Axie Infinity Economy is Booming with Soaring NFT Revenue – Bitcoin News

Axie Infinity, an Ethereum-based game, is one of the greatest successes of the play-to-earn model today. Using NFTs like the game characters, the game monetizes those characters breeding and selling. As a result, there is now a growing demand for Axies, the statistics of which can cause them to fetch high prices in the markets. This sparked a small economic boom and generated more revenue than other known protocols last week.

Axie Infinity Economy is thriving

A Pokemon-themed fighting / breeding game, Axie Infinity is creating a booming economy that dwarfs other financially focused protocols. According to DappRadar, Axie Infinity is now the largest NFT market in the crypto sector. With 50,000 merchants moving more than $ 80 million in the past week, it outperformed OpenSea and CryptoPunks.

Jeffrey Zirlin, co-founder and growth leader of Sky Mavis, the company behind Axie, also gave figures on this growth. Zirlin specified on Twitter that Axie’s growth has outpaced other more well-known protocols. He emphasized:

Axie had more sales than Metamask, Pancakeswap, Synthetix, MakerDAO and Curve COMBINED. Axie is still a pretty simple product and has a lot of upgrades over the next 9 months.

The reason for this is simple: Axie’s model has created an economy that is (for the time being) self-sustaining. Newbies wishing to join this model will need to purchase Axie NFTs to benefit from it. Players already in the game will be given an incentive to breed new axes to capitalize on their sales, and the demand for the game’s native token is increasing as a result of these two activities.

NFT prices go up

This growing demand for Axies (the NFTs needed to play the game) has caused their prices in the market to rise. Not so long ago you could buy three Axies for less than $ 600. To play Axie Infinity, you need at least three Axies to start. Now that same set would take $ 900 just to start playing.

Axes with unusual functions are even more expensive: Mystic characters are part of the original NFTs in the game. Axie was a triple mystic last week sold for 369 ETH, just over $ 820,000 at the time of writing. Other less rare characters (double mystics) can be Bought for 75 ETH. Buyers are waiting for these prices to continue to rise in the medium term.

So it seems that NFTs can be a source of income and can be used as an investment when there is compulsory use associated with it. In the future, more NFT platforms could try to make Axie Infinity a success by mimicking what they did. Axie has had success in emerging markets where investors even go so far as to offer scholarships to beginners.

What do you think of Axie Infinity’s booming economy? Let us know in the comments section below.

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source https://bidsfor.me/axie-infinity-economy-is-booming-with-soaring-nft-revenue-bitcoin-news/

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