- Cheaper alternatives to Axie Infinity emerge in the non-fungible token gaming ecosystem.
- Active users on Crypto Blades grew by over 1400% over the past month, X World Gains and MOBOX registered over 100% increase.
- As competition intensifies, Axie Infinity's native token AXS entered consolidation phase, dropping nearly 4% over the last 24 hours.
"Play to earn" games are fighting for dominance of the non-fungible token ecosystem with a market capitalization of nearly $18 billion. One of these NFT crafting games that runs on the Binance Chain, Crypto Blades, has emerged as a formidable competitor to popular game Axie Infinity.
Crypto Blades player count increased by 1400%, capturing larger NFT market share
Crypto Blades is a role-playing game on the Binance smart chain where traders can earn SKILL token. Though the game has noted a considerable increase in the number of users in the past thirty days, Crypto Blades' token is nearly 94.8% away from its all-time high of $858.99.
Players outside of the NFT gaming ecosystem are familiar with role-playing games, and this has increased the relevance and demand of Crypto Blades in the gaming community.
The role-playing game's most significant competitor is Axie Infinity, with more than 250,000 daily active users. This video game is riding the popularity of the Pokémon gaming genre and appeals to traders more interested in breeding "Axies" and competing.
Players' involvement in Axie Infinity is higher when relative to Crypto Blades since the former offers two in-game tokens, Smooth Love Potion (SLP) and Axie Infinity Shard (AXS). Further, AXS has rallied nearly 66.5% in the past month.
Nevertheless, traders are more bullish on Crypto Blades as the initial investment is lower than Axie Infinity. SKILL has posted consistent gains for the past two weeks while AXS is consolidating.
AXS price is likely to be influenced by the negative sentiment among traders since regulators in the Philippines shared their intent to tax the game's publishers and players. The Philippines is Axie Infinity's primary and largest market (60% of players are based here), and players earn nearly $50 daily. Taxation would reduce the earnings of full-time gamers significantly. Analysts have a neutral outlook on AXS price.
Cryptocurrency analyst behind the Twitter handle @AltcoinSherpa is unsure of where AXS is headed next. The analyst argues that there are arguments for both an uptrend and a pullback.
$AXS: I'm not longing or shorting this thing. I could see arguments for both continuation or pullback. Generally speaking, it's better to just wait until it makes lower highs and starts going down vs. being a hero and trying to short the top. #AXS pic.twitter.com/gyTya1aaIc
— Altcoin Sherpa (@AltcoinSherpa) August 24, 2021
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.