SLP Price Skyrockets 40% as Axie Infinity Will Reduce Tokens Supply

The developers behind the popular play-to-earn blockchain game Axie Infinity will reportedly implement changes to its reward system to rebalance the project’s ecosystem. Specifically, they will reduce the supply of Smooth Love Potion (SLP) tokens by 56%, making them more scarce.

The Latest Updates

The play-to-earn business model emerged as a trending niche towards the end of 2021. Its concept consists of two elements that have captured society’s attention for centuries – entertainment and making money.

Axie Infinity is one of the leading names in the play-to-earn universe. It’s inspired by some popular games from the recent past, including Pokémon and Tamagotchi. The game lets players collect, breed, battle, and trade creatures called “axies.” Gamers earn Smooth Love Potion (SLP) tokens as rewards, which can later be redeemed for in-game features such as breeding new creatures.

The team behind the project said they would reduce the issuance of Smooth Love Potion tokens:

“The daily quest, in principle, was great to encourage people to play every day, but it’s now become a mass emission mechanism for SLP. By removing the daily quest, we are able to reduce issuance by around 45 million SLP per day.”

The developers described the update as a “painful medicine,” which at the same time is necessary for the future progress of the game. With the upcoming changes, the supply of SLP tokens is expected to drop by up to 56%:


“The Axie economy requires drastic and decisive action now, or we risk total and permanent economic collapse. That would be far more painful.”

The team also vowed to create a $6 million prize fund and introduce changes to its games reward structure. In season 19, Axie Infinity gave out 3,000 AXS tokens to the best gamers on the leaderboard. This reward has increased to 117,676 for the top 300,000 players in the following season.

“Put simply, we’ve prioritized growth and onboard millions. Without this approach, it’s likely that Axie would have remained a small, niche game with a few thousand players,” the team concluded.

AXS And SLP Prices Started Climbing

Similar to most cryptocurrencies, the native token of Axie Infinity – AXS – significantly increased its USD value during the past several days. Its current price level ($64) is 30% higher than at the end of January. Still, AXS is far from its all-time high of nearly $160 registered last November.

SLP’s price increase is even more spectacular. Following the news, the token surged by a whopping 40%. before retracing back.

Chart by TradingView


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Weekend Watch: Axie Infinity (AXS) Explodes 17%, Bitcoin Maintains $41K

After surging above $41,000, bitcoin has maintained its momentum and has remained above that level. The altcoins, which marked significant gains yesterday, have stalled now. Axie Infinity is among the few exceptions after a massive double-digit surge.

Bitcoin Maintains $41K

It was just a few days ago when the largest cryptocurrency struggled to remain above $37,000 and dipped below that level on a few occasions. The bulls attempted to push it north, which resulted in trading around $38,000 on Friday.

This is where the landscape changed, though. BTC initiated an impressive leg up in the following hours and surged above $40,000 for the first time in weeks.

Moreover, bitcoin even reclaimed $41,000 and neared $42,000. As of now, the asset stands just shy of that level, and its market capitalization is close to $800 billion once more.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall: AXS Soars With Double Digits

The alternative coins went on a roll yesterday with massive double-digit gains from almost all. Now, though, the majority have calmed.

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Ethereum stands above $3,000 for the first time in weeks, as well, even with a minor decrease since yesterday.

More slight decreases come from Binance Coin, Cardano, Solana, Ripple, Polkadot, Terra, Dogecoin, Avalanche, and Shiba Inu.

In contrast, CRO is up by another 3%, while Litecoin has surged by 8% and stands above $125.

Axie Infinity is among the most impressive performers with a 15% surge. Consequently, AXS trades well above $60. Gala (20%) and Theta Fuel (10%) are also well in the green.

Somewhat expectedly, the crypto market cap has remained relatively calm, around $1.9 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto


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Cryptocurrency charts by TradingView.


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Market Watch: LINK and AXS Explode 10%, Bitcoin Maintains $38K

Bitcoin tried to take down $39,000 but was stopped and dropped to its current level of around $38,000. Most altcoins are slightly less fluctuating today, with Ethereum standing at $2,600. Chainlink and Axie Infinity are among the best performers.

Bitcoin Stands Still at $38K

It was just a few days ago when the primary cryptocurrency dropped two consecutive times to $35,500 after failing to overcome $36,000. However, the bulls stepped up at this point and pushed the asset north.

