Axie Infinity NFT sales fall below $10 million for 120 days

Axie Infinity is among the first games to feature collectibles and tradable NFTs. However, the game has recently failed to sustain the interest of current players and attract new ones.

This resulted in a decrease in monthly turnover, which was a total of less than 10 million dollars.

This isn’t the worst decline in the game’s history. Compared to August 2021 the previous year, August 2022 has had the highest sales drop.

With 305,264 unique buyers and 1.85 million attributed transactions, this indicates a decline in the game’s popularity.

The game has also suffered one of the biggest hacks in history, losing more than $600 million

Axie Infinity Dilemma: Attracting New Investors

One can perhaps understand the reluctance of investors to invest in anything that has been subject to a significant hack.

The game’s network infrastructure has been questioned due to the security vulnerability.

As a result of the game’s emphasis on non-fungible tokens, it is clear that the bear market had a negative impact on these tokens.

Almost every aspect of the crypto market has faced a severe bear market. The graphs for both cryptocurrencies and NFTs are pointing downwards.

The volume of NFT transactions peaked in January 2022 at $16.54 billion. In May, this figure dropped to almost 4 billion.

The AXS token takes heavy hits

Axie’s NFT side is not the only one struggling. AXS, the Axie Infinity token, has also struggled to stay afloat.

According to data from CoinMarketCap, the price of Axie Infinity’s token on September 1 was $14.19 before falling to $13.68.

Attracting new players or investors is another area where the game has problems. Unique buyer numbers for the game have been terrible.

Although the NFT market generated $19 million in April 2022, the meltdown of the crypto market in May made it difficult for the game to reposition itself.

This difficulty is reflected in the game’s $3.19 million in June sales – a terrible drop for the developers and the community.

Every day the market remains as pessimistic as it is now, Axie’s future becomes more fragile. As difficult as the current market may be, Axie and its people still face a bright future.

A sequel to the original game is now available: Axie Infinity Origins. This product was released in April this year. Origins was received positively by the community.

Good things ahead?

AXS total market cap at $1.15 billion on the daily chart | Source: TradingView.com

Featured image from Pixabay, chart from TradingView.com