Axie Infinity [AXS]: A hike in user activity on the play-to-earn platform means that…

Axie Infinity [AXS]: A hike in user activity on the play-to-earn platform means that…

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 saw a sharp reduction in user engagement in 2022 because of the general crypto market’s downturn. Leading games that pay players to generate money, such as Axie Infinity and STEPN, sustained significant losses in 2022, according to the CoinMarketCap and Naavik 2022 Blockchain Gaming Report published in November 2022.

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

Axie Infinity impacted positively

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%.

Daily income has been significantly impacted by the rise in sales volume and transaction count on Axie Infinity. According to data from Tosken Terminal, everyday revenue in the gaming industry has increased by 77% so far this year. In fact, this jumped by 36% in the previous month.

Axie Infinity [AXS]: A hike in user activity on the play-to-earn platform means that... Forks Daily

AXS is not left behind

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. According to data from CoinMarketCap, the altcoin’s value increased by 19% over the previous day, and trading volume increased by 122% as well. 

According to Cryptowatch, AXS and Bitcoin [BTC], whose price has climbed by more than 26% since the year began, have a statistically significant positive link. 

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.

Axie Infinity [AXS]: A hike in user activity on the play-to-earn platform means that... Forks Daily

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