BTC reclaimed the aforementioned level and, after a brief retracement, went on the offensive again. This time, the increase was more gradual than sudden, and bitcoin tapped $38,000, as reported yesterday.

In the following hours, the asset kept climbing. As a result, it went to a daily high at nearly $39,000. However, it failed to break above that level and, as of now, has declined by several hundred dollars.

Nevertheless, its market capitalization has remained above $700 billion after dropping below that level earlier this week.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

LINK and AXS Take the Lead

The alternative coins registered impressive gains yesterday, and most have calmed today. Ethereum continues with its recovery session as the second-largest crypto dipped to $2,000 earlier this week. Now, though, ETH stands above $2,600 after another minor daily increase.

Binance Coin and Terra have retraced slightly since yesterday, but Cardano, Ripple, Polkadot, Dogecoin, Avalanche, and Shiba Inu have tapped minor gains.

The most significant price increases from the larger-cap alts come from coins like Chainlink and Axie Infinity. Both assets have increased by around 10% in a day.

More gains come from lower- and mid-cap altcoins. Flow leads the way with a 20% surge, followed by Arweave (15%), Convex Finance (13%), Tezos (10%), Synthetix Network Token (9%), and Pocket Network (9%).

The cryptocurrency market cap has remained relatively still, and it stands above $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto


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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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How to Play Axie Inifnity? A Step-by-Step Guide

Earning money through playing video games is a dream of every gamer, but in the traditional industry, it’s something that only professionals achieve.

However, things move fast in the field of cryptocurrencies, and the above is now becoming possible thanks to the P2E (Play to Earn) business model.

The combination of blockchain technology and non-fungible tokens (NFTs) implemented in video games is giving crypto enthusiasts and gamers alike the opportunity to earn money by beating other players or just playing versus the environment.

One of the leading and most popular games in the field is Axie Infinity. In this guide, we’ll learn step by step what Axie Infinity is, its history, and how to play it.

Quick Navigation

Axie Infinity’s Tokens: AXS and SLP Explained

How to Play Axie Infinity

What is Axie Infinity?

Axie Infinity is a popular Pokemon-inspired, blockchain-based P2E game where players collect virtual creatures in the form of NFTs called Axies.

These creatures can be collected, bred, and sold at a price that depends on their rareness. Their price can range between a few dollars to hundreds of thousands of dollars.

Axie Infinity. Screenshot

Who is the Team Behind Axie Infinity?

The history of Axie Infinity spans back to 2017 and has to do with Trung Nguyen, a Vietnamese software developer who was thrilled with the success of the famous CryptoKitties, collectible NFT kittens stored on the Ethereum network.

Nguyen wanted to take advantage of all the benefits of blockchain technology and implement it into video games, giving players true ownership of the in-game items they collected.

Nguyen co-leads Sky Mavis, a tech-focused gaming studio. Witnessing the success of P2E games, the team decided to create a Pokemon-style game using the Ethereum blockchain. In 2021, the company raised $152 million – giving Sky Mavis a valuation of $3 billion, becoming one of the top gaming companies worldwide.

Axie Infinity’s Project Launch

Axie Infinity debuted in March 2018, hoarding capital from notable investors such as Mark Cuban, Blocktower Capital, and Libertus. But it wasn’t until October 2020 that the AXS token called the attention of the crypto community when Binance hosted the AXS initial exchange offering (IEO) on its Launchpad. Each winning lottery ticket received 2,000 AXS at the price of $0.1 per token.

Just one year later – during October 2021, after the project boomed in popularity and the token price skyrocketed, each ticket was worth roughly around $250,000, representing an increase of almost 125,000% in just one year.

Axie Infinity’s Tokens: AXS and SLP Explained

Before diving into the game itself, we need to talk about the Ronin Network and the two tokens related to the game: Axie Infinity Shard (AXS) and Small Love Potion (SLP).

So, why does Axie need two tokens, and what is the difference?

The Network: Meet the Ronin Sidechain

The Ronin wallet is a browser extension for Google Chrome and Firefox. It’s the digital wallet of Sky Mavis’ Ronin sidechain.

Ronin is designed as a whole ecosystem for the Axie Infinity metaverse. It allows a more open economy for players and enables them to escape the elevated gas fees on the Ethereum network.

