Axie’s Volume Grows 205% As Co-Founder Claims Project Is Healing

Interest in Axie Infinity seems to continue to grow following the launch of the new NFT Land staking feature and ongoing upgrades.

Play-to-earn (P2E) game Axie Infinity appears to be healing, with NFT sales up 205% over the past seven days.

The project’s co-founder, Jeff Zirlin, echoed such sentiments on Twitter on July 8, after he announced that the project was healing in regards to the strong adoption of staking on NFT Land, and the Ronin bridge was reopened, and a notable increase in NFT sales and game downloads.

According to data from CryptoSlam, Axie Infinity generated $1.3 million worth of sales in the past seven days from a total of 23,100 buyers, marking a 205% increase on the week.

One of the factors contributing to the sudden surge seems to be the increased appetite for Axie Infinity land NFTs following the launch of staking support on July 4. The staking feature allows holders to Landowners earn weekly rewards in the game’s native AXS tokens.

At the time of writing, about 91% of the 16,794 circulating supply has been staking, according to data from Ronin Chain explorer.

The project also kicked off phase two of a new game mode upgrade this month called Origin, which has had 600,000 signups as of mid-June. The game is in early access ahead of its full launch bridge and it allows users to collect, trade, and battle each other with monster NFTs. The upgrades are said to have fixed a bunch of bugs in the game.

The increasing volume of NFT sales can be attributed to the Ronin bridge being restarted on June 28. The bridge is a sidechain built for Axie Infinity that allows users to transfer assets between the game and the Ethereum mainnet. However, it has been offline since late March after the infamous $600 million hack.

Even so, the 205% gain over the past week only places Axie Infinity as the 18th highest-selling NFT project in that timeframe, a far cry from its chart-topping days in late 2021.

The Axie Infinity ecosystem has suffered from a long downtrend since piquing interest in November. That month saw the project generate a whopping $753,9 million worth of NFT sales, while its native AXS token hit an all-time high (ATH) of $164.90.

As of June, its NFT revenue for the month came in at just $3.1 million, while AXS is down 91.4% against ATH, trading at $14.1 at press time.

With player retention and gaming longevity considered important issues for the project, the Axie Infinity team has been exploring ways to expand the ecosystem later this year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News