• Most expensive Axie raised $820,000
• Axie Infinity outperforms CryptoPunks and Bored Ape Yacht Club in trading volume
• In-game currency struggles with losses in value
Axie Infinity: The Game
In the play-to-earn game Axie Infinity, players can buy small figures called “Axie” with the cryptocurrency Ethereum and compete against each other. In order to play the game, you must first invest in three Axies. After all, the game is about the two currencies, AXS and Smooth Love Potion (SLP). Breeding new Axies requires SLP currency, which can be won through Pokémon-like battles. In addition, the in-game currency SLP can be exchanged for Ethereum. In addition to the SLP currency, however, money can also be made by reselling Axies. The most expensive Axie ever sold fetched a whopping $820,000, according to the game’s website.
advertising
Also benefit from falling prices: Trade cryptocurrencies directly with leverage now.
77% of retail investor accounts lose money when trading CFDs with this provider. You should carefully consider whether you can afford to take the high risk of losing your money
Axie Infinity breaks trading volume record
As t3n reports, the game quickly gained popularity in 2021. According to its own website, Axie Infinity now has 2.8 million players every day. But the game does not only stand out in terms of popularity compared to competitors such as CryptoPunks or the Bored Ape Yacht Club. According to the analysis platform Cryptoslam, Axie Infinity recently broke the record for trading volume. With over $4 billion in trading volume, Axie Infinity is the most traded NFT collection. For comparison, the second place, CryptoPunks, has a trading volume of around two billion US dollars and the Bored Ape Yacht Club in third place just around 1.3 billion US dollars. Co-founder and CEO Alexander Larsen tweeted: “@axieinfinity just hit $4B in NFTs traded between players. This is the most traded NFT collection ever!”
.@axieinfinity just hit $4Bn traded NFTs between players ?
It’s the most traded NFT collection ever!
Usually, game devs take 100% of the proceeds, but the Axie biz model is different.
4.25% of each trade goes into the $AXS token treasury. $AXS can be earned by playing ? pic.twitter.com/mYM7jBKFym
– Psycheout – Aleksander | Axie Infinity (@Psycheout86) February 21, 2022
Currency depreciation continues
Despite the game’s popularity and record trading volume, the game’s currency has continued to depreciate. Since many people see the game as an investment opportunity, they exchange the in-game currency SLP for Ethereum and thus remove it from the game cycle, explains Golem. However, the SLP currency is currently struggling with hyperinflation. At best times in 2020, you still got the equivalent of 30 cents for an SLP. At the beginning of February this year, however, the price was at an all-time low of EUR 0.008 per SLP. At the end of the month, however, it rose again to almost two cents. Most recently, on February 28, it was announced that the Axie marketplace fee would increase by 5.25 percent on March 7. “This will create a sustainable source of funding for future marketing and growth initiatives, namely: Axie Creator Codes! The increased marketplace fee allows creators to be rewarded for growing the Axie Infinity community, benefiting everyone in the ecosystem,” reads in the explanation for it.
E. Schmal / Editor finanzen.net
Leverage must be between 2 and 20
No data
Image sources: pedrosek / Shutterstock.com, Wit Olszewski / Shutterstock