NBA Top Shot and Loot were in second and third place with $827 million and $242 million, respectively, in sales.
Those who play the game Axie Infinity used nonfungible tokens (NFTs) to trade nearly $3.5 billion worth in 2021, according to a report from NonFungible. The whole blockchain gaming industry will deal with about two-thirds of all NFTs in 2021. NBA Top Shot and Loot were in second and third place with $827 million and $242 million, respectively, in sales.
Sky Mavis, a Vietnamese video game developer, made the game in 2018. It has creatures called “Axies” that players can collect and use to complete daily tasks, fight other players, and more. When you make an NFT on the Ethereum (ETH) blockchain, you make a new thing called an Axie. Players who complete tasks with Axies get Smooth Love Potions (SLP), which can be sold for money on cryptocurrency exchanges. This gives players a steady stream of income. On the whole, Axie Infinity made up 19 percent of the $17 billion worth of NFT transactions that took place last year.
During the month of November, Axie Infinity became a lot more popular, especially among gamers in poor countries, where one could make more money playing Axie Infinity than working a low-paying job. Because SLP has dropped in price by 67.5 percent in the last year, however, some players have said that their earnings have gone down.
Even though the price has dropped, it can be partly blamed on the rise in token prices because more and more people are joining and playing the game. At the time of this writing, there are almost 2.7 million people who play Axie every month, compared to just over 1 million people who played last March. But from July 2021 to now, the amount of SLP in circulation went from 541.7 million to 5.13 billion, which is a big change.
People who play blockchain games bought and sold $5.18 billion worth of NFTs last year, spread out over 20,986,532 sales. In addition, there were 112 blockchain games and 1.88 million wallets that were still in use. In 2021, 2.18 percent of the world’s total gaming market will be made up of these statistics.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
