As we reported about 10 days back, Axie Infinity has been one of the very few projects generating positive revenue amidst the ongoing sideways boring market. And, the adoption of play-to-earn games is only soaring. The most popular NFT project right now is Axie Infinity, seeing record growth across the board. Interest for the search term “Axie Infinity” on Google Trend is also at its peak, while for “NFT,” it’s on a downtrend after topping out in March. One of the top gas guzzlers on the Ethereum blockchain, Axie Infinity is actually the highest revenue earner in the past 30-days at $49.1 million, with no one coming even close as PancakeSwap, the second-highest one is earning $12.5 million, according to Token Terminal. As for if this is sustainable, as Spartan Black for crypto fund The Spartan Group noted, “none of the mainstream gamers even know about Axie….” The project’s revenue is growing thanks to it amassing close to 500,000 daily active users (DAU).
And this growth is reflected in the token AXS, which is up a whopping 3,425% YTD. AXS price is enjoying the gains and leading in almost every time frame so far this year. Every other day, AXS is surging to a new all-time high; the latest one hit today at just above $21. This month alone, the crypto asset is up 275% as the platform continues to gain traction. If we look at the Price to Earnings ratio, Axie has the lowest among the most popular Dapps. https://twitter.com/SpartanBlack_1/status/1414809013481398368 The token AXS was actually launched by Axie’s parent company Sky Mavis, a Vietnamese studio that raised $7.5 million in May for the game with backers including billionaire investor and Dallas Mavericks owner Mark Cuban, to bootstrap the growth of the company. The blockchain-based game uses non-fungible tokens (NFT) to reward players financially in the form of Small Love Potions (SIPs), which can then be converted into fiat currency on cryptocurrency exchanges. https://twitter.com/Darrenlautf/status/1414786600924372996 In the Philippines, the game has become extremely popular, as the company shared in its short documentary called “Play-to-earn: NFT Gaming in the Philippines,” which came out in May. According to Dapp Radar, these decentralized play-to-earn games led by Axie Infinity that are reaching the masses could be the missing piece towards the mass adoption of blockchain technology.