The NFT market is once again a hot topic in the headlines. This time, Sky Mavis’ NFT game has generated a good profit for the company – more than $2 billion. Axie Infinity, a strategy mobile game, has reached first place among collectibles, according to DappRadar.
Axie Infinity – An Example of NFT Trading Success
As stated on Sky Mavis’ website, the game contains Axies, cute creatures that can battle, build or search for treasure. The players can build the entire character collections and use them across many games from the Sky Mavis’ universe. As the company claims, Axie Infinity is the first game where the community that is playing it owns the entire game and its assets, thanks to NFT trading.
What are the NFTs, you ask?
NFT stands for a non-fungible token, which has recently grown in popularity. It is a digital asset that can represent any object, ranging from art to flowers. Each NFT is unique, has its code, and can be bought and sold online. Users usually use cryptocurrencies to finalize their transactions.
The way that Axie Infinity utilizes NFTs is by giving players the ability to acquire game characters, called Axies. Players start by buying characters using their real money and then use them to battle other players. Later on, they can sell their Axies to other players, and thus earn tokens. In order to play the game, players need to acquire at least three characters.
By playing the game and leveling up, players can earn income. According to Sky Mavis’ website, the most expensive Axie they have ever sold was worth 320 Ether, which is the cryptocurrency of the Ethereum network. When it comes to the earning part of the game, Axie Infinity uses AXS and SLP tokens.
According to Sky Mavis’ blog, Axie Infinity was the highest revenue-generating application in the crypto game category from August to September 2021. DappRadar shows that Axie Infinity noted some major sales, the top one being more than $800,000 in June of 2021. Furthermore, more than 600,000 merchants have participated in NFT trading in more than 4.8 million transactions. In May of 2021, DappRadar showed that the average NFT transaction was $226, but this amount has doubled by September.
Besides Axie Infinity, Sky Mavis has also developed Axie: Battlegrounds and announced a new game, Project K. In the upcoming game, Sky Mavis invites players to acquire a piece of virtual game land in advance, so they can start finding AXS tokens. By visiting their marketplace, players can acquire a piece of land starting at $11,000.That way, they can have the advantage when the game gets released.
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