Watch Out For This Metaverse Coin Project: Volumes Have Peaked!

Metaverse Coin: Interest in this metaverse coin project skyrocketed after introducing the new terrain setting feature and wargame mode.

After the announcements, the volume of this metaverse coin project increased by 205%

Axie Infinity is regrouping from the launch of the new NFT terrain determination feature. The P2E metaverse coin game has seen a 205% explosion in NFT sales volume over the past seven days. Project co-founder Jeff Zirlin says that after improvements in the network, Axie Infinity is seeing it again.

According to data from CryptoSlam, Axie infinity has generated $1.3 million worth of sales from a total of 23,100 buyers over the past seven days, marking a 205% increase over the course of this week.

Factors contributing to the spike

One of these factors is the growing appetite for AxieInfinity land NFTs following the launch of staking support on July 4. The staking feature allows landowners to earn weekly rewards in the game’s native AXS token. According to data from Ronin Chain explorer, approximately 91% of the 16,794 circulating supply at the time of writing is in staking pools.

The project has also kicked off the second phase of this month’s upgrades for the new game mode “Origin”, which has 600,000 registrations as of mid-June. Origin is currently in early access mode. It simply allows users to collect Axie, trade them, and fight each other. Meanwhile, the updates also fixed a number of bugs in the game.

Ronin Bridge is back

Another factor is the Ronin bridge, which was relaunched on June 28. Bridge is a side chain for Axie Infinity that allows users to transfer between the game and Ethereum. However, it has been offline since the end of March after the $600 million hack. Despite this, the 205% increase in volume last week positions Axie Infinity as only the 18th best-selling NFT project in this timeframe. This is far from the top of the charts in late 2021.

The Axie Infinity ecosystem has been in a long downtrend since interest peaked in November. That month, the project sold $753.9 million worth of NFTs. Meanwhile, AXS price reached the ATH level of $164.90. As of June, NFT sales are just $3.1 million. AXS, on the other hand, is trading at $14.18, down 91.4% from the ATH price.

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The Metaverse coin project has been exploring ways to expand the ecosystem lately

In a July 9 blog post, the Axie Infinity team stated that their vision is to create an “entire gaming universe” with a comprehensive knowledge base similar to iconic series like Star Wars, Final Fantasy or Lord of the Rings. As part of the game, the team will release content focused on building the story behind the game’s fictional world, “Lunacia,” in partnership with the game-focused DAO Strider.

The team also recently introduced three new programs aimed at fostering community growth.

  • Lunacian Codes
  • Creative Program
  • Friendship Collaboration

The first two focus on rewarding users through referrals and content creation. The latter funds 200 scholarships as part of a creator academy. As we covered in their analysis, AXS is trading at $13.95 at the time of writing.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing site 3 months ago.