Axie Infinity leads gaming tokens rally, crosses $2.5 billion in trade volume
|- Axie Infinity continues to lead the way with $190.9 million in revenue from decentralized applications.
- The number of daily active wallets connected to gaming-related contracts has skyrocketed by 599% in 3 months.
- Axie has become the single most valuable collection of NFTs.
- Following Facebook’s rebrand to Meta, metaverse and GameFi tokens are rallying.
Axie Infinity has clocked in massive revenue over the past month. Gaming tokens like Axie Infinity are hitting new revenue milestones making “play-to-earn” beneficial to players.
Axie Infinity trade volume explodes as traders shift focus to GameFi
Over the past 30 days, Axie Infinity has posted over $190.9 million in revenue from decentralized applications. The play-to-earn game transformed the lives of players in third-world countries through in-game rewards.
Axie Infinity revenue exceeds that of layer-2 decentralized applications
Though it is challenging to point at the exact increase in players in the crypto gaming ecosystem, daily active wallets associated with gaming-related cryptocurrencies are a strong indicator.
The daily active wallets in GameFi have noted a massive spike, a 600% increase in less than three months, according to data from DappRadar.
Arianna Simpson, general partner at Andreessen Horowitz (the firm that has invested in Axie Infinity developer Sky Mavis) believes that,
Axie embodies a new generation of games, where game creators are not operating from a place of fear but rather as an open, free-market economy. What this means for the future of games, and really the web as we know it, is as big as your imagination will allow.
Interestingly, Axie Infinity accounts for nearly 25% of the total value locked (TVL) in Ethereum bridges. Axie Infinity’s Ronin bridge claimed the number one spot in TVL based on data from Dune Analytics.
The NFT game had reported 1.8 million daily active users in August 2021. Axie Infinity’s total sales volume has exceeded $2.6 billion. Pseudonymous cryptocurrency analyst @Pentosh1 considers the AXS price trend bullish. The analyst has set a target of $200 for AXS price.
$AXS
— Pentoshi Won’t Dm You. hates Dm’s. DM's are scams (@Pentosh1) October 29, 2021
looks ready to head for $200+ here
Price discovery awaits
Incredibly bullish market structure pic.twitter.com/W6WHDd0WBF
$AXS
— Pentoshi Won’t Dm You. hates Dm’s. DM's are scams (@Pentosh1) October 29, 2021
looks ready to head for $200+ here
Price discovery awaits
Incredibly bullish market structure pic.twitter.com/W6WHDd0WBF
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