Axie Infinity Has Reached A New Milestone
The total sales volume of Axie Infinity, which runs on the Ethereum sidechain Ronin, has nearly reached $4 billion in sales.
Despite the cooling in the broader crypto market, the NFT market has had a strong start to 2022, with January recording one of the strongest monthly sale records to date.
Axie Infinity is a game in which players battle “Axies” — small Pokémon-like creatures that are also NFTs — to earn SLP, which can be used to breed Axies, trade in the spot market, or stake for profit. Players need 3 Axies to play the game, but they can buy, sell, and “breed” more when they are in the game and this demand is what keeps the game selling at record sales.
In May of last year, the game exploded in popularity, particularly in the Philippines, as the Covid-ravaged economy found a new source of income at home. Despite the fact that both of the game’s native cryptocurrencies, AXS and SLP, have lost over 7% in the last 24 hours due to a broader market downturn, Axie Infinity has seen consistent player growth, with nearly 3 million players worldwide in January.
Burning mechanisms to mint the current supply of SLP in the market are expected to be implemented in the coming months, with Axie Infinity’s team announcing their plans for the year, especially with the release of the game’s Version 3 known as Origin. This could raise the SLP value, with increased demand expected as a result.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Axie Infinity Now Reaches $4 Billion In Sales
Axie Infinity Has Reached A New Milestone
The total sales volume of Axie Infinity, which runs on the Ethereum sidechain Ronin, has nearly reached $4 billion in sales.
Despite the cooling in the broader crypto market, the NFT market has had a strong start to 2022, with January recording one of the strongest monthly sale records to date.
Axie Infinity is a game in which players battle “Axies” — small Pokémon-like creatures that are also NFTs — to earn SLP, which can be used to breed Axies, trade in the spot market, or stake for profit. Players need 3 Axies to play the game, but they can buy, sell, and “breed” more when they are in the game and this demand is what keeps the game selling at record sales.
In May of last year, the game exploded in popularity, particularly in the Philippines, as the Covid-ravaged economy found a new source of income at home. Despite the fact that both of the game’s native cryptocurrencies, AXS and SLP, have lost over 7% in the last 24 hours due to a broader market downturn, Axie Infinity has seen consistent player growth, with nearly 3 million players worldwide in January.
Burning mechanisms to mint the current supply of SLP in the market are expected to be implemented in the coming months, with Axie Infinity’s team announcing their plans for the year, especially with the release of the game’s Version 3 known as Origin. This could raise the SLP value, with increased demand expected as a result.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Hazel
CoinCu News
