It would appear momentum turned around for Axie Infinity. The popular play-to-earn blockchain game has suffered months of declining revenue. However, this week, revenue is up by over 440%, even though its core statistics remain unchanged.
Axie Infinity Revenue Rises
It is interesting to see how Axie Infinity suddenly generates 440% more revenue in a week. The popular blockchain game has a steep revenue downtrend in recent months. Some of that dwindling momentum is due to core game changes and the reduction in overall in-game rewards. For instance, users no longer earn SLP through the basic game activities, which was deemed a necessary change.
However, it took a while for these changes to make a positive impact. The project, valued at $12.4 billion, is still down over 65% in revenue in the past six months. Overall sales have tapered off, and Axies are selling for less money than before. It is a logical turn of events, although one that paints a bleak picture for the project’s future. It also makes this week’s revenue rebound all the more intriguing.
Per Token Terminal, Axie Infinity’s revenue-generation is up by over 441% this week. While that may seem appealing, it represents $1.6 million over seven days. A far cry from how this game used to generate numbers, but it is a promising sign regardless. Unfortunately, it doesn’t appear as f the other cor metrics for the play-to-earn phenomenon are equally bullish.
In the past week, the Axie marketplace saw a 1.31% decline in volume, despite 3.39% more traders. The average price has fallen to $19.72, a near 14% decline week-over-week. None of these figures are promising, even if the current low prices can make for an appealing opportunity to explore the blockchain game. Axie Infinity requires an upfront investment to get started unless one secures a scholarship spot.
User Count And Transactions Remain The Same
A blockchain game – or any decentralized application, can only thrive if there are sufficient users and transactions. Axie Infinity has seen no growth on either front this week. Instead, the project lost 1% across both metrics. Not a big setback, but the smart contracts also note a near 30% decline in RON volume, which is a bit more problematic.
Another interesting metric is the “daily mints“. It indicates how many new Axies people are breeding to play the play-to-earn game. That number still sits near 1,000, which is more than acceptable. Additionally, there are more buyers than sellers, even if most of the Eggs are selling for peanuts. Full-fledged Axies can still fetch a reasonable price, although picking some up for $15 or less a piece is not unusual either.
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