Friday 19 August 2022
Home / Altcoin / Volumes surge 205% in Axie revival as co-founder claims project is ‘healing’

Volumes surge 205% in Axie revival as co-founder claims project is ‘healing’

Play-to-earn (P2E) metaverse game Axie Infinity appears to be on the mend, with its nonfungible token (NFT) sales volume pumping 205% over the past seven days.

The project’s co-founder Jeff Zirlin echoed such sentiments via Twitter on Friday after he stated that the project was “healing” in reference to the strong adoption of NFT land staking, the Ronin bridge being back up and a notable uptick of game downloads and NFT sales.

According to data from CryptoSlam, Axie infinity generated $1.3 million worth of sales over the past seven days from a total of 23,100 buyers, marking a 205% increase for the week.

One of the contributing factors to the sudden increase appears to be the surging appetite for Axie Infinity Land NFTs following the launch of staking support on July 4. The staking feature enables Land owners to earn weekly rewards in the game’s native Axie Infinity (AXS) token. At the time of writing, roughly 91% of the 16,794 circulating supply has been staked, according to data from the Ronin Chain explorer.

The project also launched the second phase of upgrades to its new game mode this month dubbed Origin, which had 600,000 sign-ups as of mid-June. The game is in early access mode ahead of an eventual global launch and it enables users to collect, trade and battle each other with their playable Axie monster NFTs. The upgrades were said to have fixed a host of bugs in-game.

The increasing NFT sales volume is likely due to the Ronin bridge relaunching on June 28. The bridge is a sidechain built for Axie Infinity which enables users to transfer assets between the game and the Ethereum mainnet. However, it had been offline since late March following the infamous $600 million hack.

Despite this, the 205% surge in volume over the past week only places Axie Infinity as the 18th highest selling NFT project within that time frame, a far cry from its chart-topping days in late 2021.

The Axie Infinity eco-system has suffered from a long downward trend since it peaked in interest in November. That month saw the project generate a whopping $753.9 million worth of NFT sales, while its native AXS token hit an all-time high (ATH) of $164.90. As of June, its NFT sales for the month totaled just $3.1 million, while AXS is down 91.4% from its ATH to trade at $14.18 at the time of writing.

Axie Infinity NFT sales volume: CryptoSlam

With player retention and gaming longevity being seen as crucial issues for the project, the Axie Infinity team has been exploring ways to expand the ecosystem of late.

Related: Play-to-Earn vs. Move-to-Earn explained

In a Saturday blog post, the Axie Infinity team noted that its vision is to create an “entire gaming universe” with comprehensive lore similar to iconic series such as Star Wars, Final Fantasy or the Lord of the Rings.

As part of the push, the team will be rolling out content focused on building up the story behind the game’s fictitious world, Lunacia, in partnership with gaming-focused decentralized autonomous organization (DAO) Strider.

The team also stated that it recently launched three new programs aimed at fostering community growth called the “Lunacian Codes, the Creator Program, and a fellowship collaboration.” The first two focus on rewarding users via referrals and content creation, while the latter provides funding for 200 fellowships as part of a creator academy.

About Sean Patterson

Check Also

How High Can Ethereum Go Before The Merge

The Ethereum “Merge” has become a hot topic among top crypto analysts after the incident that led to the collapse of the Ethereum network in the sale of Otherside by Yuga labs, with nearly $200M lost as gas fees. Related Reading: Proof of Work Vs Proof of Stake – Laneaxis The Ethereum merge, also known as Ethereum 2.0, is the upgrade of the existing execution of the Ethereum layer 1 from proof-of-work (PoW) to proof-of-state (PoS), Beacon chain. 5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now! POW was first used by the early pioneers of the blockchain Bitcoin and Ethereum. It aims to achieve decentralization and security by using miners to decode cryptographic algorithms or puzzle-like maths. As the demand increases for transactions, it becomes slow, gas fees increases, and resources intensify. Proof-of-Stake (POS) is similar to POW, just that users authenticate transactions on the blockchain employing stake and get re..

Leave a Reply

Your email address will not be published. Required fields are marked *