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All-time NFT sales on Axie Infinity (AXS) hit $4.14 billion

on Feb 22, 2022
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  • All-time NFT sales on Axie Infinity have reached $4.14 billion.
  • Currently, Axie Infinity is the third-largest NFT platform by trading volumes.
  • AXS recently announced plans to bring changes to its ecosystem by reducing the supply of SLP tokens by 65%.

Axie Infinity (AXS/USD), one of the largest players in the non-fungible token (NFT) sector, continues to record immense growth, with the number of all-time sales on the platform reaching $4.14 billion.

Axie Infinity is currently the third-largest NFT platform. With the boom of play-to-earn (P2E) initiatives, the network became highly popular. The network now comes third after OpenSea and LooksRare.

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Axie Infinity makes a major milestone

Axie Infinity is a network that was launched in 2018. It has popularized itself as a play-to-earn platform for people that want to play blockchain games. However, the popularity started growing last year with the emergence of NFTs.

NFTs and P2E platforms became highly popular in 2021. During the year, the NFT sales boomed, and they skyrocketed to new levels. This prompted many people to start investing in the sector to get major returns.

Data from DappRadar shows that the total NFT sales on Axie Infinity stand at around $4.14 billion. The amount was attributed to around 2 million traders on the platform. Axie Infinity has witnessed a steady growth, with the current volumes being a nearly four-fold increase from the $1.1 billion recorded six months back.

OpenSea is currently the largest NFT marketplace by trading volumes. Its total NFT sales have surpassed $20 billion, and it has hosted some of the most popular NFT collections in the space. LooksRare comes in second with almost $17 million in trading volumes.

Developments on Axie Infinity

One of the major features of Axie Infinity is the Genesis plots. These plots are considered rare, with only 220 of them being in existence. The rarity aspect gives them immense value. In November 2021, one anonymous buyer purchased one of these plots for 550 Ether, valued at around $2.3 million at the time.

These parcels of land and other in-game assets on the platform can be sold to other users on the platform as NFTs. This creates utility for the NFTs, which drives value.