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 continues to become a bigger player in the gaming space. Their parent company Sky Mavis recently raised $152 million in Series B Funding. It was led by Andreessen Horowitz of a16z.
The numbers in this recap were sourced from Axie's Marketplace Tracker.
How do you like your stakes? Axie Infinity enabled users to stake their AXS. This was celebrated with millions of dollars worth of AXS dropped to early adopters.
This adds a new barometer on the health of the Axie economy, as I will now be tracking how much AXS is being staked. When a large percentage is staked, there’s less reward AXS per AXS staker, but it shows less AXS is being sold on the open market. The current climate is seeing people wanting AXS vs trying to sell it. It may be a better reflection vs the daily fluctuations of the price. But watching the price double over the past week was wild.
As of this writing, in the past week over $127 million worth of Axies and land have been traded—with over 470,000 Axies trading in the past seven days, and less than 500 lands changing hands. This comprises a slight uptick in volume from my last recap.
With the release of AXS staking, it made AXS a more sought-after, currency which could affect breeders long term.
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 $158 to $162.
The floor has benefited from Ethereum flipping the script and bouncing to $3,400 from $2,900 this time last week.
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 just paused their downward spiral. I'm not sure if it’s a reflection of the AXS spike or a general reflection of the SLP market. Traders may have scooped some up some thinking SLP will bounce with AXS.
It very well could be a delayed reaction from breeding fees being changed recently. We will keep an eye on it.
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.
Have we seen such a violent change in price since we started this series? I think not.
The price has exploded from $70 to over $140. It's right now trading in the $130 range.
We have a new metric to track:
Total AXS that is being staked! Out of roughly 61 million circulating, we have over 13.2 million AXS staked. As more gets staked we will see less return per AXS staked, but the reward pool can change over time. It should be interesting as we track this over future editions.
ETH price change may have affected this more than any other factor, but the floor range for land is $14,000 to $16,400.
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!
