Second and third places were the sports highlights marketplace NBA Top Shot, which has $827 million, and community gaming platform Loot, which has $242 million.
A recent report by NonFungible shows that players of the nonfungible tokens for monster-battle, or NFTs game Axie Infinity, transacted almost $3.5 billion in NFTs between 2021 and 2021. This account for nearly two-thirds all NFTs traded in the blockchain gaming industry in 2021. Second and third were the sports highlights platform NBA Top Shot, which has $827 million, and community gaming platform Loot, which has $242 million.
Sky Mavis, a Vietnamese video game developer, created the game in 2018. It features creatures called “Axies”, which players can collect to complete daily quests and duel other players. Every Axie is a NFT that has been minted on Ethereum’s ETH blockchain. Axies reward players for completing tasks. These Smooth Love Potions (SLPs) can be traded on cryptocurrency exchanges for cash, creating a steady stream of income. Axie Infinity was responsible for 19% in the $17 billion total NFT transactions.
Axie Infinity saw a significant increase in popularity last November, particularly among gamers from developing countries. Axie Infinity allows you to earn more than minimum wage jobs by playing it. Players have complained to the developers that their earnings have dropped due to SLP’s falling price by 67.5% over the past year.
The rising token inflation caused by more and more players playing Axie can partly explain the price drop. There are almost 2.7 million monthly Axie users , in comparison to just over 1 million last March. From July 2021 onwards, the circulating supply SLP has increased from 541.7 millions to 5.13 billion.
Blockchain gaming enthusiasts sold and bought $5.18 billion worth NFTs last fiscal year. This was spread over 20,986,532 sales. There were also a total 112 blockchain-based games and 1.88 millions active wallets. These statistics, based on NonFungible analysis, accounted for 2.18 percent of the global gaming market in 2021.