Axie Infinity (AXS) Is Up 68,500% Since Nov 2020, NFT Sales +$800M In 30 Days

Axie Infinity’s game-based token (AXS) is massively outperforming Bitcoin, Ethereum and other large-cap crypto assets amid its meteoric ascent over nine months.

According to CoinMarketCap AXS has jumped from a low of about $0.12 November last year to an all-time high of $82.6 on August 21st. The move represents gains of more than 68,500% in less than one year.

AXS is currently ranked at #35 cryptocurrency by market cap. At the time of writing it trades at 73.87 with 0.13% profits on a daily chart, and has nearly double value in monthly chart.

Axie Infinity is a play-to-earn online game developed by gaming startup Sky Mavis. Its players can generate profits through buying, breeding, and selling digital pets known as Axies. Each Axie is minted as a non-fungible token (NFT), enabling players to verify the authenticity of the digital creature in the blockchain. Each time an Axie is purchased, the revenue is placed in a community treasury vault that’s governed AXS holders.

AXS launched on Coinbase’s crypto trading platforms earlier this month. The news could have been a contributing factor to the altcoin’s 68.7% jump in price in the past 30 days.

Axie Infinity hit more than 1 million Android users last week, according to a Twitter post from the crypto project, so gamers seem to be engaged in it.

Axie Infinty NFTs Sell Over $800 million In 30 Days

According to Crypto Slam, Axie Infinity NFT sales have reached over $827 million in the past 30 days, accounting for nearly 50% of the project’s roughly $1.66 billion in lifetime NFT sales volume.

Axie Infinity is built on Ethereum network and it is part of a video game boom stemming from the coronavirus pandemic worldwide shutdowns, with many jobless workers now earning full-time incomes through online gaming. 

The entire NFT market has surged in 2021, netting $2.5 billion in sales through June.