In July 2024, Axie Infinity, the prominent blockchain-based gaming platform, reported notable advancements despite the ongoing crypto market downturn. The latest development update reveals impressive growth in community engagement and player activity, driven by new features and strategic partnerships.

As Axie Infinity navigates its third crypto winter, the platform has showcased its resilience and innovation, notably through the introduction of the Bounty Board and the success of the Coinbase Learn and Earn campaign. This update underscores Axie Infinity's ability to thrive amid challenging market conditions, highlighting its continued evolution and strong performance in the NFT gaming space.

Daily Active Addresses

We have created a series of three articles to cover the most important points from the report. We will break down Axie Infinity's 2024 development update, featuring new game features, community engagement, and governance advancements. 

Here is a table of contents:

• Part One: Axie by the Numbers

• Part Two: Axie Games and Products

• Part Three: Governance Advancements

First, What is Axie Infinity?

Axie Infinity is the iconic and much loved non-fungible token (NFT) based online video game developed by Vietnamese studio Sky Mavis built on the Ronin Network. Known for its in-game economy which uses Ethereum-based cryptocurrencies. Players of Axie Infinity collect and mint NFTs which represent axolotl-inspired digital pets known as Axies. 

Part One: Axie by the Numbers

The recent bear market has been challenging, casting doubts on the future of the crypto industry. However, Axie Infinity's experience through its third crypto winter has proven its resilience. The preparations made over the past year have borne fruit in 2024, leading to significant innovations such as the Bounty Board and Part Evolution.

Weekly Bounty Board Participants 

Key Metrics and Growth

In 2024, Axie Infinity's engagement metrics surged twice. The first surge in April was due to the launch of the Bounty Board, a daily reward-based Axie quest system that reactivated former players and attracted new ones.

Over 37,000 unique users adopted the Bounty Board soon after its launch on April 15th. The second surge in June was driven by the Coinbase Learn and Earn campaign, which introduced educational quests on Coinbase and brought new users to Axie Infinity.

BB and CB Campaigns

These initiatives led to notable increases in various metrics:

• On-Chain Revenue: Axie Infinity generated 294% more on-chain revenue compared to the next leading NFT collection, maintaining its Guinness World Record for Highest Transaction Volume for an NFT Collectible Game.
• Monthly Active Accounts (MAA): Since the start of the Bounty Board and Coinbase campaign, MAA increased by 691%.
• Origins Daily Active Users (DAU): Increased by 80%, while Monthly Active Users (MAU) jumped by 33%.
• Classic DAU: Surged by 223%, and MAU grew by 47%.
• Trading Volume: Average daily trading volume rose by 143%, and monthly trading volume increased by 47%.
• Treasury Revenue: Average daily treasury revenue boosted by 195%, and monthly treasury revenue grew by 37%.

30D On-Chain Revenue

Axie Supply and Part Evolution

A deflationary trend has been observed since February, with more Axies being released than bred. As of July, the net number of Axies decreased by 28,500 since February. The launch of Part Evolution led to players releasing a total of 116,079 Axies for materials, with 77,878 Axies now boasting at least one evolved part. The treasury revenue from ascension and parts evolution transactions reached 75,477 AXS.

Weekly Evolution Revenue

Final Thoughts

Despite the broader crypto market downturn, Axie Infinity has shown significant growth and resilience in 2024. The innovative updates and increased player activity have reinforced its position as a leader in the NFT gaming space. The continued development and community engagement promise further advancements for Axie Infinity, setting a positive trajectory for the future. Keep an eye out for the next series of articles, Part Two (Axie Games and Products) and Part Three (Governance).