Axie Infinity, a P2E (play-to-earn) game, sees fortune shifts following its recent performance within the non-fungible token (NFT) market. The project has attracted new customers due to its multiple developments within the platform.
Axie Infinity gained attention a few months ago after the Ronin hack that saw it losing a staggering $600 million. It appears Axie went in the right direction following that shock.
Axie is Still in the Game
The past week saw Axie Infinity record a 200% surge in non-fungible token (NFT) sales volume. Sales have accumulated around 41.33 million (in volume) in more than 118K transactions during that timeframe. Meanwhile, analysts attribute Axie’s sudden surge to Ronin network resurge as upgrade releases within the project.
The recent July development release by Axie Infinity highlighted critical events over the month. Moreover, Axie introduced the land staking functionality on July 4, accelerating NFT Land sales. This feature allows land owners with Axie non-fungible tokens to earn rewards in AXS tokens.
Official data indicates that investors have staked over 90% of the overall 16,794 assets in circulating supply. Jeff Zirlin, the co-founder, acknowledged this narrative via his recent tweet. He stated that the project sold 22,000 Axies within 24 hours, an impressive figure from 7,000 seen some few weeks ago.
Moreover, Axie Infinity planned the impending launch of Origin, its latest game. The update revealed that Axie is in Phase two and on the correct launching path. Surprisingly, Axie Infinity also plans a 49,157 AXS giveaway as a prize amidst the initial Origin Alpha season.
AXS Outlook
Axie Infinity’s AXS has struggled regardless of the latest market recovery. Traders’ optimism remained somewhat high during July. Nevertheless, AXS is yet to reap the rewards of renewed surges in cryptocurrency prices.
The alternative token has retained bearishness within the previous week. While publishing this post, AXS traded at $13.28, losing more than 6% over the last 24 hours.
The overall crypto market extended the weekend’s slides into this week, exhibiting bearish tendencies. Bitcoin has plunged beneath $20K again, changing hands around $19,920 during this publication.
We have more updates coming your way. Stay around.
Editorial credit: photo_gonzo / shutterstock.com
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