With millions of players and numerous milestones in the rearview mirror, this has been the year of the Axie. Players have enthusiastically competed, staked and experimented within the Axie Infinity ecosystem. Soon one of the coolest milestones will appear: the 10 millionth Axie will be bred.
This and more in this week’s recap of the Axie Infinity market.
As of this writing, over $172 million worth of Axies and land have been traded in the past week, with over 606,500 Axies trading in the past seven days and less than 300 lands changing hands. One cool stat I saw is that over the last 30 days, over 2.5 million Axies have been traded. Since the DEX has been integrated, we are noticing some micro trends of volume increasing. It’s unclear right now if this is due to new players joining or older players feeling more confident about trading.
The absolute cheapest or lowest price of Axies is what we call the floor.
In the first few iterations of this market recap, I took the cheapest one or two Axies on the market and analyzed that as the floor. After crunching my numbers, I have found that it’s better to focus on the lowest ten (10) Axies on the market instead.
The range this week is between $103 and $123. ETH is at a similar range as last week. On that note, the floor feels more active. Several floor Axies sold as I was looking at them. I am curious to study this after the holiday season as people tell their family and close friends more over turkey dinners.
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.
After enjoying a nice spike three weeks ago to 10 cents, SLP has started a slow decline trending toward 5 cents. The DEX has not removed the strong selling pressure that was prevalent before hand.
However, I recently saw an interesting mechanic for SLP burn proposed by a Twitter user Khaled Alroumi. Alroumi’s idea is you can burn axies, AXS and SLP and re-roll body parts. This could drastically affect the meta and overall volume in the economy.
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. They can also now stake this token to vote and earn more AXS.
As I am writing this, AXS has been enjoying the metaverse token boom celebrated by other coins like ENJ and SAND which both hit all time highs this week. The price at the time of writing is $141.
While AXS has been enjoying a nice rally, it may need more buying pressure to get back near the ATH it hit earlier this year.
Out of roughly 65.8 million AXS circulating, we have over 20.6 million AXS staked. The dashboard has an estimated APR of 114%. While the amount circulating has increased, we have seen no major difference to the APR or the amount staked.
This has been this week’s Axie Infinity Market recap. If you have any questions or requests for future editions, be sure to follow us on our NFT centered Twitter @NFT137 for your NFT fix!