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A groundbreaking month of July saw Axie Infinity earn more revenue than Bitcoin, Binance Smart Chain, Uniswap, or even Ethereum.
Blockchain Gaming Is Exploding
The heavily mediatized price rise of Axie Infinity has seen the blockchain game climb up the rankings of revenue-generating crypto protocols. According to Token Terminal, Axie Infinity is the single highest-earning protocol for July.
Axie Infinity claims that top spot ahead of entire blockchains such as Ethereum, Binance Smart Chain, and Bitcoin. The game also generated more revenue than decentralized exchanges Uniswap, PancakeSwap, or lending protocol Aave. In July, Axie Infinity saw more than $200 million in revenue. Annualized, this would suggest Axie Infinity has the potential to see more than $2 billion in revenue during the coming year.
Axie is also the first NFT product ahead of CryptoPunks, ArtBlocks, or NBA Top Shot in terms of the trading volume. Most impressively, AXS trading represented more than four times the volume of CryptoPunks, who have seen an impressive revival in the last few weeks.
The number of daily active players is also fast approaching one million, as gamers from countries like the Philippines continue to join the game in droves. In their most recent update, Axie Infinity’s team has outlined the next steps in terms of game development. A new version of PvP battles is coming in the next update.
The new update will also introduce a territory system where players can fight to defend their territory or attack their opponents.
The play-to-earn movement continues as the rise in AXS, Axie Infinity’s governance token also led to a rise in the price of small love potions (SLP), the in-game currency players receive after successful battles.
Disclaimer: The author held ETH and several other cryptocurrencies at the time of writing.