Fri 2 September 2022 ▪ 13:00 ▪
my read – by
The cryptocurrency industry is having quite a complicated year. The bear market affected almost every project, including Axie Infinity (AXS), which was shown yet good resistance in the first trimester. For four months, NFT sales of the Axie platform have actually experienced a spectacular decline. A blow for this blockchain that is used to achieve significant sales. Axie Infinity was launched in March 2018 by Vietnamese studio Sky Mavis and is one of the oldest and most profitable projects. But since May 2022, it has lost ground due to the competition in the NFT market.
Axie Infinity: 99% drop in sales in one year
Nothing has gone well with the Axie Infinity platform for almost four months. The project, although it is used to record sales, is going through a rather complex period with sales below 10 million dollars per month. In August, only $5.71 million in sales were generated by NFTs. Those numbers might look good for a regular platform compared to the competition, but not for the Axie.
Between August 2021 and August 2022Axie Infinity sales fell by $842 million. This represents a rate of 99%, a number that can send shivers down your spine. A year ago, blockchain sold for 848 million dollars of NFTs. It was also the best monthly rate in Axie’s history. Even at cunique collectorsthe platform listed around 305,264, which is equivalent to 1.85 million transactions.
Should we fear the progress of the AXS crypt?
NFT projects have a close connection to a crypto’s native token. It is common to see that the failure of a project negatively affects the value of a cryptocurrency. In the case of the AXS crypto, the drop in sales of the platform’s non-fungible tokens has quite visible consequences. Only in August The average investment on the Axie Infinity blockchain has seen a sharp drop. The highest level is $219 million, while the lowest remained at $79 million. The most alarming thing remains market value, which saw a significant drop of 20%.
To be more specific, in the span of 30 days, Axie Infinity’s market cap has gone from $1.48 million to just $1.18 million. The lowest price of the token in August is $13.04 and the ceiling meanwhile is $19.46. In total, the decrease in the value of the AXS token is 21% per 31 August. This is proof that the decline of NFTs has a clear impact on crypto.
Ultimately, Axie Infinity sales have been in the red for four months, losing more than 21% in August. The struggles the AXS crypto is currently experiencing can be seen in the game’s sales, with a loss of 3.19 million in June alone. A decline with serious consequences for all members of society. If the market continues to be this negative, the future of Axie can be written with dots. Nevertheless, Axie’s project is quite solid and the current situation cannot tarnish the bright future that we keep predicting for it. The platform will be able to count on the sequel to its original game Axie Infinity Origins, which received a warm welcome from the community as soon as it was put on the market.
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PhD student in financial law and experienced SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading etc. Naturally, thanks to his articles, he participates in the daily blockchain revolution for a better democratization of DeFi.