Axie Infinity is one of the most liked play-to-earn games in the entire NFT gaming marketplace. In the last six months alone, the protocol saw a 131x increase in sales volume and actively attracted thousands of players to participate in the Axie community. This explosive growth in popularity helped Axie’s revenue increase 118x. The surprising part is that- Axie outperformed other blockchains and DAPPs like Ethereum or Uniswap. Here we can see the cumulative revenue in the past seven days:
We are 15 days in for this month, and we already see $297,995,234 in sales volume. This huge uptick in growth is mainly because players are now having fewer barriers to entry. With Ronin- an Ethereum-linked sidechain as the main marketplace now, players can buy Axies at a reduced gas fee, and the transaction confirmation is also instant. The migration of Axies to Ronin was also simpler and easy to access with the help of a block explorer.
Daily Sales Figures (Source- Crypto Slam)
If we compare Axie Infinity to one of the top NFT marketplaces- NBA Top Shot, the numbers are not close. We have seen the Axie platform do 20x the volume of NBA top shots in recent days. The total sales volume is higher, but it is amazing how much ground Axie covered in such a short period.
The players engaging with the protocol are leveraging this growth, as we can see the average purchase went from $280 to $480 in less than one month. If we consider last year’s figures, that would be just $23. The AXS token value increased from $0.12 to $27 in the last year.
Axie Infinity’s spectacular growth has come in the last few months, but the game and ecosystem were in the works for the last three years. By adopting a cheaper alternative, the company changed everything for the players, and play-to-earn has caught fire in the last few months.
What’s next for Axie Infinity?
Player acquisition is still extremely challenging for the company, so we can expect them to focus more on building the bridge and simplifying purchasing and using Axies. Recently, the co-founder and COO of Axie Infinity, Aleksander Larsen, said on the Unconfirmed podcast that “Axie is like an island right now and there are no bridges around.” He also mentions they plan to work on launching the platform on App Store and Play store.
If onboarding barriers are reduced significantly, it is safe to say Axie Infinity will be the future of play-to-earn games. It has something special, and players worldwide are super excited to play an NFT-based game that can make them some side income.
Born and brought up in India, Karthikeya Gutta is a crypto journalist and freelance contributor for ItsBlockchain. He covers various aspects of the industry with in-depth analysis and research. His passion towards blockchain and crypto ecosystem is mainly because he believes it can really change the world and help millions of people.
Subscribe to get notified on latest posts.