Ronin is an Ethereum-linked sidechain with its own set of smart contracts where users will be able to migrate all of the in-game assets, such as Axie creatures, land, and land items, from the Ethereum blockchain to the Ronin blockchain,

You can install Ronin wallet as an extension on Chrome or Firefox. Set up your – password make sure you write down your seed phrase (remember to never share your seed phrase with anyone) – once ready, you can access your wallet at the top right bar on Chrome by clicking extensions and choosing Roning.

Important: Ronin can be integrated with a Trezor hardware wallet, and it is recommended for increased security.

SLP Token Explained

First and foremost, Small Love Potion (SLP) is the token you receive as a reward for every battle won when playing Axie. It can be used to breed your Axie creatures and sell it at a set price or auction in the Axie Infinity Marketplace. The SLP token, unlike AXS, doesn’t have a limited supply.

SLP can be traded for other tokens on Katana, the decentralized exchange on the Ronin network, launched by Axie Infinity. The DEX is designed to allow anyone within the ecosystem to trade ingame assets and other cryptocurrencies, like wETH (wrapped Ether) and USD Coin (USDC).

AXS Token Explained

AXS is an ERC-20 utility token in Axie Infinity, and it’s given to the best players from all of the 19 seasons in the game as a reward. A lot of players also choose to swap their SLP for AXS due to its limited supply. The consensus algorithm is the Proof of Authority, and Sky Mavis chooses the validators.

  • AXS holders have governance rights, which allows them to vote and send governance proposals. They can stake their AXS to win rewards and access various ingame features.
  • AXS is used to instigate the Community Treasury, which receives all the revenues that the game generates. By now, there are only two streams of inflow: 25% from the Axie Marketplace transactions and the AXS share of the breeding fee.
  • The Treasury will eventually be governed by AXS holders as soon as the network reaches a sufficient level of decentralization, allowing token holders to change or implement new monetization strategies for the fund.

The AXS token distribution has a capped supply that can never exceed 270,000,000. The total supply of AXS tokens will be unlocked for 65 months. Below we can see the maximum possible issuance of AXS in the upcoming years.

Source: Axie Infinity Whitepaper

The Axie Infinity Land

The Axie universe is called Lunacia – an open-world driven by its players and composed of several plots of land. This land is divided into non-fungible tokens (NFTs) that players can buy, lease, and develop.

Lunacia is a 301×301 grid. Each square represents a tokenized plot of land. The land game is currently under development, but players and investors are already loading up to buy genesis lots. CryptoPotato reported that a plot sold for $2.3 million worth of ETH, making it the highest sum ever paid for a genesis lot of real estate in a metaverse.

How to Play Axie Infinity

Before You Start – Setting Up MetaMask

You can access Axie Infinity by setting up your MetaMask wallet and connecting it with Ronin. As we explained above, Ronin is an Ethereum-based sidechain downloadable as a Chrome/Firefox extension. Head to and download the extension on the browser of your choice. After you install it, an orange fox will appear on the upper right side of your browser.


If you have never used MetaMask before (or any digital wallet), then there are important safety measures you need to be aware of. Beware of phishing scams, and always make sure you double-check the correct website URL.

Now that you have MetaMask register on the platform and connect your MetaMask wallet. First, go to Axie Marketplace and click on the top right Login button.


You’ll be redirected to the login page where you can register using MetaMask or just email and password. Click on Metamask, and a pop-up will appear. Connect your wallet and sign the request (this process is for free).


After completing the procedure, your account will be live, but you need to set it up by filling your email, username, password and later verify it through a code sent to your email.

Downloading and Setting Up Ronin

Your account is now live, but to play the game, you have to download it for iOS, Android, Mac, or Windows.

  1. Head to and click on “Getting Started.”


2. Create your Ronin wallet and add it as an extension for your browser or mobile device.


3. Buy your first Axies and set your team up – you’ll use them throughout the game in Adventure and Arena mode. On the screen of the third step, you’ll see a link to the Axie Infinity Marketplace. Click on it.


