Cryptos

How Axie Infinity became the second largest generator of income from fees

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Axie Infinity is on an absolute tear lately. Play-to-earn has been the face of a new cryptocurrency and gaming integration that holds tremendous potential.

Axie Infinity now has over 1,000,000 daily active users. It generates more revenue than any other protocol or platform, with the sole exception being Ethereum. Yes, Axie Infinity earns more fees than major platforms like OpenSea or Uniswap, Bitcoin, or Binance Smart Chain.

You should probably be paying more attention Axies. Do you need to know the basics? You can check out our report from a few years ago about the emergence and impact of the Axies.

Axie Infinity: at top of the charts

A series tweetsConnor Dempsey, Coinbase Ventures, describes the short and sweet story very well. Dempsey rightly notes that every Axie transaction is charged a costed fee, in $ SLP and $ AXS.

Axies has generated more than $ 17 million in sales volume in the last 24 hours. This is the highest number of NFTs in the world. Bored Ape Yacht Club is the next closest NFT project, at just $ 9 million.

You read that right, almost all the Axies have DoubleThe closest NFT project that is comparable today is Axies. Axies is also the leader in NFT sales volume for the past 30 days, having exceeded $ 1.7 billion in transactions and surpassed 1.5 million owners.

Axies’ long-term income from blockchain fees is even more impressive when you consider it. According to Token terminalAny chart with a time horizon greater than 90 days reflects Axies charge generation that exceeds Ethereum. Dempsey notes in his thread that Axie has nearly $ 600,000,000 in expense cash.

Axie Infinity's governance token AXS has seen a tremendous increase in usage this year, with the platform now having over 1MM active users daily. Source: | Source: TradingView.com - AXSUSD

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The sky is… infinite?

Dempsey’s twitter thread leads to a new Coinbase blog postThis week’s focus was on AxieInfinity, the Yield Guild Games related gaming guild, and, more broadly, the pay-to-earn model.

Axie Infinity’s popularity has caused Axies to be a bit more expensive at $ 300 per month. To play the game, you need at least 3 Axies. August revenue nearly doubled from July. How did it happen?

It began last year in the Philippines. It has grown so rapidly in the country, that officials from the government finance have reiterated that the titles’ profits will be used to win. Must be declared as income tax. Axie Infinity has also created a living-wage model for emerging and developing countries, including those hardest hit by the COVID-19 epidemic (and where local currencies may be weaker).

Axie is criticized for its inability to sustain itself. Will the constant increase of entry costs make it impossible to enter the market? Yield Guild Games is lending Axies to make a comeback. Yield Guild Games has partnered with Exchange FTX, to sponsor over 100 players from developing nations. The surrounding economy is thriving to support Axie Infinity.

Axie Infinity is helping to create the game to win model. It has a huge impact on individuals’ lives on a large scale.

Similar reading: Crypto Only: Crescent explains how Gamestop and NFT will boost Ethereum| Crypto Only: Crescent Explains How Gamestop and NFT Will Boost Ethereum

Featured image taken from AxieInfinity.com. Charts taken from TradingView.com.




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