Fri 02 Sep 2022 ▪ 13:00 ▪
minimum reading – within
The cryptocurrency industry is experiencing a rather complicated year. The bear market hit almost every project, including the Axie Infinity (AXS) on display Nevertheless good resilience during the first trimester. In fact, for four months, NFT sales of the Axie platform have seen a spectacular decline. A blow to this blockchain accustomed to making significant sales. Launched in March 2018 by the Vietnamese studio Sky Mavis, Axie Infinity is one of the oldest and most profitable projects. But since May 2022 it has been losing ground due to competition in the NFT market.
Axie Infinity: 99% drop in sales in one year
Nothing went well with the Axie Infinity platform for nearly four months. The project, although used to recording sales, is going through a fairly complex period with sales of less than $ 10 million per month. As of August, only $ 5.71 million in sales were generated by NFT. These numbers might look good for a regular platform compared to the competition, but not for Axie.
Between August 2021 and August 2022sales of Axie Infinity decreased by $ 842 million. This represents a 99% rate, a figure that can send shivers down your spine. A year ago, the blockchain was selling for 848 million dollars by NFT. It was also the best monthly rate in Axie’s history. Also in cunique collectorsthe platform has listed approximately 305,264, the equivalent of 1.85 million transactions.
Should we fear for the price of the AXS cryptocurrency?
NFT projects have a close connection with the native token of a cryptography. It is common to see that the failure of a project has a negative impact on the value of a cryptocurrency. In the case of the AXS crypto, the decline in sales of the platform’s non-fungible tokens has quite visible repercussions. Only in August the the average investment on the Axie Infinity blockchain has seen a sharp decline. The maximum reached was 219 million dollars, while the minimum remained at 79 million dollars. The most alarming is the market capitalization which recorded a significant decline of 20%.
To be more specific, over the span of 30 days, Axie Infinity’s market cap went from $ 1.48 million to just $ 1.18 million. The lowest price of the token in August is $ 13.04 and the cap, meanwhile, is $ 19.46. In total, the decline in the value of AXS tokens is 21% as of August 31st. This is proof that the fall in NFTs is having a distinct impact on cryptocurrencies.
Ultimately, Axie Infinity sales for four months were in the red with losses of more than 21% in August. The difficulties that the AXS cryptocurrency is experiencing can be seen in the sales of the game with losses of 3.19 million in the month of June alone. A decline with serious consequences for all members of the community. If the market continues to be this negative, Axie’s future could be written in points. However, the Axie project is quite solid and the current situation cannot cloud the bright future we continue to foresee 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 released.
Get a summary of what’s new in the world of cryptocurrencies by signing up for our new servicedaily and weekly so as not to miss any of the indispensable Cointribunes!
PhD student in financial law and expert SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading, etc. Thanks to his articles he naturally participates in the daily blockchain revolution for a better democratization of DeFi.