• This NFT-focused project could spark renewed interest in Ethereum

  • It is unusual for a blockchain-based project to thrive during a bad market because interest in it decreases as prices fall. Bitcoin, Ethereum, and the overall market fell precipitously between May and June 2021, and other altcoins suffered similarly in terms of valuation.

    The NFT space, on the other hand, has been surprisingly busy, and one specific blockchain game has outperformed expectations. We’re looking at you, Axie Infinity.

    Axie Infinity’s growth and spread

    In terms of data evaluation, Axie Infinity has achieved astounding results in recent weeks. In terms of pricing, it has increased by 1122 percent in the previous month and by close to 205 percent in the last week. As a result, it was the best-performing asset during the market’s bull run.

    These data, however, are not the most important in capturing Axie’s spectacular development. Unfortunately, dissecting every piece of on-chain data will be time-consuming. As a result, we’re taking a look at the main highlights for the blockchain game in the last month.

    In the month of June, Axie’s sales volume increased by 475 percent.
    The game has around 370,000 active members worldwide.
    Axie achieved an average of $25 million in daily sales volume during the month of July.
    It drew over 5000 daily unique wallets, with usage jumping 360 percent between Q1 and Q2.

    What is truly beneficial to Axie?

    While Axie Infinity is a blockchain-based game, NFTs play an important role in the game. This has resulted in a rapid increase in sales and volume.

    Keeping this in mind, Axie Infinity is the most valuable NFT collection in the market right now. Since the start of 2018, the game has amassed almost $753 million in Axie NFTs. Surprisingly, more than half of those deals were completed in the last few weeks. Furthermore, by the end of August, the blockchain game is expected to be the first entity to produce more than $1 billion in NFT trading volume.

    Was there anything else that contributed to its success?

    In the cryptocurrency market, there is never smoke without fire, and one of the key reasons for Axie’s success is Ethereum’s sidechain Ronin.

    The Ethereum network’s sidechain allows users to engage with one another globally without incurring transaction or gas fees. It is worth noting that Ethereum played a role in this by providing a stable foundation for the sidechain to run more efficiently. This may have contributed to Axie Infinity’s success.

    While many projects are migrating to other platforms, Ethereum’s engagement in the largest NFT selling initiative further strengthens its position as the most desirable basis.

    The surge in interest in Axie’s NFT only serves to encourage more artists and engineers to take this arena to a new level of interactivity, with Ethereum possibly remaining at the center of it all.

    What's your reaction?
    Happy0
    Lol0
    Wow0
    Wtf0
    Sad0
    Angry0
    Rip0