Axie Infinity and Gaming NFTs See Volumes Diminishing.
For the first time since April 2021, Axie Infinity recorded less than $2m in weekly volume for a third consecutive week.
At the height of its dominance in July 2021, Axie was accounting for over 98% of weekly volumes of the 5 NFT projects displayed. For the week of May 22, 2022, this percentage was only 14%, indicating for months that most players are no longer interested in the pioneer play-to-earn game when it’s harder to be profitable due to the SLP token declining in value.
The problem of interest being largely tied to token value plagues much of the NFT gaming projects as overall volume has experienced a 96% drop from its highest weekly volume in November 2021, only doing 8.09M in volume for the week of May 22, 2022.
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