Sky Mavis achieves $ 2 billion in sales for its NFT game Axie Infinity

Sky Mavis and its players to date have generated $ 2.05 billion in sales for Axie Infinity, a non-fungible token (NFT) clearance, according to the measurement firm DappRadar.

The game uses NFTs to uniquely identify cute characters. Players spend real money to acquire these characters and engage in battles with other players. They can upgrade the characters and sell them to other players, which generates income for the players.

The ability to make money in games is called play to win, and it has taken off in various ways. DappRadar followed the space and said that Axie Infinity has reached number 1 in NFT collectibles.

Over 615,000 merchants have bought or sold Axie Infinity NFTs in 4.88 million transactions. This means that an average transaction for an Axie Infinity NFT is worth around $ 420. All of this is quite astonishing for a company that had sales of $ 100,000 in January.

Infinite Axis Rise

Above: Axie Infinity allows players to battle with NFT Axie characters.

Image Credit: Sky Mavis

Axie Infinity quickly expanded to the Philippines, where people in rural communities realized that they could earn three times the minimum wage in a month by playing Axie Infinity and cashing in their profits. This proved the model of the game to win (which I call the Leisure Economy) at a time when the pandemic had cut a lot of jobs.

The main function of Axie Infinity is a game, not an NFT collection. Despite this, Axies manages to beat big names in the NFT collectibles space like CryptoPunks, Art Blocks, and NBA Top Shot, DappRadar said. Axie Infinity steadily builds a lead over CryptoPunks as the latter lags behind with a historic volume of $ 1.29 billion.

The Axie Infinitys Collection generated over $ 765 million in sales, or roughly 83% of total NFT game sales volume in August. Interestingly, Axie Infinity’s business continues to grow, despite the increase in in-game NFT prices. While in May, DappRadar reported that the average transaction within the Axie Infinity NFT collection was $ 226, this value has almost doubled now. Players must have at least three Axie characters to play. The game now has 1.5 million active players per day, DappRadar said.

Above: Art Art made money with Axie Infinity when he couldn’t run his business.

Image Credit: Emfarsis Consulting

As a game to win, Axie Infinity relies on its AXS governance token and SLP utility token. Players can earn the latter through the game and then sell it to other users who need SLP to create new Axies.

On September 4, AXS hit an all-time high of $ 93.68, according to CoinGecko Data, a crypto data company. At time of publication, the governance token is trading at $ 68.51. On the other hand, SLP has increased by more than 7% in the last 24 hours. One Smooth Love Potion (the currency you earn in-game for engaging and winning battles) is now worth $ 0.087, down 78% from its record two months ago.

Sky Mavis is currently working on a new game mode, which will allow users to test the game for free.

The NFT boom

Sky Mavis raised $ 7.5 million in May, billionaire investor and owner of the Dallas Mavericks, Mark Cuban, was among its backers.

The Vietnamese studio has pledged to participate in the massive migration to NFT games. These have exploded in other applicationslike art, sports collectibles and music.Best shot in the NBA(a digital version of collectible basketball cards) is one example. Built byDapper Laboratories, NBA Top Shot has exceeded $ 710 million in sales. And an NFT digital collage by artist Beeple sold at Christies for $ 69.3 million. Investors invest money in NFTs, and some of these investors are game fans. During the first semester of the year, NFT sales exceed $ 2.5 billion.

NFTs use the blockchain to uniquely identify and authenticate digital items, allowing businesses to create NFT-based collectibles that can be sold based on their rarity. When Axie Infinity started three years ago, hardly anyone cared or understood what an NFT was.

Above: Axie Infinity generated $ 2.05 billion in revenue.

Image Credit: Sky Mavis

The team was a group of missionaries (mostly based in Vietnam) who believed that NFTs would enable new kinds of games, said co-founder Jeff Zirlin (who will speak at our GamesBeat Summit Next Event. Just as mobile games unlocked new design spaces and new player archetypes, so too will NFT games. These games will not look like games of the past and will require an entirely new perspective and skills to develop, they thought.

They also believed that property rights made gamers act more like founders and employees rather than users. These rights include the ability to sell your gaming assets to anyone in the world, earn cash tokens for playing / contributing, and being able to own a portion of the game you are playing. If you spent money on a game like Axie Infinity, it felt more like an investment, as you could make money on that investment later by selling what you bought.

They also believe that playing to win opens up new types of work around digital metaverse economies, just as Uber, Airbnb, and DoorDash have created new types of jobs and professions. I wrote about Gabby Dizons Guild game performance as one of the groups of gamers who play Axie Infinity for a living.

Some guild players can afford more Axes, or in-game currency, and they can lend them to players who cannot afford them. These players can then use them to generate more Axes, and they’ll keep a large percentage of the tokens earned that way, and the rest will go to the guild. Guilds can also acquire land, and its players can build their plots and then the whole guild benefits from the resources generated on that land.