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Solana And Avalanche To Onboard NFT Craze For 2X Gains! Why Axie Infinity Would Miss The NFT Boat?  

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Feb 3, 2022

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Highlights

    The NFT craze is going too strong for Ethereum, and is likely to spill over Solana, Avalanche, and Axie Infinity.

    SOL, and AVAX are poised to go 2x in the upcoming NFT craze.

Whilst some believe that NFT is just a passing fad and gains would be transient, there have been metrics showcasing that NFTs craze is taking over the entire cryptoverse. NFT craze was too strong for Ethereum in 2021 as 90% of NFT sales have been on the same platform. Especially this year it is likely to spill over other platforms such as AXS, SOL, and AVAX. 

Solana And Avalanche To Onboard NFT Craze!

Solana and Avalanche have been gaining the NFT steam of late as they record new milestones in daily NFT trades. The altcoin has hit ATH of 10k unique daily NFT buyers, bypassing its apex in September.

Hence, as the altcoin is making huge buy moves in NFT, the craze is likely to take over the entire Solana market. 

In addition, Avalanche has also generated its new peak NFT volume at 5 million mark, though its number of unique buyers were interestingly low at sub-500.

The majority of the volume from a play-to-earn game on Avalanche. Currently the platform is giving a good ROI as a P2E game, boosting Avalanche ecosystem to gain traction in recent times. 

Why Axie Infinity Would Miss The NFT Boat? 

Axie Infinity’s price has been impacted by the hyperinflation of its gaming currency Smooth Love Potion.

Due to increased SLP minting rate along with a slow SLP burning rate, the SLP price dropped from $0.01 to $0.35. 

The massive rise in users from just 38k DAUs in April 2021 to the ATH of 2.7 million DAUs in November 2021 has resulted in greater NFT minting rate.

As a result hyperinflation has given rise to immense sell pressure on SLP that breeding couldn’t keep up with. 

In the interim, Axie Infinity’s DAU has declined to record lows followed by drop in the SLP’s price. As a whole, the team is working closely to fix the problems.

Not all hopes are lost as the Axie developers looks to introduce new updates, modfications to body parts, and land gameplay which fecilitates an additional utility to Axies and rise in demand for SLP. 

Collectively, Solana and Avalanche are ahead of the game to exploit profits in the approaching NFT craze.

Axie Infinity is likely to take the flight soon by solving the problems. Compare to 2021, NFT craze will be bigger in 2022 with new additional upgrades and adoptions. 

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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