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The whole crypto industry keeps receiving blows, topped by discouraging news such as , making people even more suspicious about the market, and the NFT space looks no different. The platform centers on using Axies, the Pokemon-Esque creators. In the game, players could receive Axies, the virtual pets, and subsequently breed and raise them for future use. They serve as formidable tools in gaming battles for players. Once the players advance in their skills and levels, they would possibly get rewards. The NFT collectible then witnessed a drastic drop in its sales volume. The main influencing factor is the prevailing crypto bear market that has crippled the majority of activities in the industry. Hence, there is an overall reduction in NFT investment choices from different angles. June’s record from the recent for Axie Infinity placed the sales volume at about $3.18 million. The value is a considerable gap between its May volume of about $7.09 million. Comparing the two months indicates that June’s volume declined by 55% from May’s sales volume. A general review of NFT monthly sales volume in 2022 shows June’s sales as the lowest. Its drop marks the first time since Feb 2021 for Axie Infinity to get a monthly book lower than $4 million. This is after the collectible recorded $1.67 million in Feb 2021.Axie Infinity NFT Collectibles Record A Drop-In June Sales Volume
The negative trend is not just peculiar to Axie Infinity only. The NFT industry has June’s sales as the lowest for almost all collections. Some of them include Mutant Ape Yacht Club, CryptoPunks, Bored Ape Yacht Club, Moonbirds, NBA Top Shot, Meebits, and other collections that recorded low June sales volumes including Otherdeeds, Art Block, Azuki, etc. Observing the reduced number of unique buyers for the Axie Infinity NFT in June 2022 shows more details about the drop. First, it explains the dip in transactions with the NFT collections. For June, its unique buyers were 52,507 with about 307,431 transactions. However, the NFT collection had hit its monthly high in sales for 2022 in January. It recorded about 314,642 unique buyers with 1,296,870 transactions. Also, by the end of January, Axie Infinity had almost $126.49 million of sales volume. With its drop in June, the NFT collectible records a yearly low slump of $123.32 million from its January high.Related Reading | Bitcoin Daily Exchange Net Flows Shows Sell-Offs Have Not Subsided
Also, Axie Infinity has an average sales value for both January and June to be $97.54 and $10.34, respectively. A comparison indicates a drop of about 89% between the months.Featured image from Pexels, charts from TradingView.com