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This Week in the Axie Infinity Market (August 13th - 20th)

Exploring market volume, floor prices, SLP/AXS values and notable land sales.

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Michael 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. 

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

THIS. IS. AXIE!

This past week, multiple Axies were sold for over $300,000. In a majority of neighborhoods in my state, if that doesn’t buy a house outright, it pays for one hell of a downpayment. And that's including property in beach towns like Daytona Beach or Titusville. 

Large purchases like this tend to send a surge into overall market trading; we shall see if it has affected the usual metrics we track. Also, I am joining a scholarship program as a scholar, so I’ll be able to cover that side in this and other related content. Stay tuned!

Market Volume:

As of this writing, over $216 million has been traded over the past 7 days. More than 476,000 Axies were traded, with just over 900 lands changing hands. 

The one thing I immediately noticed is that the number of axies trading has increased, but the overall volume in dollars is lower. So more axies are being traded, but for lower amounts. This is probably due to the new updates to the game where scholars don't just mindlessly play, but skill is a higher requirement than previous versions. This also means that, like in golf, players will study their equipment meticulously, so not just any axie will do. This will also increase the value of other axies that have good battling stats.

Bring it to the floor:

The absolute cheapest or lowest price of Axies is what we call the floor—groundbreaking, I know.

In previous 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 find it’d be better for this and future versions to instead focus on the lowest ten (10) Axies on the market. 

The floor has noticeably dropped. I can’t remember the last time that the bottom ten did NOT have an axie going for $250 or more. Readers have requested I take the ETH price into account when I do these in case any large swings in the ETH price skew the numbers. I’m glad I looked, because since the time I took the snapshot for prices, ETH has been climbing up—growing more than 10%. 

For the bottom 10 Axies, I took the liberty of finding the average. This average can be tracked over this and future versions to see if the Axie Infinity craze is cooling off or ratcheting up even harder. 

You may want to sit down dear reader. The average of the floor ten was $224. In the last article, the average was $340. We will see if this is a fluke or a reaction to the new update in future versions.

SLP:

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. 

Over the course of the last week, the price of SLP has been sliding down. Since hitting over 39 cents last month, we continue the slide. In the past week, SLP has gone down to 17 cents. This is the currency's lowest value since early July.

AXS:

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 stake this token to vote and earn more AXS. 

AXS is growing like an anime protagonist after a montage. As of this writing, it’s settling nicely at $72. 

But the shards are cooling off from spiking up to a high of nearly $82. 

Looking at the chart, it continues to follow the trend of old-school Superman and seems to be going up up and away!

Land sales:

Land prices have gone up in price, but only slightly. They are sitting nicely in $12,400 - 14,500 range, which is more than double what the floor was when I started doing these recaps. I don’t have anything concrete that supports the land prices sliding or going down this week.

The End:

This has been this week's Axie Infinity market recap. If you want to see more Axie content, be sure to follow along on ONE37PM! And if you want to meet other Axie buffs, be sure to register for the NFT event this weekend and come visit the ONE37pm booth.

photo 2021 08 20 14.06.24
Gainables

And be sure to follow me on Twitter for your NFT gaming fix!

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