This week, DappRaddar’s Q3 blockchain game report revealed some exciting statistics. Nearly half of blockchain active wallets are connected to NFT games. This means that for every four wallets actively trading or using crypto and NFTs, two relate to blockchain games. In this edition, we’ll look at the past seven days of the Axie market and recap the highlights from one of the biggest platforms in the history of NFT gaming.
This Week in the Axie Infinity Market (Oct 19th - Oct 26th)
Axie Infinity had over $2.08 billion in trading volume in Q3. That’s over 83% of their historical volume! Imagine making 80% of everything you ever earned so far in your career since July. Let’s see how this volume has affected the rest of the market metrics.
The numbers in this recap were sourced from Axie's Marketplace Tracker.
As of this writing, in the past week, over $120 million worth of Axies and land have been traded—with over 451,000 trading in the past seven days and less than 300 lands changing hands. Compared to last week, we see a similar volume but with more Axies being traded. This could be due to people dumping Axies below the floor due to the new 800 MMR update. So the less desired Axies in PvP might become even lower/cheaper.
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.
This week, the floor range is from $120 to $125. This is a slight drop from last week’s range of $30ish. This follows the trend we have seen in the last few weeks. ETH is rising in value, and the 800 MMR makes some users try to dump their Axies on the market. If players can’t keep their MMR above 800, they won’t be able to make anything so better to sell Axies now than later.
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 had been on a steady decline since it reached its ATH or all-time high of $0.399 on July 13th. However, if we look at the weekly chart we can see that SLP was trading sideways. A sideways trend occurs when the supply and demand for an asset are nearly equal. In the past 24 hours, we can see a violent spike in the price. If this sideways trading continues traders could start to buy up SLP. The selling pressure from bots dumping on the market has been removed so it's plausible that the natural buying pressure will start to take over.
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 back at $135 following a trajectory of it slowly climbing up. It is just 13.4% away from its all-time high. It is rising along with SLP. It’s possible the 800 MMR update has renewed buying interest in both currencies.
Earlier his month we gained a new metric to track:
Total AXS that is being staked! Out of roughly 61 million circulating, we have over 18.4 million AXS staked. This is only an increase of 300k more AXS being staked. If this amount remains staked with slight increases we may see some increases in the price and purchase volume. Last week, approx 29.5% of the supply was staked, now that percentage is 30%.
The range this week for land sales was between $14,996 and $17,200. ETH is trading in a higher range than it had been last week. When ETH is in a higher price range, we see prices adjust. Most of the lands have been listed for sale for a few days so while the USD price has increased, it's more of a reflection of ETH price increasing.
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!