Axie Mania | Weekly Recap
Dear Bankless Nation,
Axie Infinity has gone absolutely parabolic.
Axie’s AXS tokens (the Axie Infinity coin) was $7m market cap less a year ago.
Now it’s $1.5B. 😱
That’s 200x from the time we first wrote about Axie.
Today they’re getting ready to surpass Fortnite as the largest discord community in the world.
A crypto game surpassing Fortnite. Let that sink in.
We had an Axie Founder on State of the Nation earlier this week where we discussed this surge in growth. Mind blowing. 🤯 (Watch it now.)
Why? There are 500k daily active users—all of them interacting with the Axie crypto economy. This is apparent when the mobile game has generated over $66M in 30 day revenue from marketplace fees.
To put it clearly: this revenue is dwarfing any other DeFi protocol right now.
Most of this revenue goes directly back to the players—a virtual economy with a GDP! The rest goes to a community treasury. So while Axie Infinity players are cashing in, the game as a whole is also building a massive war chest.
This is a first for crypto.
The Axie Infinity Revolution: Crypto gaming
Many of us have have been bullish on crypto gaming for awhile. We believed it would be a main driver to crypto to mass adoption. Digital collectibles allow players to generate real value when they play the game. Players can then sell that value using the DeFi ecosystem—crypto games are a gateway to going bankless.
Now it’s happening.
And I believe this is going to cause a fundamental shift in the $150 billion gaming industry. Play to Earn will disrupt the Pay to Play gaming model.
Here’s another catalyst for crypto gaming right now—layer 2. Axie has been around for three years so why did to blow up so suddenly? One reason: in May 2021 they fully deployed Ronin an Ethereum sidechain. More scale = exponential growth.
Layer 2 is here and it’s upgrading crypto gaming from dial-up to broadband.
But here’s my favorite part: Axie creates opportunity for anyone in the world with a smartphone to earn. People in the Philippines are earning a living wage by playing Axie right now. This is bringing people out of poverty. This is giving the unbanked access to a global financial system. This is why we go bankless!
We are living a few years into the future…but the rest of the world is catching up.
Here’s what’s lined up for next week:
- William’s going to show you how to capitalize on this Axie Infinity craze
- Podcast ep with Tarun Chitra on the history of electronic markets (DeFi is 3.0)
- Ben’s digging into Perpetual Protocol
Another week of level ups in the books!
Enjoy the weekend.
- RSA
P.S. Sign up for the Smart Contract Summit! It’s a FREE virtual summit featuring top speakers from the industry. David and I will be hosting a panel on EIP 1559. Register here.
ACTION RECAP 📚
- Execute any good market opportunities you saw in Market Monday
- Build your on-chain resume
- Survive the crab market 🔥
- Learn how to use Uniswap on Optimism
- Share whether or not you’ve used Layer 2