• In terms of DApps revenue, Axie Infinity and dYdX have surpassed NFT Platform OpenSea

  • While the hype surrounding NFT has subsided, decentralized gaming platforms have begun to gain traction. Over the last month, gaming platforms such as Axie Infinity have generated the most revenue from Dapps. Colin Wu, a well-known crypto-journalist, observes:

    Axie Infinity has continued to lead the way with $190.9 million in Dapp revenue over the last 30 days. With the cooling of the NFT market, dYdX surpassed OpenSea in agreement income with 30d $66.9 million.

    Axie Infinity (AXS) has been on a tear over the last three months, gaining more than 200 percent in that time. AXS reached an all-time high of $162 last week, as Facebook announced its rebranding for an aggressive push to Metaverse.

    Azie Infinity is a blockchain-based gaming platform that has recently gained traction. Users participate in the Axie Infinity blockchain game by purchasing Axie characters in the form of NFTs. It allows players to collect, breed, raise, battle, and trade Axies, which are token-based creatures. When a user has three Axies, he or she can play against other users.

    Several crypto tokens associated with gaming and the metaverse have recently been on a roll. Decentraland (MANA) has also increased by 300 percent in the last four days as a result of Facebook’s rebranding.

    NFTs Are a Metaverse Revenue Model

    This year has seen a strong NFT craze, with trading volumes reaching multi-year highs. Despite a drop in volumes and revenue generated, developments in the metaverse could fuel increased demand for NFTs.

    William Quigley, co-founder of the stablecoin Tether and a cryptocurrency pioneer, believes that NFTs can provide a strong revenue model for the metaverse. Quigley believes that the metaverse will fundamentally alter how we interact in the virtual world. He continued, saying:

    When it happens, it is difficult to imagine and difficult to overstate the magnitude of the impact. I believe that NFTs will be the metaverse’s primary revenue source. In video games, the revenue model is now virtual items, which generates a $175 billion annual revenue. I believe the metaverse should be orders of magnitude larger because it encompasses everything, not just gaming.

    This is the start of a new world, and we may see good synergies between the crypto world and the metaverse in the near future.

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