2 months ago 2 min read

Rise in User Activity on Play-to-Earn Platform, According to Axie Infinity [AXS]

axie infinity-dappradar

Data from DappRadar shows that since the start of 2023, user activity on the top play-to-earn platform Axie Infinity [AXS] has increased due to the resurgence of interest in NFTs and the gaming sector of the crypto ecosystem.

The play-to-earn gaming ecosystem experienced a significant dip in user engagement in 2022 as a result of the broader crypto market's downturn, and companies like Axie Infinity and STEPN took severe hits.

These shocks manifested as a decline in their daily active user count, NFT sales volume, and transaction completion rate.

Axie Infinity had an advantageous effect

It's interesting to note that NFT initiatives and blockchain games have recently attracted fresh interest in the 2023 trading year. The number of daily unique active wallets on Axie Infinity has subsequently increased by 59%, according to data from DappRadar.

Likewise, as more people had active wallets, the game's sales volume increased steadily as well. DappRadar reported $2.04 million in total sales volume on January 13; this indicates a 214% increase in sales over the previous two weeks.

Additionally, since the start of 2023, the daily transaction count on the play-to-earn game has climbed by 105%.

AXS is not forgotten

Axie Infinity's governance token, AXS, has increased in value by 58% over the last two weeks and was trading at $9.48 at the time of publication. The altcoin's value increased by 19% over the previous day, while trading volume increased by 122% as well.

AXS and Bitcoin [BTC], whose price has risen by more than 26% since the year started, had a statistically significant positive association.

According to a daily chart analysis of AXS price changes, the governance token was overbought at the time of publication. The RSI and MFI, two important indicators, were at overbought highs of 81.02 and 89.35, respectively.

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