It was reported that Axie Infinity, the third-largest NFT platform in terms of overall revenues, had a total trading volume of $4.14 billion.
Axie Infinity, one of the most well-known names in the play-to-earn universe (P2E), has topped $4 billion in non-fungible token sales. It is currently the third-largest NFT project, after OpenSea and LooksRare.
Giant Strides Made by Axie Infinity
Axie Infinity, which was launched in 2018, is one of the most popular play-to-earn blockchain games. It was not until 2021, however, that it acquired widespread adoption.
Last year, the non-fungible token space and the peer-to-peer business model began to thrive, and most projects increased their non-fungible token sales to unprecedented heights.
The total value of NFTs sold on Axie Infinity hit $4.14 billion, according to DappRadar statistics. Nearly 2 million merchants were responsible for attaining this, with the average price of sold digital items being $198. Axie Infinity has seen significant growth since its trading volume peaked at $1.1 billion six months ago.
With a cumulative trading volume of over $21 billion, OpenSea is the clear leader among all NFT platforms. With nearly $17 billion, LooksRare is in second place.
Worth of a Single Plot of Digital Land on Axie Infinity
An unknown bidder paid 550 ETH for a single plot of digital land on Axie Infinity in November of last year. This was worth $2.3 million at the time of the transaction.
The area in question is one of Axie Infinity’s Genesis plots, which are incredibly rare, as there are only 220 of them.
Other in-game goods and land parcels can be sold as non-fungible tokens on the NFT marketplace.
Prices for AXS and SLP
The blockchain game stated earlier this month that it will make modifications to its reward structure in order to rebalance its environment. It pledged, in particular, to cut the supply of Smooth Love Potion (SLP) tokens by 56%, making them more scarce.
As a result, the asset’s USD value skyrocketed to over $0.04 not long after. SLP, on the other hand, retraced by 55% during the next few weeks (in line with the downtrend in the crypto market).
The price of AXS, Axie Infinity’s native token, soared to about $72 in early February, after hitting an all-time high of $160 in November 2021. AXS, like the rest of cryptocurrencies, has recently lost a large portion of its value. It is currently hovering around $50 at the time of writing.
