Axie Infinity has become a force too big to be ignored in the crypto gaming world with its play-to-earn system of reward. The platform has shown the endless possibilities that exist when crypto is merged with gaming.
Axie Infinity and Ethereum are currently dominating the crypto space in terms of free revenue generation. The renowned play-to-earn game has reshaped the blockchain gaming ecosystem, offering more perks and benefits to its users.
Biggest Revenue Generating Gaming Platform
According to DappRadar, in the last month, the revenue-generating gaming platform has accounted for more than $765 million in NFT trading volumes. This means that Axies and their virtual land accounted for around 83 percent of all game NFT sales in August.
Throughout the last month, there was a total of $918 million generated from game NFT sales, about 18% of all the NFT sales in August. Axie Infinity’s mind-blowing dominance in the last month has secured their spot as the most valuable NFT collection of all time. It recorded about $1.8 billion in sales in a month –a fit deemed surprising by most crypto experts.
The Axie Infinity Surge
Axie Infinity, interestingly, blurs the lines between gaming, NFTs, and Defi. The fact that a game-based NFT collection outperforms prominent names like CryptoPunks and Art Blocks is very remarkable. Notably, the average retail price for an Axie is nowhere near NFT’s floor pricing.
Their play-to-earn system makes them a go-to place for people hoping to cash in on the earning potential within the crypto space. Also, the platform does not look ready to loosen its grip as it has increased its social media presence, ready to continue the intimidating dominance. The goal would be to have more people on their platform, which would mean more revenue generation and, obviously, more respect. Axie Infinity’s growth within the ecosystem has been phenomenal and is inspiring other similar play-to-earn games.
The Philippines began the Axie Infinity explosion. The rising fame of the platform in the country prompted government finance experts to emphasize that gains from play-to-earn games must be recorded as income tax. Other developing and emerging countries whose local currency deteriorated and were struck by the pandemic are clinging to the platform after seeing the potential it offers their citizens.
In conclusion, although there are debates over the sustainability of the platform’s growth in the long run and if the rising cost will prove to be a barrier for those seeking entry to the platform, it is undebatable that Axie Infinity is paving the way for the play-to-earn model, and changing the individual lives of its users at a very significant scale.