Axie Infinity NFT sales drop below $10 million for four consecutive months
Axie Infinity NFTs continue to see a decline in the number of unique buyers as well as the average sales value which negatively impacted sales volume in August.
Axie Infinity is one of the oldest NFTs in the digital collectible space and has brought significant fortune to several collectors worldwide. Unfortunately, Axie Infinity has lost its golden goose status as its fortunes have dried up due to bearish market trends as well as market saturation.
As a result, the NFT collection generated only $5.71 million in sales in the entire month of August 2022, CryptoSlam data showed.
Axie Infinity sales are down over $800 million year-over-year
Despite sales exceeding $5 million in August, which is quite impressive considering the number of NFT projects in the crypto-finance industry today, Axie Infinity plunged by approximately $842 million as of August 2021.
In August 2021, sales reached $848 million, marking a record monthly volume for Axie Infinity.
August sales were down 99% year-on-year. Within the period, there were 305,264 unique buyers corresponding to 1.85 million transactions.
Axie Infinity falls below $10 million for the fourth month in a row
Although sales of the most successful NFT volume of all time were below $10 million for the fourth consecutive month in August, it was a 15% increase from July. July’s sales were $4.9 million generated from 52,896 unique buyers and 374,409 transactions.
After seeing more than $19 million in sales in April, the crypto market crash in May saw NFT lose $12 million of April sales to $7 million in May. The extension of the crash into June, with most NFTs plunging to new lows, negatively impacted Axie Infinity with $3.19 million generated in sales for June.
Unique buyers and average sales values take a deep dive
Since the end of April, the digital collectible has registered less than 100,000 unique buyers. Unique buyers stood at 78,533 in May and fell further to 52,645 and 52,896 in June and July respectively. Overall, the number of unique buyers hit a 16-month low of 44,558, the lowest the project has seen since May 2021’s figure of 17,416.
At its peak in August 2021, the average sales value was $457.42. The resulting effect of the lack of interest in NFTs, which has led to a significant drop in total transactions over the past four months, saw the digital collectible sell for $13.31, down 97% year-on-year year.
AXS price a reflection of bearish market trends
In August, AXS, the new token of the project saw minimum and maximum trading volume of $79 million and $219 million.
After starting August strong with a market cap of $1.48 billion, negative market sentiment caused a 20% decline to $1.18 billion on the last day of the month.
AXS opened on August 1st, trading at $18.10, reached a monthly high of $19.46, tested a monthly low of $13.04, and closed the month at $14.14.
Overall, there was a 21% drop between the opening and closing price of AXS in August.
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