  1. Head over to “Marketplace” at the upper left side.


  1. You’ll be heading to the auctions site. Here you’ll see all of the Axies currently up for sale.


  1. Before you buy any Axies, you need to understand the basics of each creature.

    You will set your triangle according to the nine classes of Axies – Reptile, Plant, Dusk, Aquatic, Bird, Dawn, Beast, and Bug. Each Axie has six different traits, and each sums up four points to its base statistic. All Axies can reach a maximum of 165 points of total stats. These stats are:

  • HP (Health Points): increases the health points of your Axie.
  • Speed: determines the speed of your Axie when it’s time to attack and also affects the attack order – the fastest Axie is the first to attack on each round until it’s defeated.
  • Skill: the more skillful, the more damage your Axie inflicts – it also generates an additional shield when you play your cards in a combo or chained.
  • Morale: increases the chances of inflicting a critical hit on your opponent, the amount of damage of these critical hits, and the amount of bars in Land Stand – a temporary lifeline extension.

    Depending on your Axie’s Morale, when your Axie is at 0 HP, it might enter in Last Stand mode – with 1 to 5 bars shown above it. So if you have three red bars during Last Stand, you can execute three cards against your opponent. Your Axie will still die after that.


As shown above, an Axie is composed of six body parts – mouth, eyes, back, tail, forehead, and ears. Only four of the six parts – mouth, forehead, back, and tail –  will affect the results of your available cards, as shown on the right side of the image above.

You will use and prepare these cards in a combination, or use them individually against your opponents when it is your turn to attack.

Now that you have a basic understanding of what Axies are and how they’re composed, you’re ready to download the game and start playing. We’ll be using the PC version for this guide.


Playing Axie Infinity

To the right side of the main menu, you’ll find the Adventure and Arena mode, the leaderboards, battle log, your friend list, and settings.


At the top left side, your name is displayed, next to daily quests and the amount of energy you have. Energy is important – you use it to join an Adventure/Arena battle. You also need it to earn EXP (experience points) in Aventure and rewards in Arena. The maximum energy depends on the number of Axies you own. Energy is refilled daily at midnight UTC time.

Below, you have Axies. There you can see your Axies’ stats, like level, HP, speed, skills, morale, and their different parts – remember we explained above how the different parts of the Axie affect your available cards for that specific creature. Also, the # refers to the Axie’s ID.


The overall gameplay consists of the modes Adventure and Arena. In Adventure, you’re on a quest to fight and win against various monsters spread out in 36 levels called Ruins – doing so earns about 50 SLP per day.

One way to gain SLP is by Farming, which basically means getting rewards for completing daily tasks, like winning 10 battles in Adventure mode and winning 5 battles in Arena mode. You can receive up to 25 SLP per day for completing these objectives.


Both modes consist of opponents taking turns to plan and perform their attacks. Below you have a row of cards that you will use to make a combo and attack your opponent. After you line up your card combo, hit “End Turn” to perform your attack. There are several strategies you can plan and different Axies to line up in your team.

After you complete your daily quests, you can claim your SLP on the Quests section.


On the other hand, in the Arena mode, you’re fighting against other players’ Axies, and each player receives SLP depending on their MMR (Matchmaking Rating).

The player with the highest MMR takes the bigger cut, up to 21 SLPs per win. In the main menu, head over to Arena mode – you will be matched with an online player to start the battle.


If you win, you’ll earn between 15 to 20 trophies, but you’ll lose the same amount if you get defeated.


What is Breeding Axies and How to Earn Money From It?

The other way to earn is by breeding Axies. Every creature has unique traits that separate them from the others.

The process of breeding, however, is not free. Axie will charge you SLP and AXS for it – fees vary depending on how many times the Axie has been bred – there’s a limit of seven times before it goes sterile.

To know how much it will cost you to breed your Axie, you can head to and select the number of breeds to calculate the total cost.


Of course, the value of your Axies will depend on the level of their traits, like purity, body parts, and rarity. Some Axies are sold for thousands to even tens of thousands of dollars. The most expensive Axie sold for 300 ETH in October, which at that time was roughly $250,000

You can put your Axies up for sale on the Axie Marketplace. You’ll need to connect your Ronin wallet to your account first.

Final Words

With its success, Axie Infinity has proven players can earn while playing and having fun. It has become the most popular P2E Metaverse/NFT game in crypto history, hoarding millions of monthly active players. The use of blockchain technology brings transparency and security to the community and combined with NFTs, it promises a vibrant ecosystem where gaming and DLT come hand in hand.


