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This Week in the Axie Infinity Market (July 31st - August 6th)

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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.

“So You Want To Be A F’ing Axie Pro?!”

This past week, FTX was doing their best Dana White impression as they rolled the dice on sponsoring Axie Infinity players. The Cryptocurrency exchange just inked a sponsorship deal with decentralized gaming startup Yield Guild Games (YGG) to sponsor 137 players from developing countries. This adds a ton of eyeballs and market legitimacy to the biggest game in the NFT space as FTX gains naming rights. The exchange adds to their impressive collection of other “live” sports they inked deals with, including the MLB and the Miami Heat. 

This could push even more people into the game, causing a reaction to Axie trading and breeding volume.

Market Volume:

As of this writing, over $228 million has been traded over the past 7 days. More than 370,000 Axies were traded, with just over 1,500 lands changing hands. 

Since before the beginning of the summer, the market has been observing an increase in Axie transfer volume per hour. More players joining and obtaining the required three Axies to begin playing can be linked to more transfers per hour. 

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 made an analysis of 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. This is for two reasons:

● There’s a better chance of the new floor having consistency between this writing and days after it’s published. 

● It will be easier to demonstrate trends.

The floor appears to be continuing to rise in price. In the bottom 5 Axies alone, the listed prices spikes from approximately $270 to $360. 

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. 

Even though the lowest two are sub $300, the average is skewed up to $347. So if 2 or 3 people tried to fill out a valid team from just the floor, that would be their average cost. 

SLP:

In order 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. Following a trend over the past 30 days that saw it go from 39 cents to where it is hovering now at just 19 cents. This is due to many contributing factors, but most possibly its due to players acquiring and quickly dumping so fast that it is overwhelming any buy orders on the market and pushing them down. 

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 looks over at SLP’s decline and says, "that sounds like a ‘you problem.’" Over the past 7 days, it has traded in a range bouncing between $38 dollars and $45 dollars. It is “only” at $43 dollars as of this writing. This time last month it was trading at $13! 

Land Sales:

Land prices continue to make me shake my head in awe. The lowest 10 land pieces are listed between $12,200 and $12,400. My last edition of this recap had the floor for land below $8,000, to put this in perspective. That’s over a 50% increase! Now, granted, this is not mirrored across the board. Someone may want to cash out and sell for a steal at $10,000. But it’s obvious that the floor prices for land continue to trend upwards. 

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

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