Players of the monster-battle nonfungible tokens or NFTs, game Axie Infinity, traded approximately $3.5 billion worth of NFTs in 2021, according to a new study curated by NonFungible. In 2021, this will account for nearly two-thirds of all NFTs exchanged in the blockchain gaming sector.
NBA Top Shot, a sports highlights marketplace, came in second with $827 million and Loot, a community gaming platform, came in third with $242 million.
Sky Mavis, a Vietnamese video game developer, created the game in 2018. It features “Axies,” which players acquire and use to fulfill daily objectives, combat other players, and so on. Each Axie is a non-fungible token (NFT) created on the Ethereum (ETH) network.
Completing chores with Axies earns players Smooth Love Potions ($SLPs), which can be sold for cash on cryptocurrency exchanges, providing a steady source of revenue. Axie Infinity was responsible for 19% of the estimated $17 billion in all NFT transactions last year.
Last November, Axie Infinity gained much traction, especially among players in underdeveloped nations, where playing Axie Infinity may make you more money than working minimum wage employment.
Although, part of the price decrease might be ascribed to increased token inflation as more people join and play the game. There are approximately 2.7 million monthly Axie players as of this writing, compared to slightly over 1 million in March. However, the circulating quantity of SLP has grown from 541.7 million to 5.13 billion since July 2021.
Last year, blockchain gaming fans purchased and sold $5.18 billion worth of NFTs, spread out across 20,986,532 transactions. A total of 112 blockchain games and 1.88 million active wallets were also available. According to NonFungible’s estimate, these figures amounted to 2.18 percent of the global gaming market in 2021.
Bitcoin price today is $38,415.34 with a 24-hour trading volume of $19,982,147,454. BTC price is down -1.9% in the last 24 hours. It has a circulating supply of 19 Million BTC coins and a total supply of 21 Million. If you want to buy or sell Bitcoin, FTX is currently the most active exchange.