According to a recent report by NonFungible, Axie Infinity seems unbeatable when accounted nearly two-thirds of all NFTs transactions in the entire blockchain game market in 2021. The second and third place go to sports arena market NBA Top Shot with $827 million and community gaming platform Loot with $242 million.
Developed by Sky Mavis in 2018, the game contains creatures called “Axies” that players can collect and use to complete daily quests, battle other players, and more. Each Axie is an NFT minted on the Ethereum (ETH) blockchain. Completing the quest, player is rewarded with Smooth Love Potions (SLP), which can be sold for cash on cryptocurrency exchanges.
With the dramatical growth in 2021, Axie Infinity has generated tremendous profits and at the same time ushered a new era of play-to-earn game genre. Especially among gamers, many of them said they can potentially earn more playing Axie Infinity than working minimum wage jobs.
However, players are complaining to Axie developers that their earnings have decreased due to the 67.5% SLP price drop over the past year.
The drop can be partly resulted by the increase of token inflation as more and more players join and play the game.
At launch, there were almost 2.7 million monthly Axie players, compared with just 1 million in March 2021. But from July 2021 till now, the circulating supply of SLP has increased from 541.7 million to 5.13 billion.
Currently, there are a total of 112 blockchain games and 1.88 million active wallets. Blockchain game enthusiasts bought and sold $5.18 billion worth of NFTs in 2021, spread across 20,986,532 sales. Based on NonFungible’s analysis, these numbers represent 2.18% of the total world game market in 2021.
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