Axie Infinity media kit
- Axie Infinity, a crypto game that lets players earn money, became the top-traded NFT collection, according to the BGA Blockchain Game Report.
- The game, which centers on NFT creatures called Axies, has generated $2.5 billion in trading volume.
- Axie Infinity toppled CryptoPunks and NBA Top Shot to take the title of most-traded NFT collection.
Axie Infinity, an ethereum-based game where players can earn money by battling colorful creatures, became the top-traded NFT collection during the third quarter, data show.
Developed by Vietnamese startup Sky Mavis, Axie Infinity drew in $2.08 billion in trading volume from July through September, representing 19% of trading volume in that space, according to the BGA Blockchain Game Report from Dappradar. And as of the report's publication on October 14, it was more than $2.5 billion.
The game's creatures, called Axies, are NFTs that can be sold or purchased. NFTs, or non-fungible tokens, are digital representations of artworks and collectibles that exist on a blockchain ledger, similar to bitcoin and other cryptocurrencies.
During the third quarter, the game overtook CryptoPunks and NBA Top Shot – among the most famous NFTs – to claim the title of the most-traded NFT collection ever. CryptoPunks have become hot items for millionaires to buy, and payments heavyweight Visa in August ventured into the digital-collectibles market by purchasing the CryptoPunk 7610 pixelated avatar for around $150,000.
"The case can be made for Axie Infinity as the true catalyzer of the play-to-earn revolution," said BGA, adding that the game pulled in $800 million in revenue in the third quarter.
Players can earn two types of tokens, Smooth Love Potions and Axie Infinity Shards, through breeding, raising and battling Axies. The SLP and AXS tokens can be used in the game or can be sold on a crypto exchange. The AXS price earlier this month hit an all-time high of $155.88, according to CoinGecko. The SLP token's price reached an all-time high above $0.399 in July but has since pulled back.
The broader blockchain industry posted a quarterly increase of 25% in unique active wallets, to 1.54 million. BGA said UAWs are somewhat analogous to daily active users, although individuals can hold multiple wallet addresses.
A big driver in that increase came from blockchain-based games with players seeking to earn money. UAWs connected to blockchain games hit 754,000 in the third quarter, or 49% of the whole industry's usage, the report said.