It is rare for a blockchain-based project to prosper in a bear market, as interest in it decreases as prices depreciate. Bitcoin, ethereum and collective markets plummeted severely between May and June 2021, and other altcoins suffered in terms of valuation.
However, the NFT space was surprisingly active, with one particular blockchain game outperforming expectations.Axie Infinity, we’re looking at you.
In terms of data evaluation, Axie Infinity has registered eye-popping numbers in the past few weeks. In terms of price, its valuation has jumped 1122% in the past month and nearly 205% in the last week. As a result, it has become the best performing asset in the bullish tide of the market.
However, these statistics aren’t the key to summarizing Axie’s meteoric rise. Breaking down each and every on-chain stat would be cumbersome. Therefore, we’re going to look at the key highlights of the past month in the blockchain game.
Axie saw a 475% increase in sales in June.
The game has over 370,000 active members worldwide
In July, Axie’s daily sales averaged $25 million.
It attracted over 5,000 daily unique wallets and usage increased 360% from Q1 to Q2.
What’s really working for Axie?
While Axie Infinity is a blockchain-based game, it features the innate importance of NFTs in the game. This has led to an explosion in sales and volume.
Now, with that in mind, Axie Infinity is currently the most valuable NFT series in the space. Since the beginning of 2018, the game has recorded over $753 million in Axie NFT. Interestingly, more than half of these sales were facilitated in the past few weeks. What’s more, according to projections, the blockchain game will be the first entity to generate more than $1 billion in NFT transactions by the end of August.
Are there other factors that have played a role in its success?
There has never been smoke without fire in the cryptocurrency market, and one of the main reasons for Axie’s success is Ronin, Ether’s sidechain.
Developed on the Ethernet network, the sidechain allows users to communicate with each other globally without the use of transaction fees or gas fees. Here, it is worth noting that Ether plays its role as a reliable basis for sidechains to operate with greater efficiency. This may have led to the success of Axie Infinity.
Now, while many projects are moving to other platforms, the background of Ether’s involvement in the largest NFT sales project only enhances its credibility as the most desirable foundation.
The surge of interest in Axie’s NFT will only open the door for more artists and developers to take the space to a new level of interaction, and Ether may still be at the center of it all.