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This Week in the Axie Infinity Market (Nov 10th - Nov 17th)

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Mikey Caloca / ONE37pm

The biggest name in NFT gaming has had a crazy month, from NFT.NYC to their decentralized exchange going live. We are now in week two of the Katana DEX and new reward pools.

After amassing billions in liquidity there have been a few hiccups, with some transactions falling through due to an increase in volume but let's see how that has trickled down to the rest of the game economy.

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

Market Volume:

As of this writing, over $169 million worth of Axies and land have been traded in the past week, with over 578,000 Axies trading in the past seven days and less than 300 lands changing hands. Compared to last week, we're seeing a decrease in volume. This is a natural cool off to the explosion we had last week as Katana excitement hit its peak. Over the next few weeks, it'll be interesting to see if volume decreases as people wait for the Ron currency to go live.

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 $140 to $145. ETH is at a lower point than it was last week. With ETH cooling off, it’s notable that the price in USD per floor axie is not dropping. Another metric that I was asked to track is the total Axies listed. Currently, there are 429,285 listed for sale; this number can be used to figure out volumes, market volatility, and optimism from breeders.

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 has dipped back down to 6 cents after enjoying some nice spikes, thanks to Katana. Selling pressure has decreased since the 800 MMR.

My current theory for the SLP dip is that people are selling SLP because of failed transactions. If people can't swap their SLP to AXS or ETH, then they're going to sell it. After Ron gets implemented, we should see a change in SLP trading.

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 also enjoyed a nice bounce thanks to the Katana announcement—but since then is at the lowest point in nearly two weeks. The governance token dipped to $123 before returning to where it sits now, around $137. This is the most significant gradual decline for AXS since staking went live in early October. But for this and any other cryptocurrency, you need to zoom out. Looking at the 90-day chart, it's apparent that after the AXS staking price spike, we are trading sideways in this range.

AXS Staking

Out of roughly 65.5 million AXS circulating, we have over 20.6 million AXS staked. The dashboard has an estimated APR is 114%. There has been a slight change in the numbers from this time last week. But the overall macro trend remains the same.

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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