Crypto Blades and Axie Infinity Battle for NFT Market Share as AXS Price Corrects Strongly
- Cheaper alternatives to Axie Infinity are emerging in the non-fungible token game ecosystem.
- Active users on Crypto Blades have grown over 1400% over the past month, X World Gains and MOBOX have seen an increase of over 100%.
- As competition intensifies, Axie Infinity’s native AXS token has entered a consolidation phase, falling nearly 4% in the past 24 hours.
Play to Win games are fighting for dominance in the non-fungible token ecosystem with a market cap of nearly $ 18 billion. One of those NFT crafting games running on the Binance chain, Crypto Blades, has become a formidable competitor to the popular Axie Infinity game.
Crypto Blades player count increased by 1400%, capturing larger NFT market share
Crypto Blades is a role-playing game on the Binance smart chain where traders can earn SKILL tokens. Although the game has noted a huge increase in user numbers over the past thirty days, Crypto Blades’ token is at nearly 94.8% of its all-time high of $ 858.99.
Gamers outside of the NFT gaming ecosystem are familiar with role-playing games, which has increased the relevance and demand for Crypto Blades in the gaming community.
The role-playing game’s biggest competitor is Axie Infinity, with over 250,000 active users per day. This video game is riding the popularity of the Pokémon game genre and attracting traders more interested in “Axie” breeding and competition.
Player involvement in Axie Infinity is higher compared to Crypto Blades since the former offers two in-game tokens, Smooth Love Potion (SLP) and Axie Infinity Shard (AXS). In addition, AXS has grown by almost 66.5% in the past month.
Nonetheless, traders are more bullish on Crypto Blades as the initial investment is lower than Axie Infinity. SKILL has seen steady gains over the past two weeks as AXS consolidates.
The AXS price is likely to be influenced by negative sentiment among traders as Philippine regulators have shared their intention to tax publishers and game players. The Philippines is Axie Infinity’s primary and largest market (60 % of players are based here), and players earn almost $ 50 per day. Taxation would drastically reduce the income of full-time players. Analysts have a neutral outlook on the AXS price.
The cryptocurrency analyst behind the @AltcoinSherpa Twitter account has no idea where AXS will be heading next. The analyst argues that there are arguments for both an uptrend and a pullback.
$ AXS: I don’t want or run this thing. I could see arguments for continuation or withdrawal. Generally speaking, it’s better to wait until it hits lower highs and starts going down rather than being a hero and trying to bypass the top. #AXS pic.twitter.com/gyTya1aaIc
– Altcoin Sherpa (@AltcoinSherpa) August 24, 2021