Blockchain NFT Game Axie Infinity Surpasses $4 Billion in Sales
Both NFTs and play-to-earn games brought a lot of attention within the crypto world in 2021. No doubt Axie Infinity has pushed further NFT and play-to-earn game adoption.
Axie Infinity is a play-to-earn NFT blockchain game built on the Ethereum network. Players use NFT “Axies” to battle each other in the game. These “Axies” can be traded on their NFT marketplace.
During the game, players earn Smooth Love Potion tokens, which can be traded for real money through a cryptocurrency exchange.
CryptoSlam on-chain data shows that Axie Infinity has made over $4 billion in NFT sales since its launch. It also shows that there have been 14.45 million transactions and 1.62 million buyers since its inception.
Axie Infinity is the highest NFT collection when it comes to NFT sales. In second place is the CryptoPunks collection with $2 billion sales, and in third place is the Bored Ape Yacht Club with $1.35 billion sales, according to CryptoSlam data.
The Beginning of the Play-To-Earn Era
According to the World Economic Forum, approximately three billion people are playing video games all over the world. This new type of gaming based on blockchain technology is just in its early stages, and it’s introducing a new digital economy into the gaming world.
Especially in countries with emerging markets like the Philippines and Venezuela, where people are playing games such as Axie Infinity, in order to earn the income needed due to their economic, social, and political situation.
The blockchain NFT games are bringing value to digital things, and it introduces a huge role to the future, especially to the metaverse, which appears to be the way we are heading.
AXS Recent Price Actions
AXS is the 41st biggest cryptocurrency by market capitalization with $2.98 billion. It is trading now at $49.05 and it is down 9.35% in the last 24 hours.
The cryptocurrency is still down 70% from its all-time high of $165.13 in November 2021. During the past week, the cryptocurrency found a top around $65 when it started to decline until $50.
Then it reached $56 when it started to decline again. On February 22, it found support at $46 where it began moving upward, as you can see below:
Although the NFT market has been cooling off this month, approximately $1.7 million worth of NFTs were stolen in OpenSea over last weekend. Also during last week, the most expensive CryptoPunk was sold for $23.7 million.
As global crypto adoption continues, NFT blockchain-based games are becoming more popular. There are no doubt gamers from Web2 will join the new era of play-to-earn games in Web3.