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It would appear that the play-to-earn (P2E) Metaverse game Axie Infinity is on the road to recovery, since the game’s nonfungible token (NFT) sales volume has increased by 205% over the course of the past week.
On Friday, the co-founder of the project, Jeff Zirlin, posted a message on Twitter in which he echoed these sentiments. In his post, he stated that the project was healing in reference to the widespread adoption of NFT land staking, the restoration of the Ronin bridge, and a notable increase in the number of game downloads and NFT sales.
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A total of 23,100 purchasers contributed to the purchases of $1.3 million worth of Axie infinite cryptocurrency during the last week, as reported by statistics from CryptoSlam. This represents a 205% rise over the previous week’s sales volume.
Multiple Factors Contribute to AXS Spike
After the debut of staking support on July 4, there has been an apparent surge in demand for Axie Infinity Land NFTs, which is one of the causes that has contributed to the abrupt spike. Landowners have the ability to receive weekly rewards in the form of the game’s native Axie Infinity (AXS) token, thanks to the staking function.
According to statistics obtained from the Ronin Chain explorer, as of the time this article was written, around 91% of the 16,794 total circulating supply has been staked.
This month, the project also introduced the second round of enhancements to its new game mode, which is known as Origin. As of the middle of June, there were 600,000 people who had signed up for this mode. Users are allowed to gather, trade, and combat one another using their own playable Axie Monster NFTs while the game is still in the early access phase.
This is in preparation for the game’s future global launch. It was said that the changes made a significant number of gameplay issues disappear.
It is probable that the relaunching of the Ronin Bridge on June 28 is the cause of the growing number of NFT sales. Users are able to move assets back and forth between the game and the Ethereum mainnet thanks to the bridge, which is a sidechain that was designed specifically for Axie Infinity.
On the other hand, it had been inaccessible since the end of March, following the notorious theft of $600 million.
Challenging Times of Axie Infinity
In spite of this, Axie Infinity is just the 18th biggest selling NFT project within this time frame while experiencing a volume increase of 205% over the last week. This is a long cry from the days in late 2021 when it topped the charts.
Since November, when it reached its highest point of interest, the Axie Infinity eco-system has been experiencing a prolonged decline in popularity.
During the same month, the price of the native AXS token reached an all-time high (ATH) of $164.90, and the project generated a staggering $753.9 million in revenue through the sale of NFTs.
Its non-financial instrument sales for the month of June were just $3.1 million, while AXS has fallen 91.4% from its all-time high to its current price of $14.18.
The Axie Infinity team has been researching ways to grow the ecosystem as of late due to the fact that retaining players and ensuring the duration of the game experience are viewed as critical challenges for the project.
How Axie is Working Towards the Big Picture
A staff member from Axie Infinity mentioned in a blog post that was published on Saturday that the company’s long-term goal is to establish a complete game world that has extensive backstory akin to that of classic series such as Star Wars, Final Fantasy, or Lord of the Rings.
In conjunction with the push, the team will be releasing new material that will concentrate on developing the tale that lies beneath the game’s imaginary planet, Lunacia. This will be done in association with a decentralized autonomous organization (DAO) that is centered on gaming called Strider.
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The group also mentioned that it has just introduced three new initiatives with the intention of supporting the expansion of the community. These initiatives are known as the Lunacian Codes, the Creator Program, and a fellowship partnership.
The first two of these initiatives are geared on rewarding users for making referrals and creating content, while the third supports a creator academy by providing cash for two hundred fellowships.
Read More:
- How to Invest in Axie Infinity Token Now – Detailed Guide
- These are the Best Metaverse Tokens in 2024
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