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Axie Infinity Plot of Land Sells for $2.3 Million Worth of ETH

The NFT market and metaverse have once again been thrown into a state of euphoria as a single plot of digital land on the most popular NFT game in the crypto space, Axie Infinity, sold for 550 ETH.

$2.3M for Axie Infinity Plot

The plot of land in question is one of the Genesis plots on Axie Infinity, which are considered to be extremely rare as there are just 220 of them in existence.

Going by today’s ETH prices, that single piece of land would be worth a whopping $2.3 million, considering that ETH is trading around $4,100 at the time of writing.

Launched in 2018, Axie Infinity has gained dominance over time and has become the most popular play-to-earn NFT game in the crypto industry.

The play-to-earn business model allows gamers to earn income while playing their favorite games and also contribute to the growth and development of the gaming ecosystem.


Axie Infinity currently boasts over 2 million daily active users, and daily trading volumes have even reached peaks of $40 million. The game is so popular in the Philippines that some households quit their day jobs to focus on playing full-time.

Featuring small furry creatures that look like Pokemon, called Axies, the game allows players to collect, breed, and battle their Axies with other players to earn Axie Infinity’s native ERC-20 utility token, Smooth Love Potion (SLP).

Other in-game assets such as Axies and parcels of land are represented as NFTs, which can be sold in public NFT marketplaces.

Grayscale Values Metaverse at $1 Trillion

In recent months, the metaverse, an umbrella term given to a persistent digital environment where users are free to create their avatars and interact with each other from across the globe, has witnessed explosive growth.

Although the gaming industry often comes to mind whenever the metaverse is mentioned, it extends far beyond that to include advertising, hardware, digital events, and more.

Following the massive surge in interest in this rapidly growing industry, the world’s largest digital assets manager, Grayscale, recently noted that the metaverse space will be valued at over $1 trillion in the next couple of years.


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Small Love Potion (SLP) Price Skyrockets 100% as Axie Infinity Launches Ronin DEX

Small Love Potion (SLP) is up a whopping 100% in the past 24 hours. The massive games come on the back of Axie Infinity, the project, part of whose ecosystem SLP is, launching a decentralized exchange.

  • Play-to-Earn continues to be a dominating field in the cryptocurrency industry, and today is just another proof of it.
  • Small Love Potion is a token part of the ecosystem of Axie Infinity. In fact, it’s the cryptocurrency that players earn while playing the game, and it can also be used to breed new Axies.
  • Over the past 24 hours, SLP’s price has gone up a whopping 100% before retracing a bit to where it currently trades.

Chart by TradingView

  • There are a couple of reasons that might explain the staggering surge of SLP.
  • First things first, the broader play-to-earn ecosystem is growing considerably in the past week following Facebook’s decision to rebrand to Meta and focus on building the metaverse.
  • This alone led to the increase in some cryptocurrencies such as SAND and MANA.
  • On the other hand, though, Axie Infinity announced today that it has launched Katana – the Ronin DEX.

  • The exchange will be activating RON rewards for the AXS/ETH and SLP/ETH pools later throughout the week, and it’s entirely possible that investors are loading up in anticipation.


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Axie Infinity Announce a New Controversial Update. AXS and SLP Drop -7%

In a recent blog post, the developers of Axie Infinity, the most popular NFT game in the crypto ecosystem, were pleased to reveal that the fighting monsters were the most traded NFT collection of all time and thanked the players for this achievement.

Chart showing how Axie Infinity outperformed other NFT projects. Image: Axie Infinity
Comparisson between Axie Infinity and the rest of the most popular NFT collections. Image: Axie Infinity

Now, just two weeks after that post, the Axie Infinity team announced the 1.1.0a update, with changes to the game’s dynamics… and this part wasn’t too pretty for some.

The Controversial 1.1.0a Update

The game update consists of three main aspects.

First on the list are the traditional technological changes: Fundamentally, the Axie Infinity team made some changes to the Ronin Block Explorer along with some bug fixes. It is important to remember that recently, Axie Infinity’s Growth Lead Jeff Zirlin revealed that the team was working on a DEX tol facilitate the exchange of tokens inside the Axie Infinity ecosystem.


Second, are changes to the game dynamics: The new update will make it possible for players to invite their friends to battle.

