As NFT fans around the world flock to NYC we look back on the last week in the Axie Infinity market. Trying to sparse what happened and why.
And a few days ago one of the biggest shocks to the ecosystem just went live.
Patch 1.1.1 prevents accounts under 800 MMR score from collecting the in game currency SLP. In theory this would prevent bot farms from dumping SLP on the market and positively affect the price.
The numbers in this recap were sourced from Axie's Marketplace Tracker.
As of this writing, in the past week, over $130 million worth of Axies and land have been traded—with over 513,000 trading in the past seven days and less than 300 lands changing hands. Compared to last week, we see a similar volume but with more Axies being traded. While nothing is earthshakingly different it'll be an interesting to see if it continues during NFT_NYC and after.
The absolute cheapest or lowest price of Axies is what we call the floor.
In the first few iterations of this market recap, I took the cheapest one or two Axies on the market and analyzed that as the floor. After crunching my numbers, I have found that it’s better to focus on the lowest ten (10) Axies on the market instead.
This week, the floor range is from $122-$126. This is almost identical to last weeks range. ETH has climbed slightly in value so it is interesting to see the same price range in USD. I am not expecting any violent floor changes for a while. I can not say the same for SLP.
To breed your Axies, you need to spend the in-game currency SLP, which can be earned in-game or bought/sold on crypto markets like Binance.
SLP has been trading sideways for a few weeks know with the exception of a run up on Halloween. It's currently trading around 7 cents. That aforementioned spike can be attributed to the Meta affect of Facebook's metaverse talk leading to spikes across several NFT game coins. The trend has been appreciated by holders who are glad to see SLP stop dumping. The next few weeks should be interesting for this coin, if the SLP faucet is turned off for low accounts we may see even less selling pressure.
Another barometer of the Axie economy is their governance token AXS. Users who hold these tokens can vote to shape the direction of the game. Also, they can now stake this token to vote and earn more AXS.
AXS is only spitting distance from its ATH. The governance coin enjoyed a nice spike along with its sister coin this weekend due to the Meta effect. It continues to trade sideways in the 130's. Looking forward to tracking what happens after NFT.NYC.
Earlier his month we gained a new metric to track:
Total AXS that is being staked! Out of roughly 63 million circulating, we have over 18.7 million AXS staked. This is only an increase of 300k more AXS being staked but the circulating supply jump is huge. As long as I can remember the supply has been around 61 million. With the increase to 63.2 million we will actually be seeing less AXS staked percentage wise in relation to the supply. Currently 29 percent of all AXS is staked and earning rewards. As more attention flows to play to earn and meta verses it'll be fun to keep tracking this.
The range this week for land sales was between $14,996 and $16,000. ETH actually broke its ATH this past week. So some numbers for land and axis could be skewed as the market reacts to the historic upswing. It is up over $500 from this point last week.
This has been this week’s Axie Infinity Market recap. If you have any questions or requests for future editions, be sure to follow us on our NFT centered Twitter @NFT137 for your NFT fix!
