Focus of the Month: Play-to-Earn Is Not A Fantasy
Aug 10, 2021
Focus of the month
- Crypto firm FTX Trading’s valuation rises to $18 bln after $900 mln investment
- CoinDesk Uniswap Labs Limits Access to Some Tokens
- Axie Infinity refreshes record high as AXS ascends 131% in just 3 days
Bitcoin price bounces back and hit $46,700 early in August
After a depressed market going for a few months, things are looking up. The constant surge in bitcoin shows that the bull market is not over. Earlier, the strict policy and regulation on cryptocurrency led to a downturn in the market. From the Crypto Fear & Greed Index, we could see that the investor sentiment stayed pessimistic. When the cryptocurrency price collapsed, many investors wouldn’t dare take the risk and find the opportunity to approach.
However, investors may stay positive about the future market with several optimistic news. FTX performed outstandingly in July. It closed a $900m Series B funding, which valued the company at $18 billion. FTX has raised the most significant funding round in crypto history.
Furthermore, it has collaborated with several companies from different industries, such as sport, entertainment, and environmental protection companies.
The rise of GameFi
NFT game Axie Infinity surpasses $1 billion in sales, which is the highest value NFT project in the world. There are more than a million daily active users. Axie Infinity is not only a simple Play-to-Earn game; since the average player can earn around 4,500 SLP a month, which is more than $1000, people are quitting their jobs to play the game. With the increased number of players, the token value of AXS and SLP surges, and the price of GameFi tokens such as ALICE, SAND, and others skyrocket as well.
NFT returns to a hot topic
Famous American actress Mila Kunis produced the NFT animated series ‘Stoner Cats.’ The 10,000 NFTs sold out in less than 35 minutes.
Furthermore, many crypto companies collaborate with entertainment companies to jostle for a slice of the NFT market. FTX and Dolphin entertainment, Nifty’s and Warner Bros. Partnership are two examples.