Axie Infinity and dYdX Overtake NFT Platform OpenSea In DApps Revenue

By Bhushan Akolkar
November 1, 2021 Updated November 1, 2021
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AXS outperforms the crypto market

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.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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