Axie Infinity Seems to Pick Up Steam Again

Axie Infinity, a play-to-earn blockchain game, once again yields increasing transactions, even if its player base doesn’t seem to grow by much.

The Ronin blockchain, developed by Sky Mavis solely for the game’s ecosystem, is a crucial cog in this machine.

The notable Ethereum-based play-to-earn blockchain game has attracted wide acclaim for its innovative blending of gaming mechanics with blockchain technology years ago. However, retaining users is much harder than creating an initial buzz. 

As such, the increasing rate of trades reveals how much blockchain-based gaming is becoming popular. However, it raises questions on why this transaction surge occurs and its effect on the broader Axie Infinity ecosystem.

The platform recorded a total volume of $64.1 million from over 1.12 million transactions in the past 30 days. Unique Active Wallets (UAW) remained at 73.64 thousand, indicating no significant new player influx. If anything, it is a month-on-month decline by roughly 41%. 

Moving forward to Axie Infinity’s NFT marketplace, there are currently 35,000 traders, with a total volume of 2.85 million and an average price of $13.33 per NFT. As demonstrated in the NFT collection market cap chart, the volume surged from 250 million to 300M and then again lowered to 250M. That shows no “renewed” interest in the project, but the number of users has not decreased drastically either.

Axie Infinity Picked Up Momentum Since Q4 2023

Ronin, created by Sky Mavis, is an EVM blockchain tailored for gaming. Notably, it has facilitated over $4 billion in NFT volumes. The appeal of Ronin is crucial to the significant surge in volume for Axie Infinity. It is the only infrastructure players can rely on to move funds in and out of this game.

Dune data confirms the Ronin Bridge notes a near continual increase in transactions since October 2023. Players seem eager to check out the game – or its free-to-play counterpart – as Web3 gaming remains a prominent trend. Moreover, users are eager to leave more AXIE assets on the Ronin Bridge, showing the game is far from dead.

Amidst the heightened demand within the Axie Infinity ecosystem, the native token, AXS, has exhibited market resilience and accumulation. As of the latest update, AXS is trading at $7.40, registering a 4.2% volume increase, as CoinMarketCap reported.