While Bitcoin remains price-bound and Tether’s lending rates are falling, NFT sales turned parabolic in the first half of 2021, and some continue to thrive in a traditional cryptocurrency venue. The NFT market is currently dominated by a token related to the Axie Infinity online game, known as the Axie Infinity Shards.
Application for fragments of Axie Infinity
Axie Infinity Shards (AXS) rose nearly 400% in price in less than a month, with a market cap peaking of more than $ 1 billion on July 10, according to CoinGecko.
AXS hit its all-time high just earlier today, as the cryptocurrency hit $ 19.63 after a 55% daily rise. AXS was trading for around $ 0.5 just less than a year ago.
A analysis of Axie Infinity’s revenue versus its fully diluted market cap shows that market cap is increasing along with Axie’s income.
The fact that this happens during Bitcoin’s somewhat bearish market can demonstrate Axie Infinity’s prosperity despite poor market conditions, as it suggests that people are actually trading and investing in AXS rather than just speculating on its price.
The token’s 30-day trading volume is now over $ 260 million, nearly the total volume of NBA Top Shots, CryptoPunks, and OpenSea combined.
People are already using the money earned from AXS trading to buy real-world goods and necessities, such as This 22 year old who just bought 2 houses and this man who just who bought a plot of land. Additionally, people are earning their AXS simply by playing the token’s native game, Axie Infinity.
Axie Infinity explained
According to its whitepaper, Axie Infinity takes a Pokémon-inspired universe and game model and combines them with blockchain-based technology design. Players “fight, harvest, breed and build an earth kingdom for their pets” and are rewarded with Axie Infinity Shards for their contributions.
In turn, AXS can be up for grabs to earn in-game rewards, play games, and even give holders the power to participate in governance votes.
Of course, AXS can also be traded on exchanges such as Binance AVATrade and, more recently, added by Kraken, for fiat or other cryptocurrencies, along with another NFT from the Axie universe known as “Small Love Potions (SLP).” Therefore, gambling can be a legitimate source of income and people are quickly realizing this fact.
Axie Infinity is now responsible for both the most traded game token on the market and the largest NFT sale to date after someone bought $ 1.5 million of virtual land within the same game.
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