The popularity and sales of NFTs have exploded in recent months as many artists and collectors have consistently sold entire NFT collections for millions of dollars.
One platform that has turned out to be a fan favorite is Axie Infinity (AXS), a blockchain-based trading and fighting game inspired by games like Pokémon and Tamagotchi. In the game, players collect, breed, raise, fight, and trade token-based creatures known as Axies.
Over the past two months, the market cap for AXS has increased 600% from $ 19.25 million to its current value of $ 115 million as users rush to the platform for a chance to find a rare and valuable Axie to win.
Data from Cointelegraph Markets and TradingView show that the price of AXS has risen 74% in the past 24 hours, from $ 1.78 on March 3rd to a new all-time high of $ 3.10 on March 4th due to a surge in 1,000% of the 24-hour trading volume.
While AXS has been on an upward trend for months, the altcoin really started to pick up speed in early February after the launch of Ronin, an Ethereum (ETH) network sidechain designed to help AXS users escape high transaction costs and network congestion in Ethereum to win network.
Since Ronin’s launch on February 1, the number of active users on the platform has skyrocketed as NFTs grew in popularity and mainstream news networks reported record sales for unique digital works of art.
Digital land in Lunancia, the player-controlled virtual area of the Axie universe, is also attracting increasing attention as a user recently spent a total of $ 1.5 million on the purchase of nine digital lots.
Is this real life ?!
Congratulations to @Its_Falcon_Time and @seedphrase for making the NFT story!
9 Genesis Diagrams. 888.25 ETH!
The. Biggest. NFT. Sale. Ever
– Axie Infinity (@AxieInfinity) February 8, 2021
Cointelegraph Markets Pro’s VORTECS ™ data began to see an optimistic outlook for AXS on March 3rd ahead of the recent price hike.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
As can be seen in the graph above, the VORTECS ™ value for AXS hit a high of 76 on March 3rd, just hours before the price began to climb from $ 1.84 to its new all-time high of $ 3.10.
Despite recent declines in the broader cryptocurrency market, key metrics in the chain like Glassnode’s Reserve Risk indicator show that the Bitcoin rally is still in its infancy, suggesting that BTC still has plenty of room for appreciation to come it topped previous bull markets.
The continued strength of the Bitcoin price is likely to be reflected in increased interest in NFTs. As the emerging sector expands, projects like AXS could continue to gain popularity.
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading step is associated with risks. You should do your own research when making a decision.