Sky Mavis and its players generated $ 2.05 billion in sales for Axie Infinity, an NFT game founded by Team Synthetic Team.
Axie Infinity uses NFT to set up the characters in a unique way. Players use real money to purchase these characters and participate in battles with other players. You can upgrade characters and sell them, which will bring income to players.
The ability to make money in the game is called “play-to-earn” and has evolved in many different ways. DappRadar confirms that Axie Infinity has reached # 1 in NFT collections.
Axie Infinity NFT has been bought or sold in 4.88 million transactions by over 615,000 merchants. This means the average transaction for an Axie Infinity NFT is worth around $ 420. All of this is really cool for a company with $ 100,000 in January sales.
Rise of the Axie Infinity
Axie Infinity grew rapidly from the start in the Philippines, where people realized that by playing Axie Infinity they could make three times the minimum wage in one month. This proves that the play-to-earn (entertainment economy) model is very relevant at a time when the pandemic has lost so many people from their jobs.
The main function of Axie Infinity is a game, not an NFT collection. That said, Axies can still beat the big names in NFT collectibles like CryptoPunks, Art Blocks, and NBA Top Shot. Axie Infinity is slowly expanding its lead as CryptoPunks lags behind with a peak trading volume of $ 1.29 billion.
The Axie Infinity collection generated over $ 765 million in sales, representing approximately 83% of total NFT in-game sales in August. While DappRadar reported in May that the average transaction in the Axie Infinity NFT collection was $ 226, that figure has almost doubled since then. Players must have at least three Axie characters to play. It currently has 1.5 million daily active players.
As a play-to-earn game, Axie Infinity relies on AXS governance tokens and SLP utility tokens. Players can earn SLP through the game and then sell it to other users who need the SLP to create a new ax.
On September 4, AXS hit an all-time high (ATH) of $ 93.68, according to CoinGecko data. At the time of publication, AXS is trading for $ 68.51. On the other hand, SLP has increased by more than 7% in the past 24 hours. A Smooth Love Potion (the in-game currency you earn to take part in and win battles) is now worth $ 0.087, down 78% from the ATH two months ago.
AXS. Price chart | Source: Tradingview
Sky Mavis is currently developing a new game mode that will allow users to try the game for free.
The NFT boom
Sky Mavis raised $ 7.5 million in May with donors including billionaire and Dallas Mavericks owner Mark Cuban.
Sky Mavis begins to participate in the mass transition to NFT games. They have exploded in other uses like art, collecting sports, and music. NBA Top Shot (a digital trading card) is an example. NBA Top Shot was developed by Dapper Labs and has passed the $ 710 million mark. And an NFT digital collage by artist Beeple sold for $ 69.3 million at Christie’s. Investors are investing money in NFT, and some of those investors are game fans. In the first half of the year, NFT sales reached $ 2.5 billion.
NFT uses blockchain to uniquely identify and authenticate digital assets, enabling businesses to create NFT-based collections that can rarely be sold. When the Axie Infinity started operating three years ago, almost no one cared or understood what NFT was.
The team consists of a group of flamethrowers (mostly from Synthetic Team) who believe NFT will open a new world of gaming and co-founder Jeff Zirlin (who will speak Next at GamesBeat Summit). . Just as mobile games have opened up new design spaces and player prototypes, so do NFT games. They believe that it is contrary to previous games and requires a whole new perspective and skill to build it up.
They also believe that ownership encourages players to act like founders and employees rather than users. These rights include the fact that you can sell in-game assets to anyone in the world, earn cash tokens to play / contribute, and own part of the game you play. When you spend money on a game like Axie Infinity it feels more like an investment as you can monetize that investment later by selling what you buy.
Lots of people also believe that play-to-earn is opening up new types of jobs in digital, hyperdiverse economies, just like Uber, Airbnb and DoorDash did.
Some clan players can buy extra ax or in-game currency and lend them to players who don’t have enough money. These players can then use them to generate more ax and they keep a large percentage of the tokens so earned and the rest goes to the clan. Clans can also acquire territories and their members can develop plans and then the whole guild benefits from the resources that are generated on this land.
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According to Venturebeat