Play-to-earn platform Axie Infinity now accounts for the highest percentage of weekly transactions involving non-fungible tokens (NFTs), overtaking popular basketball-themed trading card game NBA Top Shot.
According to data collected by The Block, Axie Infinity accounts for 53% of weekly transactions involving NFTs, while NBA Top Shot accounts for about 45%. The remaining volume comes from other projects, including CryptoPunks and Meebits.
NBA Top Shot has accounted for the majority of weekly NFT transactions since it launched in December 2020, but its number of transactions has been declining since late June. On the other hand, Axie Infinity has surged in popularity, seeing its number of daily active users increase by over 230% since the end of June.
In fact, the platform, which was developed by Singapore-based game studio Sky Mavis, has grown at such a staggering rate that its server has struggled to keep up. This has caused several shutdowns in recent weeks.
Axie Infinity now has over one million daily active users on the platform. Earlier this week, it became the first NFT platform to hit one billion dollars in all-time trading volume.