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Cryptocurrency analysts project the continued rise of the AXS token as sales for various gaming decentralized applications surge to close to 800,000 active wallets in Q3 of 2021. The new report offered by WAX Piggy speculates that the increase in gaming activity is largely driven by in-game non-fungible tokens (NFTs).More details can be found at https://www.waxpiggy.com/axies-collectibles-drive-axs-token-ath-nft-sales-grow-p2e-dapp-player-volume
In the new report, the author estimates that NFT collectibles have generated more than $2B in sales in Q3 alone, which would represent around 22% of the total NFT trading volume for the period. One reason for NFT popularity may be its inherent uniqueness.
Unlike cryptocurrency which can use utility tokens that can be traded for one another, NFTs carry a distinctive code as they represent an actual consumer product. This implies that every NFT is singular, which drives both demand and cost.
The Worldwide Asset eXchange (WAX), otherwise known as the “King of NFTs”, is the world’s leading blockchain, as measured by the number of users and transactions. Within WAX, users can easily stake their NFTs in a secure and environmentally-friendly environment.
This has proved particularly beneficial for the gaming and entertainment industry which relies heavily on technological transfers. One such example is the Axie Infinity metaverse, where players can collect and raise “Axies”, which are virtual creatures sold as NFT.
These creature NFTs can be used in both player-vs-environment (PvE) or player-vs-player (PvP) battles in the game. Leveraging on the rapidly evolving online gaming industry, Axie Infinity has revolutionized the way people play and interact with fellow gamers.
In Q3, the blockchain platform has had more than 6.7M sales to date, with a current 24-hour volume of more than $15.2M.
In the newly published report, WAX Piggy states that when Axie Infinity enabled staking for its native AXS token last September, it added an additional layer of passive income potential. The AXS token operates on a play-to-earn smart contract, which has seen massive growth in only a few months.
Experts speculate play-to-earn gaming societies to further expand in the next few months.
Interested parties can find more information at https://www.waxpiggy.com
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