Axie Infinity [AXS]: A hike in user activity on the play-to-earn platform means that…

  • User activity on Axie Infinity has grown steadily since 2023.
  • The AXS price has also experienced a rally.

With the resurgence of interest in NFTs and the gaming vertical of the crypto ecosystem, the leading play-to-win platform infinity axis [AXS] saw an increase in user activity since the beginning of 2023, data from radardapp presented.

Read Axis Infinity [AXS] price prediction 2023-2024

Due to the decline in the overall crypto market in 2022, the play-to-win gaming ecosystem saw a huge drop in user activity. According to the CoinMarketCap and Naavik Blockchain Gaming Report 2022 Released in November 2022, major play-to-win games like Axie Infinity and STEPN took big hits in 2022.

These impacts came in the form of a decrease in its daily active user count, NFT sales volume, and the number of completed transactions.

Axie Infinity had a positive impact

Interestingly, the 2023 business year so far witnessed a renewed interest in NFT projects and blockchain gaming. According to data from DappRadar, the daily unique active wallet count on Axie Infinity has since increased by 59%.

Likewise, the sales volume of the game also increased steadily, with an increase in the number of active wallets. With $2.04 million recorded as total sales volume on January 13, DappRadar revealed a 214% growth in sales over the past two weeks.

In addition, daily transactions featuring the game to win money have also increased by 105% since the beginning of 2023.

Source: Dapp Radar

Due to the growth in sales volume and transaction count at Axie Infinity, daily revenue has also been positively affected. So far this year, daily revenue in the gaming world has grown by 77%, data from token terminal revealed. In fact, in the last month, it increased by 36%.

Screenshot 2023 01 14 at 08.51.48

Source: Token Terminal

Realistic or not, here it is AXS market cap in terms of BTC

AXS is not far behind

Priced at $9.48 at press time, Axie Infinity’s AXS governance token price has increased by 58% in the past two weeks. In the last 24 hours, the altcoin’s value increased 19%, while trading volume also increased 122%, data from CoinMarketCap presented.

According to crypto surveillanceAXS shared a statistically significant positive correlation with Bitcoin [BTC]whose price increased more than 26% since the beginning of the year.

A daily graphical assessment of AXS price movements revealed that the governance token was overbought at press time. Key indicators such as the RSI and MFI were at overbought highs of 81.02 and 89.35, respectively.

AXSUSDT 2023 01 14 09 04 39

Source: AXS/USDT on TradingView

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