Axie Infinity Gamers Spent $6.7M on NFTs Over Past Week

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In Brief
  • Users of blockchain-based game Axie Infinity have spent $6.69 million on in-game NFTs in the past seven days.

  • Benefiting from the Ronin sidechain, Axie Infinity has outpaced NBA Tops Shot and CryptoPunks.

  • Because players can earn tokens by playing, the game has become popular in developing economies.

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Users of blockchain-based video game Axie Infinity have spent $6.73 million on in-game non-fungible tokens (NFTs), in the past seven days. 

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According to DappRadar, it currently makes Axie Infinity the most valuable NFT collection. Axie Infinity achieved this figure through nearly 30,000 sales. Meanwhile, usually top-performing NBA Top Shot is in second place, with $6.57 million in volume across 262,000 sales. Additionally, CryptoPunks made $6.22 million across just 88 sales, in the past seven days.

Ronin sidechain benefits

Axie Infinity achieved these sales despite operating on Ethereum (ETH), which is still hampered by transaction costs and high gas fees. It has been able to do this by operating on the Ronin sidechain. Because gamers don’t need to pay any gas fees to trade, buy, or sell Axie Infinity NFTs, the Ronin sidechain can facilitate many smaller transactions.

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The amount of an average transaction on Axie Infinity is $226. However, prices can vary drastically, from $100 for an Axie creature up to thousands of dollars for virtual real estate. In the past 30 days, more than 7,040 ETH has changed hands on the Axie marketplace, amounting to over $21 million in volume.

Axie Infinity income

Because players have the opportunity to earn money while playing the game, it is especially popular in developing economies. The game has unique play-to-earn mechanics, which allow users to battle and earn Smooth Love Potions. These Smooth Love Potions are actually SLP tokens on a blockchain that can be exchanged for ethereum.

SLP is currently worth $0.11, down from an all-time high of $0.37. If a user can make an average of 100 SLP tokens a day, their monthly earnings would amount to over $300.

Unfortunately, players still need to usually spend around $300 to even begin. However, the Axie community is pioneering scholarships. In these instances, users with many Axies loan out their creatures in exchange for a percentage of the earnings. This in turn is creating another revenue stream within the environment.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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