Axie Infinity Sales Record A Massive Slump, Losing Over $120 Million

Before now, Axie Infinity had maintained a solid foothold in the non-fungible token (NFT) space. Through massive sales, it stood as one of the leading and most successful NFT collectibles. The network had recorded almost $4.08 billion in sales volume. But June 2022 sales seem to be a mockery of its feats over the past year. Sky Mavis, a Vietnamese studio, launched Axie Infinity in March 2018. It’s an online video game based on NFTs. The platform has gained popularity from using Ethereum-based tokens through its gaming economy. The gaming project runs on the Ronin blockchain. Related Reading | Wall Street Investors Expect Bitcoin To Hit $10,000, Is This Possible? The whole crypto industry keeps receiving blows, topped by discouraging news such as Coinbase selling users’ Geo data, making people even more suspicious about the market, and the NFT space looks no different. The platform centers on using Axies, the Pokemon-Esque creators. In the game, players could receive Axies, the virtual pets, and subsequently breed and raise them for future use. They serve as formidable tools in gaming battles for players. Once the players advance in their skills and levels, they would possibly get rewards. The NFT collectible then witnessed a drastic drop in its June sales volume. The main influencing factor is the prevailing crypto bear market that has crippled the majority of activities in the industry. Hence, there is an ove...