Axie Infinity Sales Skyrocket to $1 Billion: NFT Game Explosion

The latest sensation in the NFT world is the Ethereum-based game called Axie Infinity. The play-to-earn game has breached the landmark of $1 Billion. At the time of writing this piece, the NFT game, which is inspired by Pokémon, has more than a million active users playing it every day. A Vietnamese Studio known as Sky Mavis developed the online video game, which has its own digital economy and utilizes Ethereum-based cryptocurrency in the form of AXS and SLP.

CryptoSlam (the NFT Analytics site) claimed that the game, which was first developed in 2018, went truly viral in previous months, making most of the sales in the last 30 days, with more than 230k buyers purchasing over $750000 worth of Axies. The game has made over $1 Billion in all-time sales with over 2.4 million transactions, which has pushed the game to the top of the ladder in the NFT gaming space.

So, if anyone is still wondering what is Axie Infinity actually, here is a little knowledge about the super viral NFT game for you;

Axie Infinity is a Pokémon inspired game, which uses in-game tokens – SLP (Slow Love Potion) and AXS (Axie Infinity Shard) and has its own digital economy. They are used to buy land, farm, and Axies just like all other in-game currencies. Whereas AXS is used to give investors a vote in the governance system in the game’s ecosystem, SLP is used for breeding new Axies.

For playing the game, a player has to buy at least three Axies. Axies are just like Pokémons, they can be used to fight other players or teams. The entry-level Axies now cost more than 400$ each, so a player has to spend at least 1300$ to start playing the game. Some rare Axies have higher prices. The most costly Axie ever sold was worth 300 ETH in late 2020. The transaction was worth $130,000 back then.

How the Axie Infinity economy is booming?

Saying that the Axie Infinity economy is booming would be somewhat of an underestimation. The AXS token, which has an integral role in the economy of the game, has skyrocketed. The token was traded at $5.66 at the start of July, and now it has risen to $32.19, a surge of 469%. It had a market cap of $900 Million in July, now; it has a market cap of $2.6 billion.

Since the AXS token holder receives a portion of the revenue the protocol generates, this makes the investment in AXS a lucrative option. Moreover, the Axies have soared in value. The rare mystic Axies now cost more than $56000. A triple mystic Axie was sold for $820,000 in July.

Most of Axie Infinity's new gamers have emerged from financially challenged nations because of the potential to make income via the game. More than 40% of the traffic volume comes from the Philippines with Venezuelan people logging in a further 6 percent. The United States only accounts for a little over 5 percent of traffic volume; but, if the reputation of the game and in-game profits continue to rise, further Americans could join.

Although Axie Infinity has made the news owing to its popularity, there are many other games to enjoy. Because they are all very young, they are already in the early phases of development, with plenty of room for expansion.

The curiosity in and expansion of blockchain-based gameplay initiatives has grown in tandem with the appeal of metaverse games and NFTs. Axie Infinity and others are merely building blocks that are currently being tested. While many major businesses and sporting events have embraced NFTs for collectibles, the video game industry is still in its infancy and will require its own time to evolve and flourish gradually.