Axie Infinity had a great showing in Miami during Art Basel last week. There were meetups and IRL events that brought the community together. Members of the team even met with the "Bitcoin Mayor" himself, Francis Suarez.
This Week in the Axie Infinity Market (Dec 1st - Dec 8th)
Recently, Axie Infinity made a big announcement: the SLP breeding fees are being tripled. And the AXS fee is being halved.
This comes after the SLP has been declining in value. This will take approx. 10 days to be fully implemented.
This and more in this week's recap of the Axie Infinity market.
As of this writing, over $112 million worth of Axies and land have been traded in the past week, with over 514,000 Axies trading in the past seven days and less than 600 lands changing hands. This is a decrease from last week, of nearly 40 million dollars. The decrease in trading volume can most likely be traced to the dip in the overall crypto space.
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 $100 and $102. ETH is trading at a lower range than it had been this time last week. The strong correction the industry had last week is certainly a heavy factor.
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.
I wrote last week that an increase to the SLP breeding fee could create enough buying pressure for a rally.
And boy did Axie Infinity deliver. They announced a tripling of the SLP fee. For every new Axie created, it'll cost no less than 1800 SLP being burned or permanently removed from the ecosystem. Cost increases the more times either of the Axie parents has been bred.
The announcement created a large spike that brought SLP back to 5 cents. But the longer trend is a gradual decline from the AXS staking excitement that bled into the SLP price. It'll take a few weeks before we see how much the increased breeding costs affects the SLP supply. The price is currently at $0.045.
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 felt the splash damage from the large dip that hit the crypto sphere. It is currently trading around $109, declining heavily from the $140 range it enjoyed before the big industry dip.
Something excited that happened was the AXS breeding fee was halved again. Now the AXS cost is 0.5 AXS.
Out of roughly 65.8 million AXS circulating, we have over 20.6 million AXS staked. The dashboard has an estimated APR of 114%. While the amount circulating has minimally decreased, we have seen no major difference to the APR or the amount staked.
While we haven't seen any drastic changes, that could change after the AXS breeding fee is halved.
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.