Tag Archives: cryptocurrencies

NFT Gaming Giant Axie (AXS) Infinity Doubles Ethereum's Revenue Over Past Month

What Happened: Blockchain-based trading and battle game Axie Infinity (CRYPTO: AXS) has grown exponentially in a year.

Over the past month alone, Axie Infinity’s protocol revenue exceeded $330 million, doubling Ethereum’s (CRYPTO: ETH) revenue which stood at $152 million, according to data from Token Terminal.

The game works on a play-to-earn model, where players breed Pokemon-inspired tokenized creatures called Axies. Each Axie is an NFT and has a different set of attributes and strengths.

The Axie Infinity ecosystem also has its own governance token, AXS, which has skyrocketed by more than 13,000% since the beginning of the year.

Although the platform has been around since 2018, its native token did not see much price action until the introduction of its sidechain Ronin.

After the protocol introduced the Ronin sidechain, players could easily breed their Axies without being subject to the high fees they experienced on the Ethereum blockchain.

For the moment, Ronin has zero transaction fees.

Once more and more players made the switch, adoption increased seven-fold.

The platform now has over one million daily active users, responsible for the explosive revenue growth.

What’s more, 95% of this revenue goes back to the players of the game. In order to be part of the Axie economy, players need to own a minimum of three Axies.

At current prices, this means a $600 investment, but users can also opt to borrow Axies from managers and pay them a portion of their earnings.

“The goal was always to make a living playing the game and to own your own characters,” an Axie community member told The Defiant.

“It took a long time for people to understand.”

The player makes a steady income from just playing the game alone and has been able to increase this figure considerably after the game’s utility token Smooth Love Potion (CRYPTO: SLP) surged in value.

“It has the highest co-efficiency of virality of anything that’s been invented on the internet before,” a player called OhhShiny said. “I believe it has the potential to transform global labor markets.”

Price Action: At press time, AXS was trading at $69, losing 1.8% over the past 24-hours.

SLP was trading at a price of $0.15, down 2.29% over the same period.

Photo: Courtesy of Axie game

Ethereum Is Less Of A Risk Than Other Altcoins During This Market Wide Dip: Santiment

The overall crypto market cap dropped by 2.47% to $2.02 trillion over the past seven days as Bitcoin (CRYPTO: BTC) failed to find support above $50,000.

What Happened: Even as several altcoins experienced steep corrections, on-chain analytics platform Santiment noted that Ethereum (CRYPTO: ETH) was one of the few assets that were minimally impacted by the market-wide dip.

📊 #Ethereum is one of the few minimally impacted assets during this market-wide dip over the past 8 hours. Still above $3,100, read about $ETH's token circulation, mean dollar invested age, & sentiment to indicate why the asset is holding up well. https://t.co/mfUQjlid2z pic.twitter.com/IxltCmfGTa

— Santiment (@santimentfeed) August 26, 2021

Santiment found that even though Ethereum has been relatively boring compared to the monstrous upswings many other assets have seen, the same reasons make it less of a risk to hold as of now.

“Ethereum's token circulation has just exceeded two-month high levels. The amount of unique tokens moving on the ETH network showing an increase here is a promising sign that if it does drop back below $3,000 again, it may not be for long if circulation sustains itself up at these increased levels,” stated a Santiment analyst.

He also noted that ETH’s mean dollar invested age has been on the rise. However, over the past three days, this line has begun to dip lower.

“This is an extremely promising sign, as it indicates that dormant dollars that were invested in quiet ETH addresses are beginning to move once again,” he said.

Read also: Third Person To Ever Own Bitcoin Says Hitting $100K Is 'Quite Possible' This Year

“Notice what Ethereum's price did from late February to early May on the left side of the chart. Long story short, when this line begins to dip down, good things happen. We will just need to see if the down-trend continues to avoid seeing a fake-out of just a few encouraging days here.”

Price Action: At press time, Ethereum was trading at a price of $3,133, down 3% over the past 24-hours. The coin had a trading volume of $17.6 billion and accounted for 18.2% of the market at the time of writing.