Axie Infinity has been a leader in non-fungible token (NFT), space for many years. It was a top-selling NFT collector due to its massive sales. It had a sales volume of almost $4.08 trillion. However, June 2022 sales are a mockery to its achievements over the last year.
Axie Infinity, an online game developed by Sky Mavis in Vietnam, was launched March 2018 by the Vietnamese studio Sky Mavis. It’s an online video game based on NFTs. Through its gaming economy, the platform gained popularity thanks to Ethereum-based tokens. Ronin is the blockchain that powers this gaming project.
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The whole crypto industry keeps receiving blows, topped by discouraging news such as Coinbase selling users’ Geo data, making people even more suspicious about the market, and the NFT space looks no different.
Axies, or Pokemon-Esque creators, are central to the platform. Axies are virtual pets that players can get and breed to their own use. The Axies can serve as formidable weapons in games. They could be awarded rewards if the players improve their skill and level.
In June, the NFT Collectible saw a dramatic drop in sales. Principal determinant is the current crypto bear market, which has taken a toll on most of the activities within the industry. This has led to a reduction in NFT investment opportunities from all angles.
June’s record from the recent Research for Axie Infinity placed the sales volume at about $3.18 million. It is quite a difference from the May volume which stood at $7.09m. Comparing the two months indicates that June’s volume declined by 55% from May’s sales volume.
A general review of NFT monthly sales volume in 2022 shows June’s sales as the lowest. This is the first month since February 2021 that Axie Infinity has had a monthly volume below $4 million. The collectible had a February 2021 value of $1.67million.
Infinity NFT Collectors at Axie Infinity Record a Drop in June Sales Volume
Axie Infinity isn’t the only one affected by this negative trend. The NFT industry has June’s sales as the lowest for almost all collections. Mutant Ape Yacht Club and CryptoPunks are just a few of the others.
The drop in unique buyers of the Axie Infinity NFT between June 2022 and June 2022 is more evident. It first explains why transactions have declined with NFT collections. Its unique buyers for June were 52,507 and 307,431 transactions.
The NFT collection reached its highest monthly sales in January 2022, but it was still in decline. The NFT collection had 314,642 unique buyers and 1,296,870 transactions. Axie Infinity also had nearly $126.49 Million in sales volume by January. The NFT Collectible’s June drop has caused a slump in sales volume of $126.49 million, compared to its January peak.
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Axie Infinity also has an average sales price of $97.54 for January and $10.34 for June. The comparison shows a drop in sales value of approximately 89% over the same period.
Featured Image from Pexels. Charts by TradingView.com
