Axie Infinity and dYdX Overtake NFT Platform OpenSea In DApps Revenue

Bhushan Akolkar
November 1, 2021
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Axie Infinity's AXS Skyrockets 20% On Ronin Restart And Reimbursements

While as the craze around NFT cools down, decentralized gaming platforms have started gaining traction. Gaming platforms like Axie Infinity have recorded the most revenue from Dapps over the last month. As popular crypto-journalist Colin Wu notes:

In the past 30d, Axie Infinity continued to lead the way with $190.9 million in revenue from Dapps. With the cooling of the NFT market, dYdX surpassed OpenSea with 30d $66.9million in agreement income.

Courtesy: WuBlockchain

Axie Infinity (AXS) has been rallying significantly over the last three months gaining more than 200% in this period. Last week, AXS touched an all-time high of $162 as Facebook announced its rebranding for an aggressive push to Metaverse.

Azie Infinity is a blockchain-based gaming platform that has gained solid traction recently. Users play the Axie Infinity blockchain game by purchasing Axie characters as NFTs. It lets players collect, breed, raise, battle and trade token-based creatures dubbed Axies. Once a user has a set of three Axies, they can play against other users.

Several crypto tokens linked to gaming and metaverse have been on a roll recently. Decentraland (MANA) has also skyrocketed 300% over the last four days after Facebook rebranding.

NFTs Are Revenue Model for Metaverse

We have seen a solid NFT craze this year with trading volumes soaring to multi-year highs. Although there’s been drop in the volumes and the revenue generated, the developments happening around metaverse can fuel more demand for NFTs.

William Quigley, a co-founder of stablecoin Tether and a pioneer in the cryptocurrency space, notes that NFTs can provide a strong revenue model for the metaverse. In a Bloomberg interview, Quigley noted that metaverse will massively change the way we interact in the virtual world. He added:

When it happens, it really is hard to imagine and hard to overstate the impact. I’m betting that the revenue model for the metaverse is going to be NFTs. In video gaming the revenue model now is virtual items, and that’s a $175 billion business annually. I think the metaverse should be orders of magnitude more than that because it’s everything, it’s not just gaming.

This is the beginning of a new world and we can potentially see good synergies between the crypto world and metaverse in near future.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.