NFTs have arguably moved from being a minor player in the crypto and blockchain sphere to a more prominent one in popular culture. Indeed, the seeming hoopla around NFTs appears to be pushing increased adoption of digital currencies, as cryptocurrencies and decentralization appear to pervade the debate across social, political, and economic lines.
Gaming has frequently been mentioned as a prospective use case for the commercialization of digital collectibles inside the NFT domain. There appears to be an increasing convergence of gaming, blockchain, and the virtual economy within the scope of play-to-earn NFTs.
Projects like Axie Infinity, which combine the delight gamers get from playing games with the possibility to make money in the form of cryptocurrencies, have seen substantial growth within this confluence point. As a result of their growing popularity, the token value of these NFT games has increased, resulting in even greater patronage.
NFT play-to-earn gaming could be the next big thing in the crypto economy. Because of the model’s rapid rise in popularity, it may soon be referenced in the same language as other aspects of bitcoin commerce like mining, staking, and trading, at least in terms of wealth generation potential.
$1-billion Axie Infinity
Axie Infinity (AXS) surpassed $1 billion in all-time volume on August 9, confirming the game’s status as one of the most important initiatives in the current bullish NFT epoch. The NFT game reportedly generated $780 million in sales from over 1.4 million transactions between July 9 and August 9.
According to data from Similarweb, the Axie Infinity website was listed in the top 1,200 sites in the world as of the end of July, with internet traffic nearly tripling in the last six months. Additionally, Axie Infinity announced on Twitter on August 6 that it has reached one million daily active players.
This announcement of Axie’s one-million-user milestone provides insight into the app’s rapid rise in popularity. The game’s userbase has surged 1,000 percent in the same time as the Axie token price has increased 18-fold since early June. AXS and other comparable tokens have defied the crypto price fall trend that has been in place since mid-May, owing to the increasing appeal of the play-to-earn NFT gaming wave.
The NFT game has risen to become one of the most valuable crypto ventures in the business because of Axie’s remarkable growth over the last two months. As of this writing, AXS is ranked among the top 40 cryptocurrency assets by market capitalization, with price action trends indicating a possible climb past the $100 barrier in the near term – a move that would boost the token’s year-to-date performance to more than 18,700%.
The microeconomics of play-to-earn
Many crypto and blockchain use cases face the “mainstream adoption” dilemma, which involves determining how their unique protocols and operations will gain widespread interest within and beyond the cryptocurrency industry. For example, Play-to-earn gaming for nonfungible tokens could be the key to altering the narrative around digital collectibles and blockchain gaming.
For starters, the possibility to earn crypto as a reward for playing games is likely to offer economic incentives for would-be adopters, whether they are casual or hardcore gamers. There’s even evidence that titles like Axie Infinity are becoming something of an occupation for the younger generation, particularly in areas affected by COVID-19’s present economic downturns.
In May, an Axie Infinity player from the Philippines could purchase a home with the money earned from the NFT game. According to data from Similarweb, the Philippines accounted for nearly half of all worldwide web traffic to the platform in July, with the website ranking as the 33rd most popular in the country.
Axie Infinity is a popular game in Southeast Asia, developed by Sky Mavis, a gaming firm based in Vietnam. South America, particularly Argentina and Brazil, is a big supporter of the NFT game title.
Since the summer of 2020, play-to-earn NFT games appear to have taken on a life of their own, attracting a growing number of gamers. This steadily growing interest, combined with the current NFT craze, has most likely helped propel such blockchain gaming titles to even greater heights.
Dragos Dunica, the co-founder of DappRadar, a decentralized application analytics platform, commented on the intersection of decentralized finance (DeFi) and gaming in a conversation, saying:
“At the moment, we’re witnessing a convergence of DeFi and gaming features to promote interaction and usage. The most popular games are developing environments where users can not only own a one-of-a-kind NFT but also use it for a reward within the same platform.”
According to Dunica, the present trend is the beginning of a “true revolution” in gaming and decentralized applications (DApps), which will likely spill over into conventional games. “The idea of transferable NFTs for in-game stuff, for example, will be a game-changer in the future,” Dunica continued.
According to DappRadar’s Axie Infinity dashboard, the game’s all-time volume is around $1.4 billion, based on more than 3.1 million sales. Since its launch, the gaming site has attracted over 416,300 dealers.
Nonfungible transformation: A new virtual existence
The growing popularity of blockchain-based play-to-earn games provides another window into how NFTs appear to be changing digital interaction. As Craig Russo, director of innovation at PolyientX, an NFT vault, and marketplace protocol, put it:
“Within the NFT sector, play-to-earn is a high-potential area, and we’re already seeing some amazing market validation, which has resulted in a price increase across most gaming-related tokens. Play-to-earn gaming, on the other hand, is relatively niche, and significant inroads into the mainstream gaming ecosystem will be required before adoption levels rival those of non-blockchain gaming segments like esports.”
He claims that projects such as Ape In, an NFT-driven virtual environment, are already focused on a “consumer-friendly” approach to DeFi by incorporating features like in-game character staking. Such initiatives to boost NFT liquidity, according to Russo, will aid in the transformation of nonfungible tokens into more productive assets, hence increasing their on-chain utility.
“The idea of spending time in a virtual environment is not as unusual as it once was,” says Dunica, who believes the transition to a digital lifestyle is proceeding at a rapid speed.
Given the rise of platforms like Axie Infinity and the opportunity for gamers to retain ownership, NFT play-to-earn games could be the “first meaningful mass adoption use case in the blockchain space.”
Snoop Dogg Gives Advice to Reese Witherspoon on Ethereum NFTs
Snoop Dogg, a celebrity NFT collector, shares his thoughts on who to watch in the space.
