NFT news source, WAX Piggy, releases a new report on Axie Infinity and its projected growth for the last few months of the year. The website offers regular updates on WAX and other gaming initiatives.
NFTs, Dapps, Web3, and the power of the blockchain have unlocked incredible potential for creative and financial growth now and into the future. Join us, WAX Piggy, to hear the latest news and be kept up-to-date on what is happening in the world of WAX and related gaming, earning, and artistic initiatives!
In this edition, we’ll be talking about the gaming industry and how Axie Infinity is taking everyone by storm.
Cryptocurrency analysts project the continued rise of the AXS token as sales for various gaming decentralized applications surge to close to 800,000 active wallets in Q3 of 2021. Our new report speculates that the increase in gaming activity is largely driven by in-game non-fungible tokens (NFTs).
Read the full report at https://www.waxpiggy.com/axies-collectibles-drive-axs-token-ath-nft-sales-grow-p2e-dapp-player-volume
In the report, we estimate that NFT collectibles have generated more than $2B in sales in Q3 alone, which would represent around 22% of the total NFT trading volume for the period. One reason for NFT popularity may be due to its inherent uniqueness.
Unlike cryptocurrency which can use utility tokens that can be traded for one another, NFTs carry a distinctive code as they represent an actual consumer product. This implies that every NFT is singular, which drives both demand and cost.
The Worldwide Asset eXchange (WAX), otherwise known as the “King of NFTs”, is the world’s leading blockchain, as measured by the number of users and transactions. Within WAX, users can easily stake their NFTs in a secure and environmentally-friendly environment.
This has proved particularly beneficial for the gaming and entertainment industry which relies heavily on technological transfers. One such example is the Axie Infinity metaverse, where you can collect and raise “Axies”, which are virtual creatures sold as NFT.
These creature NFTs can be used in both player-vs-environment (PvE) or player-vs-player (PvP) battles in the game. Leveraging on the rapidly evolving online gaming industry, Axie Infinity has revolutionized the way you play and interact with fellow gamers.
In Q3, the blockchain platform has had more than 6.7M sales to date, with a current 24-hour volume of more than $15.2M.
In our newly published report, we note that when Axie Infinity enabled staking for its native AXS token last September, it added an additional layer of passive income potential. The AXS token operates on a play-to-earn smart contract, which has seen massive growth in only a few months.
Experts speculate play-to-earn gaming societies to further expand in the next few months.
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Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high risk, with high-risk and unproven projects. Readers should do their own research and consult a professional financial advisor before making any investment decisions.
