Thursday, June 20, 2024

Axie Infinity responsible for 53% of all NFT transactions

Ethereum-based gaming platform Axie Infinity, which works on a play-to-earn basis, has reportedly gained the largest percentage of non-fungible token (NFT) transactions. With this development, it has now overtaken NBA Top Shot, which is a trading-card-themed game that was trending on the top spot for many months. While NBA Top Shot accounts for 45 percent of the weekly NFT transactions, Axie Infinity is responsible for 53 percent of these transactions. The rest of the transactions are derived from a few other projects like Meebits and CryptoPunks.

Axie Infinity had recorded almost $24 million in sales, while NBA Top Shot managed to make only $13 million in sales. The gameplay of Axie Infinity plays out like a monster-battler. In this, the payers battle, raise, and trade digital characters called Axies. Although the game was released in 2018, it was only recently that it gained popularity.

It is important to note that ever since its launch in December 2020, NBA Top Shot had been on the top, accounting for the majority of the weekly transactions regarding non-fungible tokens. The surge in activity for Axie Infinity was quite sudden, as it saw an increase of 230 percent in the daily active users since June-end. Axie Infinity was developed by a game studio based in Singapore, Sky Mavis. It has witnessed such an exponential rise that the server of the game has struggled to keep up. As a result, it has experienced several shutdowns in the past weeks. Presently, there are more than a million active users on the Axie Infinity gaming platform.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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