As the world of digital collectibles continues to boom, Axie Infinity, one of the leading names in the crypto-based play-to-earn universe, has become the first NFT collection to hit the $4 billion mark.
According to data from CryptoSlam, Axie Infinity crossed the benchmark on Tuesday morning.
Launched in 2018, Axie Infinity has grown to become one of the pioneers of the play-to-earn blockchain gaming model. Players are required to battle small Pokémon-like creatures called “Axies” in order to earn in-game SLP tokens. These tokens can then be used to breed the Axies NFTs, traded in spot markets, or staked for profits.
To start playing, users must have three Axies. As they progress through the game, players can breed more NFTs. This demand has continued to drive sales records.
The popularity of the game exploded in May last year, especially in regions like the Philippines. As of January, there were nearly 3 million players worldwide. And in November last year, an anonymous user spent 550 ETH (equivalent to $2.3 million at that time) on a plot of land on Axie Infinity. The said plot was one of the Genesis lands on the platform, considered to be extremely rare as there are only 220 in existence.
Separate data from DappRadar puts the total value of NFTs sold on Axie Infinity at $4.14 billion. This value has been generated by nearly 2 million traders, with the average price of an Axie being $198.
Meanwhile, with regards to the general NFT marketplace, Axie Infinity is currently the third-largest in terms of all-time sales, behind OpenSea and LooksRare.