3 mins readThe "Non-Fungible Tokens" or NFTs are changing fast. In Asia, there is one standout. It's called Axie Infinity.
A website, BanklessTimes.com, says that Axie has 80% control of the Asian NFT market.
Axie Infinity Origins Battle System
What's Been Happening?
Cryptocurrencies have many big players. Axie Infinity is one of them. Recently, their cryptocurrency, AXS, did something amazing.
It jumped up to 18% in just 30 minutes. Even after it fell back down a little, it still had a big rise of 9.8% in 24 hours.This big jump seemed to be linked to freshly released data. The data showed more unique wallets on Axie's gaming platform. Reports said there was an impressive 77% rise in these unique wallets. So, some investors started investing again in this struggling crypto platform.
But, There's More to Know...
Yes, there was a big rise in active wallets. Yet, the unique active wallet count for Axie Infinity fell by more than 10% in a month. Some users seem to be losing interest in this platform. On this platform, users buy and fight with their Axies, which are like virtual pets. They can earn rewards in a cryptocurrency called the "Smooth Love Potion" token.
Several factors may be causing this. One big factor is last year's fall in crypto values. This meant smaller rewards for gamers. These gamers, who could earn good money before, had to look for other options.
This negative cycle, often called a "death spiral," dealt Axie Infinity a big blow. It was valued at more than $160 per token during the peak of the 2021 bull market. Now, it has dropped to less than $5 per token. This is despite its recent impressive rise.
Axie Infinity vs. Other Asian NFTs
Let's look at how it competes with other Asian NFTs:
Axie Infinity vs. Decentraland
Decentraland is another popular virtual world. Like Axie, it's built on the Ethereum blockchain. But how do the two compare? To do this, let's look at active users and trading volume. Decentraland has many users, but not as many as Axie Infinity. Axie boasts of more than 250,000 active users each day.
Decentraland has much fewer, with about 650.
As for trading volume, Axie again wins. More people trade with Axie Infinity. This shows the high demand for Axie NFTs. It also suggests an active trading community.
Axie Infinity vs. CryptoKitties
CryptoKitties is an early NFT project. It received a lot of attention at launch. But that interest dwindled, especially in Asia. When we compare it to Axie Infinity, Axie comes out more superior. It has captivated a broader, more dedicated group of users.
Final Thoughts
Since the beginning, Sky Mavis' Axie Infinity ruled the blockchain world. This platform combined gaming, collectibles, and blockchain technology.
As a result, players could collect, propogate, and battle fantasy 'Axies.' Since Axies were made into NFTs, they became distinct tradeable assets. These could be traded on the Ethereum network.
Millions in Asia love this game. Why? It has a unique way to earn.
Gamers can also earn a living. Now, they have economic chances unlike before. A big, loyal community backs Axie Infinity. This includes gamers, investors, and developers alike. This supportive community greatly helped in Axie Infinity's growth.
