Daily sales and price development of gaming dapp Axie Infinity to November 29, 2022
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Sales in Axie Infinity are declining since August 2021 - when the game from Vietnamese studio Sky Mavis ranked as the world's most valuable NFT collection. The source does not explain why the sales volume especially declined since this month, although it was around this time that the Philippine government declared games like Axie Infinity to be taxable. This because this cryptocurrency videogame is "play-to-earn", a relatively new gaming concept where players can earn tokens by just playing the game. These tokens - Axie Infinity Shards (AXS) and Smooth Love Potions (SLP) can be spent in-game but also trade on decentralized exchanges (DEXs) for real-world money. Additionally, players grow, buy and sell virtual animals - referred to as Axies - that are tradeable non-fungible tokens (NFTs). In short, players could potentially earn money by playing the game. This accelerated a trend that already existed in 2020, when projects in art and gaming generally rank as some of the most popular categories for NFTs.
