This Week in the Axie Infinity Market (Oct 5th - Oct 12th)

Mikey Caloca/One37PM

In this edition, we'll look at the past 7 days of the Axie market and recap the highlights from one of the biggest platforms in the history of NFT gaming. Axie Infinity has passed over 2,000,000 daily active users (DAU).

Axie Infinity

Following the trajectory from the chart, it looks like it’s not slowing down anytime soon. It’ll be interesting to see if AXS staking and price increase affect the DAU over time.

The numbers in this recap were sourced from Axie's Marketplace Tracker.

Market Volume:

As of this writing, in the past week, over $137 million worth of Axies and land have been traded—with over 481,000 Axies trading in the past seven days, and less than 600 lands changing hands.

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 instead focus on the lowest ten (10) Axies on the market. 

This week, the floor range is from $171 to $172. This has been affected by the change in breeding fee from a few weeks ago. ETH is in a similar price range that it was in last week.

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 took a mini-vacation from its downward slope in price. It’s returned to 7 cents, just slightly higher than what it was when AXS staking went live. The previous bump can be attributed to people being hyped with AXS price spike and buying into SLP thinking it’d join that upswing. We will keep an eye on if SLP finds any more use cases i.e the new breeding fee increase. More utility the less that will be dumped on market.

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. Also, they can now stake this token to vote and earn more AXS. 

AXS is “only” $121 as of this writing. It’s a drop from it rocketing to its ATH a few weeks ago. When a coin shoots up hard a correction is in the cards. But looking at it from a macro level we can see more AXS is being staked so we should see how it affects the price in the long term.

AXS Staking

This month we gained a new metric to track:

Total AXS that is being staked! Out of roughly 61 million circulating, we have over 16.6 million AXS staked. This is an increase of over 3.4 million from my last recap. As more gets staked we will see less return per AXS staked, but the reward pool can change over time. In real-time we can see the amount being staked is increasing. Last week it was approx 21.6% of the supply was staked, now that percentage is 27.2%. 

Land Sales:

The range this week is $14,800 to $15,600. ETH is in a similar place range-wise as it was last week. When ETH is in a similar price range we can see changes that are easier to track. Such as if the land floor is going for $12k when ETH is at $3,500 and ETH goes down to $2,500 the floor would drop drastically in $ or USD. It can be harder to see trends in price with larger shifting variables. So ETH being in the same range helps. We are still waiting for land to gain real-time utility, will keep an eye on this.

The End:

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!

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