According to the information provided (1) by DappRadar, the leading gaming platform to win Axie Infinity [AXS]has seen an increase in user activity since the beginning of 2023. It coincides with the resurgence of interest in NFTs and the gaming vertical of the cryptocurrency ecosystem.

User activity in the play-to-win gaming environment dropped significantly in 2022 due to the general downturn in the cryptocurrency market. According to the findings of CoinMarketCap & Naavik’s Blockchain Gaming Report 2022, published (2) in November 2022, prominent play-to-win games like STEPN and Axie Infinity faced significant setbacks in the year 2022.

The number of its daily active users, the volume of its non-fungible token sales, and the total number of completed transactions decreased after these shocks.

Revival of interest in Axie Infinity

In particular, in the 2023 business year, there has been a resurgence of interest in NFT initiatives and blockchain gaming. Since then, the number of daily unique active users on Axie Infinity has increased by 59%, according to data provided by DappRadar.

Similarly, the total volume of the game’s sales increased steadily along with an increase in the number of wallets in operation. According to DappRadar, sales increased 214% in the last two weeks, reaching a total volume of $6.86 million and was reported on January 14 as the total sales volume.

Since the beginning of 2023, the number of daily transactions counted in the earn money game has also increased by 105%.

Axie Infinity has seen an increase in the number of sales and the number of transactions, all of which have had a favorable impact on daily revenue. According to data (3) obtained from Token Terminal, the daily revenue generated by the gaming industry increased by 77% in 2022. In fact, during the previous month, it increased by 36%.

AXS token sees favorable upward movement

The price of Axie Infinity’s AXS governance token, which was trading at $9.13 at press time, increased by 50% in the previous two weeks. According to data provided by tradingview.com, the value of the altcoin increased by 19% over the previous twenty-four hours, while trading volume also increased by 122%.

According to (3) Cryptowatch, the price of AXS has a statistically positive correlation with that of Bitcoin [BTC]whose value has risen more than 26% since the beginning of the year.

At press time, an analysis of the daily chart showing AXS price movements suggested that the governance token was overbought. Important indicators such as the Relative Strength Index (RSI) and the Money Flow Index (MFI) were at overvalued highs.