The creature battle game Axie Infinity is currently the alpha and omega when it comes to play-to-earn gaming and mainstream adoption. In the past week the game generated more revenue that five premier DeFi platforms combined, while top tier NFTs sold for hundreds of thousands of dollars.
Sky Mavis growth hacker Jihoz tweeted that Axie Infinity generated more revenue in the past seven days then Metamaks, PancakeSwap, Synthetix and MakerDAO combined. At the time of writing PancakeSwap had basically undone that statement. However, the fact remains that Axie Infinity is generating a lot more revenue then each of these projects according to data from Token Terminal. Some of these Axies are also selling for lots of money. On July 4th a Triple Mystic Axie (one of 19) sold for 369 ETH, or $765,000 at the current exchange rates.
With $174 million in trading volume in the past 30 days, Axie Infinity has the most valuable NFT collection according to data from DappRadar. That’s more than CryptoPunks, NBA Top Shot, Sorare, Bored Ape Yacht Club, Art Blocks, VeeFriends and Rarible combined. The volume goes hand-in-hand with an tremendous increase in user activity. In the past 30 days 549 thousand NFTs have been traded. During the same time Axie Infinity has reached the milestone of 350,000 daily active players. These are all incredible numbers, showing unprecedented growth.
However, Axie Infinity isn’t even done yet. Land gameplay is still on the roadmap. Furthermore the AXS governance token still needs to be properly implemented. In addition the team will introduce a renewed battle system, keeping the game fresh for existing players and newcomers. Lots of newcomers.
What is Axie Infinity again?
Let’s quickly talk a bit about Axie Infinity. The tactical battle game uses its own, native Ronin sidechain. In the game players need to use 3 Axie NFTs to battle opponents and earn Smooth Love Potions (SLP). Players need to use SLP to breed new Axies. In addition parent Axies can only breed children a limited amount of times. SLP has a demand, while the floor price for an Axie NFT is right now more than $200. In short, you need three $200 Axies to play and earn SLP tokens.
Earning SLP tokens has become a source of income for people in developing countries. Among those countries the Philippines is leading the pack. The organization and economics behind this, is also becoming more professional. Third party organizations like Yield Guild Games are building tools and communities to really turn people into gamers earning income by playing Axie Infinity.
Robert Hoogendoorn is a gamer and blockchain enthusiast. He got in touch with crypto in 2014, but the fire really lit in 2017. Professionally he’s a content optimization expert and worked for press agencies and video production companies, always with a focus on the video games & tech industry. He’s a content manager and creator at heart, working on Play to Earn. He’s also Head of Content for DappRadar.