While the craze around NFT cools down, decentralized gaming platforms have started to gain traction. Gaming platforms like Axie Infinity have recorded the most revenue from DApps in the past month. As Colin Wu, a popular crypto journalist, points out.
Axie Infinity continues to lead the pack with $190.9 million in revenue from Dapps over the past 30 days. As the NFT market cooled, dYdX surpassed OpenSea with $66.9 million in 30-day deal revenue.
Axie Infinity (AXS) has been rebounding sharply over the past three months, gaining over 200% during that time. Last week, AXS touched an all-time high of $162 as Facebook announced a rebranding to aggressively promote the Metaverse.
Azie Infinity, a blockchain-based gaming platform, has gained solid traction recently. Users play the Axie Infinity blockchain game by purchasing Axie characters as NFTs. It lets players collect, breed, raise, battle and trade token-based creatures called Axies.Once users own a set of three Axies, they can compete against other users.
Recently, several crypto tokens related to gaming and metaspace have been developing. Decentraland (MANA) has also skyrocketed 300% in the past four days following Facebook’s rebranding.
NFTs are the Metaverse’s revenue model
We’ve seen a solid NFT boom this year, with transaction volumes soaring to multi-year highs. While transaction volumes and revenue generated have declined, the growth happening around the metaverse could fuel more demand for NFTs.
William Quigley, co-founder of stablecoin Tether and a pioneer in the cryptocurrency space, noted that NFTs could provide a strong revenue model for the metaverse. In the interview, Quigley noted that metadata will massively change the way we interact in the virtual world. He adds.
When it happens, it’s really hard to imagine and exaggerate its impact. I bet the metaverse’s revenue model will be NFTs. in video games, the revenue model is now virtual items, and that’s a $175 billion a year business. I think the metaverse should be orders of magnitude more than that, because it’s everything, it’s not just games.
This is the beginning of a new world and we are likely to see good synergies between the cryptocurrency world and the metaspace in the near future.