Axie Infinity Goes Exponential
The Punters Pick #13 — Axie Infinity shows exponential growth and paves the way for users to earn from blockchain-based gaming platforms.
The blockchain-based game Axie Infinity has paved the way for significant adoption in the world of decentralized gaming. Axie Infinity has positioned itself as a “play-to-earn” platform, allowing gamers worldwide to earn an income from participating in their pokemon-like gaming environment.
In the Philippines, over 300,000 individuals are reported to be actively participating in the Axie Infinity ecosystem, earning non-fungible tokens and trading these for their domestic currency since the beginning of the Covid-19 pandemic. A vibrant community is also developing around these ecosystems on social media platforms with gamers constantly reporting their activities on Twitter.
In the latest version of The Punters Pick, we analyze the phenomenal growth which the Axie Infinity ecosystem has experienced. We also consider how other gaming platforms are giving blockchain users the opportunity to level up their digital asset holdings. However, before diving into these platforms, we present our weekly CryptoPunt development update.
CryptoPunt Development Update
As the weeks roll on, we continue to make strong progress on the CryptoPunt gaming platform. Over the past week, we built upon our rigorous testing from last week by addressing major bugs. We have also executed on major tasks laid out, such as refining smart contracts, determining game rules, and research efforts.
👨💻 Bugs addressed and smart contract refined:
We made good progress in testing, identifying and fixing some significant bugs. The team covered bug fixes and improved development during this process and will wrap these up over the coming week.
- Finalized Blackjack game rules
- Research team’s working on for several features required including fair card deck shuffling and on-chain multiplayer games
- Continued with further smart contract testing and refinement
🗒️ Over the next week:
- Finally!! We aim to launch a pre-alpha version of the CryptoPunt platform and begin collecting feedback. This will be extremely important for optimizing the overall gaming experience.
- Continue to develop and refine the Blackjack game to polish user journey and update the lobby design.
- Coordinate a token airdrop to test users.
- Allocate more important research tasks to specific teams, follow with handling high gas fees on the front end of the contract.
We have outlined key tasks for the coming week and we have the resources to tackle them. As the CryptoPunt platform approaches its pre-alpha launch, we are entering an exciting phase in development. The strong progress and fixes we are making will benefit our community of stakeholders including partners, token holders, and long-term investors.
Huge growth in NFTs and blockchain-based gaming
Over the past year, blockchain-based games have experienced huge growth. Axie Infinity has led the way in this regard. Despite launching in 2018, the game started finding significant traction in 2021, a year that was also associated with huge growth in non-fungible tokens (NFT). The two are clearly associated as Axie Infinity integrates NFTs into their gaming platform. The below graph highlights the huge spike in Axie Infinity users, transactions, and volume.
(Source: Dappradar.com)
The outbreak of COVID-19 was one catalyst which attracted more users to blockchain-based gaming. Over 300,000 Filipinos turned towards the Pokemon-inspired Axie Infinity. The game allowed them to earn real value in the form of NFTs or cryptocurrencies by breeding, battling, or trading digital pets called Axies. Some of these players earn over $1,600 every month playing the game.
Axie Infinity exponential growth over last month
The growth in Axie Infinity has accelerated even further over the past month which is particularly impressive given that market conditions have been unfavorable. The number of daily active users on Axie Infinity rose from less than 20k to over 31K users over a one month period. The number of transactions also rose, increasing from 29.4K to 45K while the volume climbed from $17.4 million to almost $46 million.
(Source: Dappradar.com)
In the past one month, NFT sales on Axie Infinity stands out and tops the chart among blockchain-based games according to data from Cryptoslam. Assets transacted on Axie have also continued to reflect an exponential level of growth. Data from Axie World reflects that the cumulative volume of these assets has crossed the $1 billion mark, with upward momentum still in place. With the increasing levels of awareness and adoption that the platform is receiving, higher levels might still be achieved in the near future.
(Source: AxieWorld.com)
Growth in Axie benefits all blockchain-based games
With huge growth underway in the Axie Infinity ecosystem, the wider world of blockchain-based games is also benefitting. Other blockchain-based games like Foxy NFT, LoserChick, and X World Games are also experiencing growth. Each of these games is developed based on different protocols and playing rules. However, all of them possess the underlying benefit of allowing participants to earn real value in the form of cryptocurrencies and NFTs on a blockchain network.
CryptoPunt will be another gaming platform that will allow users to trade and earn in in-game economies. Users will be able to access the diverse gaming platform without any form of registration or KYC verification. They can simply connect their Ethereum wallet and start gaming.
About CryptoPunt
CryptoPunt is a next-generation gaming and gambling Dapp. Underpinned by the Ethereum blockchain, CryptoPunt is positioning itself to be the leading blockchain-based gaming application. Users can start gaming in less than one minute with no KYC or registration process. CryptoPunt will offer a broad suite of games, including an option that has a virtual world and an in-game economy.
