Share this article
Play-to-Earn Giant Axie Infinity’s Revenue Tanked 40% in September
The company’s monthly revenue was second only to Ethereum’s $830 million among blockchain-based apps, Token Terminal data show.
Updated May 11, 2023, 4:04 p.m. Published Oct 1, 2021, 8:39 a.m.
Make us preferred on Google
Rapid growth for blockchain-enabled play-to-earn game Axie Infinity came to a screeching halt in September, with revenue sliding by 40% from August, the first month-over-month decline for the company since January.
The monster-battling game that uses non-fungible tokens (NFTs) to reward players made 64,933.71 ether , worth $220.32 million, in September, down from a record $342 million in August, data center Axie World shows. While September’s figure represents a nearly 3,000-fold year-over-year growth, it’s only about 10% of the pace of the month before.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Among blockchain-based applications, Axie’s monthly revenue was second only to Ethereum’s $830 million, according to data provided by Token Terminal. The popularity of the play-to-earn economy is evident from the fact that Axie Infinity earned significantly more revenue than decentralized finance (DeFi) heavyweights like Aave, Compound, Curve and SushiSwap.
Launched by Sky Mavis in 2018, Axie infinity came into the limelight in the early third quarter as yield compression in bitcoin and DeFi drove hot money into gaming and NFTs.
The game has become a significant source of income in countries like Brazil, the Philippines, Venezuela and Vietnam. It’s become so popular in the Philippines, that the government has expressed its intention to tax Axie players.
Axie allows players to collect, breed, raise, battle and trade token-based creatures known as “axies,” which are digitized as their own NFTs. The game has two utility tokens, smooth love potions (SLPs) and , which can be easily converted to cash.
Breeding fees accounted for nearly 90% of the income in September, while the rest was earned from marketplace fees.
The AXS token was trading near $78 at press time, up over 14,000% on a year-to-date basis, according to TradingView data. Prices reached a high of $95 in early September before retreating with the broader crypto market in the wake of China’s blanket ban on virtual currency businesses.
“China’s crypto ban resulted in some downside for the token, but that was largely due to the high correlation nature of digital assets,” Denis Vinokourov, head of research at Synergia Capital, said in a LinkedIn post. “The underlying fundamentals remain very much intact, and demand for AXS and its ‘play-to-earn’ model will likely accelerate going forward.”
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
What to know:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
Top Stories