Reese Witherspoon is dabbling in the crypto realm, starting with an Ethereum (ETH) purchase and now her first NFTs. On the latter front, she’s getting help from Snoop Dogg, a rapper and entertainer who just claimed that he’s very involved in the NFT movement.
“Just bought my first NFTs!” tweeted Witherspoon on Monday. “I’m gaining a lot of knowledge. I’d love to hear about inspiring women who are developing #NFTs. Chat with me on #cryptotwitter.” She didn’t specify which NFTs she bought. In early September, Witherspoon tweeted about purchasing her first ETH, and she sought guidance from Crypto Twitter in both situations.
Snoop has identified himself as a dedicated NFT collector under the moniker Cozomo de’ Medici, with a collection valued at more than $17 million as of this writing (per DappRadar). As his Cozomo Twitter account shows, he’s well-versed in the scene and was ready with a recommendation for Witherspoon.
Snoop advised Witherspoon contact Priyanka Desai, the chief of operations at OpenLaw and an NFT-collecting DAO Flamingo DAO member, in a quote-tweet.
Snoop’s Cozomo de’ Medici pseudonym tweeted, “May I kindly recommend a conversation with @PriDesai, one of the most influential women in NFT, who can then connect you with the most incredible female artists, collectors, and innovators in our world,”
Snoop’s tweet has elicited no response from Witherspoon. Still, she did enjoy several other responses from the Crypto Twitter community, including a couple about the World of Women NFT initiative. She also liked tweets from Stoner Cats, the NFT-funded animated project co-created by actress Mila Kunis, and one from someone who said if she bought a Deadfellaz NFT, they would get a “Reese” tattoo.
In late September, Snoop Dogg unveiled his Cozomo de’ Medici NFT-collecting identity, as well as cooperation with The Sandbox, an upcoming NFT-based metaverse game.
He also uses a CryptoPunks NFT as his Twitter avatar, and he’s just purchased more high-value Ethereum NFTs, including a $3.9 million piece from XCOPY and an undisclosed stake (a “large portion,” according to the broker) of an Art Blocks “Fidenza” NFT valued at 2,500 ETH ($8.7 million).
Sales of NFT Frenzy Surpass $10 Billion in the Third Quarter, while AXS Sets a New High
In the third quarter of 2021, a record number of nonfungible tokens (NFT) were sold, and the frenzy shows no signs of slowing down.
According to data from analytics websites, more than $10.7 billion worth of NFTs were sold between July and September.
Over the last three months, digital art, memes, gaming products, and collectibles have sold like hotcakes, garnering attention from Reuters.
According to the report, which cited DappRadar data, the massive third-quarter amount was up from $1.3 billion in Q2 and $1.2 billion in Q1. However, the estimates could be substantially higher because off-chain transactions, such as those conducted by auction houses are not included.
NonFungible, which only tracks NFTs on the Ethereum blockchain, estimates that the total volume in 2021 will be $7 billion.
Axies and OpenSea are leading the way
In terms of trade volume, the NFT marketplace OpenSea has dominated. Because most NFTs follow the Ethereum ERC-721 standard, they’ve been responsible for some of the highest transaction costs in recent months.
According to Etherscan, the platform is the top gas generator on Ethereum, accounting for 22.5 percent of the total share in the last 24 hours. Since yesterday, it has generated 2,189 ETH ($7.3 million) in network fees. OpenSea consumes more gas than Uniswap and Tether combined.
According to DappRadar, OpenSea has handled $2.75 billion in NFT sales in the last 30 days.
According to NonFungible, more than half of the NFTs sold during the period were between $101 and $1,000, with roughly 20% in the $1,001 to $10,000 range.
Art Blocks, an NFT project based in the United States that sells algorithmically generated digital artworks, had a strong quarter. According to CryptoSlam, the Axie Infinity “play-to-earn” metaverse has been the greatest seller of NFTs to far, with over $2.2 billion sold.
According to the NFT ranking website, there are currently roughly 2 million Axie owners. According to DappRadar, Axie Infinity made $776 million in Q3 revenue.
AXS is pushed to ATH by NFT Fever
Last week, the gambling platform introduced staking incentives for its native AXS tokens, causing the price to skyrocket to an all-time high of $156 on Oct. 4.
According to CoinGecko, AXS was trading at $137 at the time of writing, up 115 percent in the last seven days and 825 percent in the previous three months.
The Granddaughter of Warren Buffett Is Interested in Ethereum and NFTs
Nicole Buffett has become a supporter of the NFT, despite her grandfather’s skepticism.
Nicole Buffett, Warren Buffett’s granddaughter, recently told Institutional Investor that her collection of non-fungible tokens had nearly sold out in just a few months.
While competitors like Cardano and Solana aim to threaten Ethereum’s dominance in the NFT market, the progeny of the great business magnate claims that Ether is the currency of the NFT field.
Buffett claims that she only accepts the dollar for physical art:
“I’ll assist folks in getting set up so they can buy paintings on the blockchain, but the NFT space’s currency is Ethereum. Physicals are still paid in dollars.”
Warren Buffett is regarded as one of the most outspoken cryptocurrency skeptics, referring to Bitcoin as “rat poison squared.”
His granddaughter says that investing in art is similar to stock or bond investing:
“When my grandfather examines something, he asks, ‘Does it have integrity? Does it have a long-term value? Can you tell me what the components are and how you’d break them down?’ … Art is a lot like that.”
Buffett says she wants her NFTs to remain inexpensive in terms of price.
Before the deal, most of Buffett’s customers are unaware of her ties to one of America’s wealthiest families.
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