This week, Axie Infinity, the blockchain-based online video game developed by the Vietnamese software studio Sky Mavis, surpassed $4 billion in all-time non-fungible token (NFT) sales. Launched in 2018 as a play-to-earn (P2E) game, it is now the third-largest NFT platform by lifetime sales.
Game Background and Token Performance
Axie Infinity is an Ethereum-based pet-training world that has seen surging demand over the past 12 months. Its native cryptocurrency Axie Infinity (AXS) has increased by 2,544% against the U.S. dollar over the last year. In contrast, the Smooth Love Potion (SLP) token has dropped 70% year-to-date. On-chain data shows 53,502 AXS holders, with 166,870 Axies owned by 45,276 unique owners.
NFT Sales Data and Ecosystem Overview
As of writing, Axie Infinity’s lifetime NFT sales stand at approximately $4.14 billion, with an average sale price of $198.77 and a total of 1,905,222 traders. It trails only OpenSea ($21.85 billion) and LooksRare ($16.85 billion) in all-time NFT sales.
To avoid high Ethereum fees and congestion, Axie Infinity leverages the Ronin network, a sidechain. The Ronin Bridge currently holds $3.3 billion in total value locked (TVL), down 15% from last week. The Ronin-based decentralized exchange Katana is the fourth-largest DeFi exchange by volume, with $30.8 million in 24-hour trading volume and $475 million in TVL.
Recent Sales Decline
Despite the milestone, Axie NFT sales have dropped 40.58% over the past seven days, totaling only $19.82 million from 91,940 buyers across 267,906 transactions. In the last 24 hours, sales reached $2.2 million from 17,731 buyers. Axie ranks fourth in 24-hour sales, fifth over the last seven days, and eighth over the past 30 days.
The data suggests that while Axie Infinity boasts a massive historical sales volume, current momentum is waning. Whether the Ronin ecosystem or new game features can reignite user interest remains to be seen.