And last but not least, there were some changes to the game’s economy: The developers have been quite busy trying to tweak the game’s tokenomics. Recently, players and traders were granted the ability to stake AXS, the game’s governance token. Cryptopotato published an in-depth guide on how to stake AXS.

Now, this update brings even more changes to the economic side of the game: After the update, when someone sells an Axie, the monster’s level will be automatically reset to level 1. The developers also announced the decision to prohibit players with less than 800 MMR from receiving any rewards for participating in the adventure and arena modes or even completing the daily quests.

Tweet from Axie Infinity showing the most important changes that will take place with the update v1.1.0a
Source: Twitter

The decision affects new and low-ranked players, as well as those who have decided to focus on the adventure mode, leaving aside the battles.

Reactions have been mixed, but apparently, the public has taken it with annoyance. While some claim that these changes are a low blow against bots and SLP farmers, a considerable number of users complained that developers were hurting the most novice players -something that becomes even more apparent considering that Axie Infinity’s lead developer acknowledged that nowadays it’s very difficult to start playing the game.

AXS and SLP React to The News

AXS seems to have reacted relatively well overall (even though pthere was a drop in prices inmediatly after the announcement). The governance token has remained above the EMA20 since September 28, evidencing bullish momentum among the markets.

The last daily candle closed in red with a -7.88% loss cancelling out almost in full the gains from October 14. AXS is currently trading at $127 and the candlestick in formation shows signs of a recovery back to the upside.

Price of AXS. Image: Tradingview
Price of AXS. Image: Tradingview

SLP, however, is another story. SLP is the token that players receive as a reward for winning battles or completing daily quests.

The price of SLP has been in free fall, remaining below the EMA20 since July 28. A recovery on October 4 lifted the price above this benchmark, and the token has remained very close to it over the past week.

SLP is currently trading at $0.07, down -7.55% on the last daily candlestick.

Price of SLP. Image: Tradingview
Price of SLP. Image: Tradingview

Although it is too early to draw conclusions it seems that the decision makers in the game are more excited than the players themselves about this new update.


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Axie Infinity (AXS) Binance Launchpad Lottery Ticket Sold at $200 Now Worth $250,000

The tremendous growth of Axie Infinity and its native token – AXS – in the past year has paid off massively for winners of the AXS Binance launchpad lottery tickets who held their token.

$200 Turned More Than $250,000

According to current market prices, the 2,000 Axie Infinity tokens allocated to each AXS Binance Launchpad lottery ticket that cost investors $200 at the time are now worth more than $250,000, representing over 124,900% growth in the space of roughly one year.

Recall that in October 2020, Binance announced that the Axie Infinity public sale will be held on its Launchpad. The popular play-to-earn non-fungible token (NFT) gaming project, Axie Infinity, made its debut on the Launchpad as the 17th project to go live on the platform.

The AXS token sale was conducted using a lottery format, with a total of 14,850 tickets available to be won at the time.

The event, which started on October 27, 2020, saw the exchange take snapshots of users’ Binance Coin (BNB) balances for seven days to determine the number of AXS lottery tickets to be given to each user.


According to Binance, 29,700,000 AXS were allocated to the Launchpad, representing 11% of the tokens’ total supply.

For each lottery ticket, 2,000 units of AXS coin were given, and $200 worth of BNB was deducted from the winners’ Binance spot balance since each unit of AXS was priced at $0.10.

AXS’ Growth on YTD

While many would be shocked to know that what costs investors $200 is now valued at more than $250,000 in a year, it is essential to note that Axie Infinity has been on an impressive run since January 2021.

The token became very popular among crypto investors and blockchain gamers, as a recent report noted that the number of AXS active holders reached a new all-time high (ATH) of over 17,480 addresses.

Aside from the surging number of AXS active holders, Axie Infinity currently boasts of over 1.5 million active users trading the cryptocurrency across major exchanges including Coinbase Pro, Binance, and KuCoin, among others.

NFT Gaming Popularity

There has been significant interest in NFTs lately, with various celebrities from sports and entertainment industries delving into the sector.

One major area of focus in the NFT space among retail investors is blockchain gaming. The meteoric rise of AXS’ value could be attributed to a large extent to the massive interest in NFT gaming.

As of August 2021, this market had a total valuation of nearly $180 billion, with the value expected to surpass $200 billion in the coming months.


