Pokémon-inspired game, Axie Infinity, has been enjoying explosive growth and has even been credited as a key driver for the NFT market according to research from DappRadar.
NFT Resurgence
The play to earn game Axie Infinity is on a major bull run, with the chart data to prove it. In the last 7 days the native token of Axie Infinity, AXS, has risen by 148%. Over the 14 day period it’s an even more impressive 279%.
Trading volume has now surpassed $1 billion with a market cap of $791 million. At time of press the token is trading at around the $14 mark down from a peak of $16.64 on July 7th.
Bullish Price Action
The reasons behind the current run of AXS may lie in its increasing adoption and popularity. According to data from DappRadar, Axie Infinity is now attracting more than 4,700 unique daily wallets, increasing usage by 360.61% quarter-on-quarter.
Over the past month 62,000 unique wallets have used the platform. Data from Google Analytics also shows that Axie Infinity may be experiencing a breakout event, with interest in the company rising through May and June.
DappRadar have gone on to speculate that play to earn games such as Axie Infinity may even be the key to mass adoption. Axie Infinity has grown 360.61% from the previous quarter with 295,000 daily players now participating in the game.
The positive trends for the protocol continue almost anywhere you care to look, prompting one Twitter user ‘ChainLinkGod.eth 2.0’ to share their own analysis of the company’s current good fortune.
Concluding Thoughts
The current bull run of Axie Infinity is a positive signal for the NFT market, as the sector continues to diversify and grow. As the NFT industry matures we are beginning to witness a shift from art and collectibles to metaverse tokens and NFT games, with Axie Infinity leading the charge for NFT gaming.
Source : bsc.news
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