NFT sales surpassed $1.2 billion in July as the demand for blockchain games is skyrocketing. Play-to-earn games open up great opportunities for earnings among all segments of the population and in almost any country.
Trading volumes of top NFT collections such as Axie Infinity, CryptoPunks, and ArtBlocks have increased by more than 300% over the past month, according to DappRadar, a Lithuanian data tracking company. The surge came after a record transaction volume was recorded in the first quarter of the year, generating more than $1.5 billion in sales, according to Forbes.
NFTs’ July sales totaled over $1.2 billion, which is nearly half of the combined $2.5 billion in sales in the first two quarters of 2021. Much of the growth comes from the success of play-to-earn games, which are built on the blockchain. These games allow players to generate income in the form of tokens and other rewards just by having fun and enjoying the game. Launched in 2018, Axie Infinity, for example, has spread primarily in the Philippines and has become an alternative source of income for a population hit hard by the pandemic.
In July, Axie Infinity became the most valuable NFT collection ever, surpassing NBA Top Shot, with more than $830 million in trading volume ($600 million registered in July alone). During the second week of July, it generated more protocol revenues than Ethereum and Bitcoin, namely $35.8 million. Axie Infinity's governance token AXS is one of the most effective digital assets since the beginning of the year. Its price has risen 431% in the last 30 days and 7089% since January.
Other similar games with income opportunities are also gaining traction. A game on Binance Smart Chain (BSC), CryptoBlades, generated over $92 million in more than 50 million transactions in its first days.
“With trading volumes skyrocketing, gaming collectibles are hands down the stars of the past month,” wrote Dragos Dunica, CDO & co-founder of DappRadar, in an e-mailed comment to Forbes. “Visits to games-related pages increased eightfold in July alone, and the number of unique active wallets we’re tracking on all the games doubled to ~740K. As we plunge deeper into the metaverse, blockchain gaming is set for meteoric growth.”
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.