- Axie has 1.8 million active players.
- Signing an Axie scholarship agreement is a significant commitment.
What is the largest NFT project? Not NBA Top Shot or CryptoPunks in terms of the trading volume. No, it’s Axie Infinity, a monster-battling Ethereum-based game that surged in popularity last summer.
Game Only for the People Who Can Afford
According to DappRadar, the transaction volume for Sky Mavis’ game topped $2 billion last week. In a game with over 1.8 million daily active users, players are splashing ETH on cartoon monsters, land plots, and other goods. Tokens like Axie’s native AXS also have risen in value, approaching $4 billion.
But it’s not a cheap game. Unlockable digital items such as interacting creatures and customizable landscapes may be purchased with NFTs. Axie Infinity requires three monstrous NFTs, each costing between $150-200 ETH. Although a large initial expenditure, it hasn’t slowed recent project development. That’s the goal of Axie Infinity, a video game created by Sky Mavis in Singapore.
The Axie Infinity community has grown steadily since late 2017 but exploded this summer with the introduction of Ronin, an Ethereum sidechain. It reduces transaction costs and avoids Ethereum network congestion, allowing participants to quickly purchase, trade, and breed Axie NFTs.
In May, Axie announced a $7.5 million Series A financing round. It’s a modest sum compared to other crypto industry rounds, but it drew in heavyweights like Mark Cuban, owner of the Dallas Mavericks, and Reddit co-founder Alexis Ohanian. The latter has been vocal about the game and its crypto-based play-to-earn concept.
The company now has a $4 billion pool of AXS tokens set aside to drive future development. The extended play-to-earn effort will involve staking AXS for incentives and token-based governance, according to Zirlin. While Axie has 1.8 million active players, the hefty initial fee prevents Axie from reaching potentially millions more. Buying three Axie NFTs is costly, and signing an Axie scholarship agreement is a significant commitment.