This Week in the Axie Infinity Market (Nov 24th - Dec 1st)
As we recover from eating too much turkey, we can look to see the aftermath from people learning about Axie Infinity. At my Thanksgiving, I was surprised to meet someone who was familiar with the game. Our friend's wife is from the Philippines, and she recognized it. She told me how the national news channels cover the game and people are buying homes thanks to SLP. They went on to talk about their personal friends streaming the game on Facebook. I was one of the first 10,000 players and had purchased 3 of the first 200 Axies ever made. That was the first time in 3 years someone in my personal circle knew about the game before I brought it up.
With land gameplay integration on the horizon, I have been keeping an eye on land prices, but I haven't been updating them on a weekly basis. I was waiting for integration, because the numbers will be skewed. On that note, we had a massive land sale recently. A genesis land plot sold for 550 ETH or $2.5 million. It was the largest ever sale for an Axie land.
Times are a changing!
As of this writing, over $154 million worth of Axies and land have been traded in the past week, with over 550,000 Axies trading in the past seven days and less than 700 lands changing hands. This is a slight decrease from last week, where we saw a surge in volume. It could be as we get closer to the holiday season we have less active players and traders. It will be interesting to see if that big land sale jumpstarts more market activity.
Bring it to the floor:
The absolute cheapest or lowest price of Axies is what we call the floor.
In the first few iterations of this market recap, I took the cheapest one or two Axies on the market and analyzed that as the floor. After crunching my numbers, I have found that it’s better to focus on the lowest ten (10) Axies on the market instead.
The range this week is between $110 and $112. ETH is trading at a higher range than it had been this time last week. Looking at the ETH chart, it's possible it may go on another run over the next day.
SLP (Smooth Love Potion):
To breed your Axies, you need to spend the in-game currency SLP, which can be earned in-game or bought/sold on crypto markets like Binance.
SLP is continuing its decline from the run up to 12 cents we saw a month ago. It is currently trading at just under 6 cents. The token has been trading sideways the past few days. An increase in the breeding fee or other SLP usecase (such as buying Axies) could easily create a rally.
AXS (Axie Infinity Shard):
Another barometer of the Axie economy is their governance token AXS. Users who hold these tokens can vote to shape the direction of the game. They can also now stake this token to vote and earn more AXS.
AXS has started to climb back up. It previously had dipped to the $120 range before getting back to the $140s. That big land sale may have led to more users buying AXS to participate in the governance of this economy.
Out of roughly 65.8 million AXS circulating, we have over 20.7 million AXS staked. The dashboard has an estimated APR of 113%. While the amount circulating has minimally increased, we have seen no major difference to the APR or the amount staked.
While we haven't seen any drastic changes, that could change if AXS price continues to climb.
This has been this week’s Axie Infinity Market recap. If you have any questions or requests for future editions, be sure to follow us on our NFT centered Twitter @NFT137 for your NFT fix!
And be sure to check out our 25 days of POAP.
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