Before now, Axie Infinity had maintained a solid foothold in the non-fungible token (NFT) space. Through massive sales, it stood as one of the leading and most successful NFT collectibles. The network had recorded almost $4.08 billion in sales volume. But June 2022 sales seem to be a mockery of its feats over the past year.
Sky Mavis, a Vietnamese studio, launched Axie Infinity in March 2018. It’s an online video game based on NFTs. The platform has gained popularity from using Ethereum-based tokens through its gaming economy. The gaming project runs on the Ronin blockchain.
The whole crypto industry keeps receiving blows, topped by discouraging news such as , making people even more suspicious about the market, and the NFT space looks no different.
The platform centers on using Axies, the Pokemon-Esque creators. In the game, players could receive Axies, the virtual pets, and subsequently breed and raise them for future use. They serve as formidable tools in gaming battles for players. Once the players advance in their skills and levels, they would possibly get rewards.
The NFT collectible then witnessed a drastic drop in its sales volume. The main influencing factor is the prevailing crypto bear market that has crippled the majority of activities in the industry. Hence, there is an overall reduction in NFT investment choices from different angles.
June’s record from the recent for Axie Infinity placed the sales volume at about $3.18 million. The value is a considerable gap between its May volume of about $7.09 million. Comparing the two months indicates that June’s volume declined by 55% from May’s sales volume.
A general review of NFT monthly sales volume in 2022 shows June’s sales as the lowest. Its drop marks the first time since Feb 2021 for Axie Infinity to get a monthly book lower than $4 million. This is after the collectible recorded $1.67 million in Feb 2021.
Axie Infinity NFT Collectibles Record A Drop-In June Sales Volume
The negative trend is not just peculiar to Axie Infinity only. The NFT industry has June’s sales as the lowest for almost all collections. Some of them include Mutant Ape Yacht Club, CryptoPunks, Bored Ape Yacht Club, Moonbirds, NBA Top Shot, Meebits, and other collections that recorded low June sales volumes including Otherdeeds, Art Block, Azuki, etc.
Observing the reduced number of unique buyers for the Axie Infinity NFT in June 2022 shows more details about the drop. First, it explains the dip in transactions with the NFT collections. For June, its unique buyers were 52,507 with about 307,431 transactions.
However, the NFT collection had hit its monthly high in sales for 2022 in January. It recorded about 314,642 unique buyers with 1,296,870 transactions. Also, by the end of January, Axie Infinity had almost $126.49 million of sales volume. With its drop in June, the NFT collectible records a yearly low slump of $123.32 million from its January high.
Also, Axie Infinity has an average sales value for both January and June to be $97.54 and $10.34, respectively. A comparison indicates a drop of about 89% between the months.
Daily chart shows 1% growth on the day chart | Source:
Featured image from Pexels, charts from TradingView.com
Denis is a passionate writer and editor and he's been writing in finance industry for almost 6 years.
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