In this edition, we look at the past 7 days of the Axie market and recap the highlights from one of the biggest platforms in the history of NFT gaming.
Over the past week, Axie Infinity overcame a gargantuan amount of server issues as they grew past 500,000 players. The number of players was so intense that they had to hire new engineers just to maintain and expand their current system. Now is a good opportunity to look back on the market and spot trends through a period of time when players couldn’t even participate. Too many players is a great problem to have for an industry that many gamers haven’t even heard of. As more players, money and attention pour into Axie Infinity, we will be able to track the markets and see if it trickles into other NFT games. It’s also possible that Axie Infinity can stay ahead of the pack and continue to dominate the NFT gaming landscape.
As of this writing, over $137,000,000 has been traded over the past 7 days—shoutout ONE37pm. To contextualize this figure with something crazy that happened this week, this sum could have bought 4 seats to space with Jeff Bezos. Good luck getting the song Rocket Man out of your head now.
The market continues to follow the trend of seeing Axie transfer volume per hour going up since before the beginning of the summer. Higher transfers per hour can be correlated to more players joining and getting the requisite three Axies to start playing. Speaking of needing to get three to start, it’s important to look at the floor prices. As people breed and flip the Axies, they continue to list them for sale, pushing the prices down. The absolute cheapest or lowest price of Axies is what we call the floor. The lowest price(s) is called the floor—groundbreaking, I know.
One interesting trend this week is that the floor price of Axies appears to be dropping. It has dropped to approximately $250 an Axie, with some even breaking below $200. This is much different from just a few weeks ago when the lowest price was in the $350s, but this is by no means a prediction of where the floor will go.
While no Axies were sold for a massive figure like $800,000 this week, there were still some notable sales in the past 24 hours alone.
Several were sold for over $10,000.
In order to breed your Axies, you need to spend the in-game currency SLP, which can be earned in-game or bought/sold on crypto markets like Binance.
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Another barometer of the Axie economy is their governance token AXS. Users who hold these tokens can vote to shape the direction of the game. Also, they can stake this token to vote and earn more AXS.
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The floor for Axie lands continues to increase with the lowest land as of this writing at $7,800. This marks an interesting trend, one in which the price per Axie decreases but the lands slowly creep upward. It’ll be interesting to watch once land has a use case later this year.
Overall, the Axie market has continued to grow commensurately with the game, with no signs of slowing down. It’ll be interesting to see what happens after the servers get expanded.
This has been this week’s Axie Infinity market recap. If you want to see more Axie content, be sure to follow along on ONE37PM!