Axie Infinity, one of the largest play-to-earn blockchain games by volume, has crossed the $4 billion mark for all-time NFT sales.
The play-to-earn (P2E) game, launched sometime in 2018 by Vietnamese software studio Sky Mavis, is currently the third-largest NFT platform in terms of sales volume. A new update for its Axie Marketplace was issued today, which features new Origin Art, an updated dark theme, refreshed Land Item art, as well as a slew of minor bug fixes.
The game’s AXS token has increased by roughly 2,500% compared to the U.S. dollar over the past year. This same energy isn’t matched, though, with Smooth Love Potion (SLP), its rewards token for players. The SLP token has been in a steady decline on a year-to-date basis, down by 70% its most recent all-time high.
Despite these metrics, the blockchain game project has since capture over $4 billion worth of all-time NFT sales. The current average sale price for Axie Infinity is at roughly $198, with the project’s trading floor seeing an estimated 1.9 million active traders. At this price point, Axie Infinity ranks third across NFT projects, next to OpenSea ($21.85 billion) and Looksrare ($16.85 billion).
This milestone may be seen as a mark of confidence for the project, despite its Ronin sidechain being subjected to a recent exploit which saw roughly $625 million worth of crypto stolen by threat actors. The funds were then moved to a series of Ethereum wallets, with some of these being controlled by decentralized exchanges (DEXs).
Despite the milestone, Axie Infinity’s sales have also been in decline, down by at least 40% over the past week. The blockchain game’s Ronin network sidechain, which experienced one of the largest hacks in the DeFi industry’s history, currently has a total value locked (TVL) of $3.3 billion, while also being down by 15% in the past week. Ronin-based decentralize exchange (DEX) Katana also ranks as the fourth largest DeFi exchange by trading volume, processing over $30.8 million in 24-hour trade volumes with a balance holding $475 million.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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