Axie Infinity Sales Record A Massive Slump, Losing Over $120 Million
July 13 2022 - 4:00PM
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Before now, Axie Infinity had maintained a solid foothold in the
non-fungible token (NFT) space. Through massive sales, it stood as
one of the leading and most successful NFT collectibles. The
network had recorded almost $4.08 billion in sales volume. But June
2022 sales seem to be a mockery of its feats over the past year.
Sky Mavis, a Vietnamese studio, launched Axie Infinity in March
2018. It’s an online video game based on NFTs. The platform has
gained popularity from using Ethereum-based tokens through its
gaming economy. The gaming project runs on the Ronin blockchain.
Related Reading | Wall Street Investors Expect Bitcoin To Hit
$10,000, Is This Possible? The whole crypto industry keeps
receiving blows, topped by discouraging news such as Coinbase
selling users’ Geo data, making people even more suspicious about
the market, and the NFT space looks no different. The platform
centers on using Axies, the Pokemon-Esque creators. In the game,
players could receive Axies, the virtual pets, and subsequently
breed and raise them for future use. They serve as formidable tools
in gaming battles for players. Once the players advance in their
skills and levels, they would possibly get rewards. The NFT
collectible then witnessed a drastic drop in its June sales volume.
The main influencing factor is the prevailing crypto bear market
that has crippled the majority of activities in the industry.
Hence, there is an overall reduction in NFT investment choices from
different angles. June’s record from the recent Research for Axie
Infinity placed the sales volume at about $3.18 million. The value
is a considerable gap between its May volume of about $7.09
million. Comparing the two months indicates that June’s volume
declined by 55% from May’s sales volume. A general review of NFT
monthly sales volume in 2022 shows June’s sales as the lowest. Its
drop marks the first time since Feb 2021 for Axie Infinity to get a
monthly book lower than $4 million. This is after the collectible
recorded $1.67 million in Feb 2021. Axie Infinity NFT Collectibles
Record A Drop-In June Sales Volume The negative trend is not just
peculiar to Axie Infinity only. The NFT industry has June’s sales
as the lowest for almost all collections. Some of them include
Mutant Ape Yacht Club, CryptoPunks, Bored Ape Yacht Club,
Moonbirds, NBA Top Shot, Meebits, and other collections that
recorded low June sales volumes including Otherdeeds, Art Block,
Azuki, etc. Observing the reduced number of unique buyers for the
Axie Infinity NFT in June 2022 shows more details about the drop.
First, it explains the dip in transactions with the NFT
collections. For June, its unique buyers were 52,507 with about
307,431 transactions. However, the NFT collection had hit its
monthly high in sales for 2022 in January. It recorded about
314,642 unique buyers with 1,296,870 transactions. Also, by the end
of January, Axie Infinity had almost $126.49 million of sales
volume. With its drop in June, the NFT collectible records a yearly
low slump of $123.32 million from its January high. Related Reading
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Subsided Also, Axie Infinity has an average sales value for both
January and June to be $97.54 and $10.34, respectively. A
comparison indicates a drop of about 89% between the months.
Featured image from Pexels, charts from TradingView.com
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