Axie Infinity: the play-to-earn phenomenon

NFT sales hit the record $2.5 Bn in the first half of 2021, driven mostly by collectibles like CryptoPunks or sports-related series like NBA Top Shot.

However, the series that generated the biggest trade volume during this period does not contain collectibles, but the characters of a crypto play-to-earn game Axie Infinity. These cute blobs regularly confront each other on the battlefields of the Axie universe, and the winner gets rewarded. The game was already incredibly popular in the Philippines, where thousands of people rely on it for their livelihoods (!), and now it is taking on the world.

The price of Small Love Potion (SLP) – the fungible token needed to breed and improve Axies – has skyrocketed +126% since the beginning of July, driven by numerous new users looking to earn crypto through playing.

Axie Infinity’s migration to Ethereum sidechain Ronin in May has certainly contributed to this success, drastically decreasing transaction fees and making it even more accessible.

With crypto, the concept of gaming is ever evolving.