Axie Infinity (AXS), a play-to-earn game, has produced $800 million in revenue in a single month, illustrating the growing popularity of games based on non-fungible tokens (NFTs).
Sky Mavis’ online game allows players to earn money by purchasing, breeding, and selling digital creatures known as Axies. When an Axie is acquired, the proceeds are stored in a community treasury vault administered by AXS holders.
According to the NFT statistics site CryptoSlam, Axie Infinity has already sold over $1.65 billion in total sales with over 3.8 million transactions, vaulting the gaming platform to the top of the NFT collectibles category.
Meanwhile, the AXS native token has nearly doubled in value over the last month, rising from $42 to $74 per token.
Axie Infinity, which is built on the Ethereum network, is part of a video game boom caused by the coronavirus pandemic worldwide shutdowns, with many jobless people now earning full-time wages through online gaming. According to one information technology analyst in the Philippines,
“I began playing Axie the day after my company terminated my contract. I’m quite grateful.”
The overall NFT market has increased in 2021, with sales totaling $2.5 billion through June.