Axie Infinity (AXS) attracts 500,000 players, 60% of whom are believed to be based in the Philippines. Players share a portion of the protocol’s revenue, which is approximately $31.8 million over the last 7 days.
Axie Infinity reaches 500,000 users
With nearly half a million daily active users, Axie Infinity (AXS) is growing exponentially. For comparison, the number of users was less than 500 in July 2020.
As a reminder, Axie Infinity is an Ethereum (ETH)-based play-to-earn game in the form of a Pokemon-style fighting and breeding game.
Each creature in the game, also called “Axie”, takes the form of a non-fungible token (NFT) and has a value according to its rarity. The same goes for the AXS token and the Smooth Love Potion (SLP) token, which you also need to breed more Axies. In other words, all items to be earned in the game can be resold and all you have to do to get these items is to play the game.
This way, the money you earn is sometimes enough to pay your bills. Axie Infinity is really catching on in the Philippines. According to Leah Callon-Butler, 60% of the users of the protocol are even Filipinos.
Record revenues for Axie Infinity
After collecting more than $31.8 million in fees last week, Axie Infinity is currently generating more revenue than Ethereum and Bitcoin, and more than 5 decentralized applications (dApps) combined: Uniswap (UNI), PancakeSwap (CAKE), Aave, Compound (COMP) and SushiSwap (SUSHI).
Axie Infinity has several sources of revenue, what is this saving? The first is a 4.25% commission every time you buy or sell one of the Axie creatures, the seller pays this commission. The same commission also applies when you buy plots of land, special items or “lots” combining all three.
The second source of income is a fee of 4 AXS tokens to breed Axies and create more creatures. In addition, to play the game, users must own 3 Axies, which is currently a minimum of $800.
At the same time, the AXS token has reached a new price record at about 48 dollars. At the time of writing, the price of AXS has slowed down as the token is trading at around 40 dollars, up 114% in the last 7 days.