6,69 million in transaction volume. This puts Axie Infinity on the number one spot in the NFT collection charts on DappRadar.
The benefit of the Ronin sidechain is that gamers don’t need to pay any gas fees to trade, buy or sell the Axie Infinity NFTs. As a result, smaller transactions make a lot of sense.
The average transaction within the Axie Infinity NFT collection is $226. This seems like a lot, but prices range from $100 for an Axie creature up to thousands of dollars for a piece of virtual land.
In the past 30 days, the Axie Marketplace has been responsible for more than 7040 ETH worth of trading activity. That’s $18,3 million in volume. On the marketplace, gamers can buy and sell Axies, land, and land items.
During the COVID pandemic Axie Infinity has become a beacon of hope for the blockchain gaming industry, but even more for certain communities in developing countries. The game’s unique play-to-earn mechanics allow anybody with three Axies to battle other players and earn Smooth Love Potions. These potions aren’t merely game items, but they are SLP tokens on the blockchain with actual value.
Gamers can combine two Axies to create a new baby Axie, but this requires Smooth Love Potions. As a result, SLP tokens gain value. Currently, SLP is worth $0.126796, up 22% from yesterday. The price of the potions suddenly peaked at the beginning of May, reaching $0.37 per token.
If gamers are currently able to make 100 SLP tokens per day, their monthly earnings would be $360. These amounts of money would improve the living standards of families in developing countries like Venezuela, the Philippines, and Indonesia considerably.
However, at the current prices, players need to first spend $300 before being able to even get started. The Axie community came up with the idea of scholarships, where users with lots of Axies borrow their creatures in exchange for a percentage of the earnings. New businesses are being formed around this concept. One of those companies is Yield Guild Games, which received $1,3 million in funding. This week they announced to service 1,000 Axie Infinity scholars.