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Axie Infinity to Raise $150M in Funding Round Led by Andreessen Horowitz

Popular NFT-based play-to-earn online game, Axie Infinity, will be raising approximately $150 million in a Series B funding round at a nearly $3 billion valuation.

Andreessen Horowitz to Invest in Axie Infinity

According to a recent report, which cited two unidentified sources “with direct knowledge of the deal,” the funding round will be led by popular American venture capital firm Andreessen Horowitz.

Axie Infinity is a monster-battling game that uses NFTs to reward its players, and this new deal follows a major boom in sales on the platform. The blockchain-enabled game has garnered a lot of attention in recent months, with the Axie Infinity Shards (AXS) token hitting highs after highs.

As per the report, Axie Infinity is well on its way to generating approximately $1 billion in revenue from in-game transactions by the end of the year, with the developer, Sky Mavis, keeping 17% of that amount.

Saving the Pandemic Jobless

Launched in 2018, Axie Infinity has gradually gained a lot of popularity among gamers. It shot into the limelight as NFTs and play-to-earn games became hot sectors of the cryptocurrency industry.


It is especially popular in the Philippines, Venezuela, Brazil, and Vietnam, where thousands of households were saved from the massive unemployment that was experienced during the pandemic.

Axie Infinity became so prominent in the Philippines that many people had to quit their day jobs to focus on gaming full-time, prompting the country’s government to hint that it will soon start taxing Axie players.

AXS Records Holders ATH

In September alone, the game raised about 64,934 ETH worth approximately $221 million in revenue. However, last month’s figure is lower than the $342 million recorded in August since its players are starting to see fewer daily earnings.

Despite being relatively lower than previous months, Axie Infinity’s revenue for September represents significant year-over-year growth. CryptoPotato also reported that the native token – AXS – recorded an impressive performance last month, with the number of active holders reaching a new all-time high.

Axie Infinity’s Series B round will mark Andreessen Horowitz’s latest investment in the crypto and NFT space after backing the largest NFT marketplace, OpenSea, earlier in July.

Meaning, in another development, Axie Infinity’s AXS token gained over 40% on Monday, four days after the play-to-earn game announced that it will distribute $60 million worth of AXS tokens among its early adopters.


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NFT Frenzy Sees Sales Top $10B for Q3 While AXS Hits Another ATH

More than $10.7 billion worth of NFTs were sold between July and September, according to stats from analytics websites.

Digital art, memes, gaming items, and collectibles have sold like hotcakes over the past three months, so much so that they’ve even headlined on Reuters.

The report, citing figures from DappRadar, stated that the whopping third-quarter figure was up from $1.3 billion in Q2 and $1.2 billion in Q1. The figures could be even higher as they don’t include off-chain transactions such as those carried out by auction houses.

NonFungible, which tracks NFTs only on the Ethereum blockchain, puts the 2021 total volume at $7 billion.

OpenSea and Axies Lead the Way

NFT marketplace OpenSea has been dominating in terms of trade volumes. Since most NFTs are based on the Ethereum ERC-721 standard, they have also been responsible for record transaction fees in recent months.


Etherscan reports that the platform is the highest generator of gas on Ethereum, with 22.5% of the entire share for the past 24 hours. It had generated 2,189 ETH or $7.3 million in network fees since the same time yesterday. In fact, OpenSea churns through more gas than Uniswap and Tether combined.

DappRadar is currently reporting that OpenSea has handled $2.75 billion in NFT sales over the past 30 days.

More than half of NFTs sold during the period were between $101 and $1,000, and around 20% were in the $1,001 to $10,000 bracket, according to NonFungible.

U.S.-based NFT project selling algorithmically-generated digital artworks called Art Blocks saw impressive growth for the quarter. However, the Axie Infinity “play-to-earn” metaverse has been the largest seller of NFTs to date, with more than $2.2 billion sold, according to CryptoSlam.

There are currently around 2 million Axie owners, the NFT ranking website reported. Axie Infinity had $776 million in Q3 revenues, according to DappRadar.

NFT Fever Drives AXS to ATH

The gaming platform launched staking incentives for its native AXS tokens last week, which resulted in a price surge to an all-time high of $156 on Oct. 4.

At the time of writing, AXS was trading at $137, up 115% over the past seven days and a whopping 825% over the past three months, according to CoinGecko.


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