Dear Bankless Nation,
Axie Infinity has gone absolutely parabolic.
Axie’s AXS tokens (the Axie Infinity coin) was $7m market cap less a year ago.
Now it’s $1.5B. 😱
That’s 200x from the time we first wrote about Axie.
Today they’re getting ready to surpass Fortnite as the largest discord community in the world.
A crypto game surpassing Fortnite. Let that sink in.
Why? There are 500k daily active users—all of them interacting with the Axie crypto economy. This is apparent when the mobile game has generated over $66M in 30 day revenue from marketplace fees.
To put it clearly: this revenue is dwarfing any other DeFi protocol right now.
Most of this revenue goes directly back to the players—a virtual economy with a GDP! The rest goes to a community treasury. So while Axie Infinity players are cashing in, the game as a whole is also building a massive war chest.
This is a first for crypto.
The Axie Infinity Revolution: Crypto gaming
Many of us have have been bullish on crypto gaming for awhile. We believed it would be a main driver to crypto to mass adoption. Digital collectibles allow players to generate real value when they play the game. Players can then sell that value using the DeFi ecosystem—crypto games are a gateway to going bankless.
Now it’s happening.
And I believe this is going to cause a fundamental shift in the $150 billion gaming industry. Play to Earn will disrupt the Pay to Play gaming model.
Here’s another catalyst for crypto gaming right now—layer 2. Axie has been around for three years so why did to blow up so suddenly? One reason: in May 2021 they fully deployed Ronin an Ethereum sidechain. More scale = exponential growth.
Layer 2 is here and it’s upgrading crypto gaming from dial-up to broadband.
But here’s my favorite part: Axie creates opportunity for anyone in the world with a smartphone to earn. People in the Philippines are earning a living wage by playing Axie right now. This is bringing people out of poverty. This is giving the unbanked access to a global financial system. This is why we go bankless!
We are living a few years into the future…but the rest of the world is catching up.
Here’s what’s lined up for next week:
William’s going to show you how to capitalize on this Axie Infinity craze
Podcast ep with Tarun Chitra on the history of electronic markets (DeFi is 3.0)
Ben’s digging into Perpetual Protocol
Another week of level ups in the books!
Enjoy the weekend.
Recap for the week of July 12th, 2021
🎙️WEEKLY PODCAST EPISODE
ACTION RECAP 📚
Execute any good market opportunities you saw in Market Monday
Build your on-chain resume
Survive the crab market 🔥
WATCH & LISTEN 🔊
🎙️ Listen Building a $500M DeFi Fund | Arthur_0x
BANKLESS DAO 🏴
Weekly Subscriber Perks 🔥
Bankless Premium Members get access to perks like these:
Launch your own raffle for Bankless Badge holders! Go ahead. We can’t stop you.
We’re now live streaming State of the Nation—join us at 2pm EST every Tuesday!
🗞️ Latest Weekly Rollup.Download the crypto meta to your brain in this weekly show.
Jobs opportunities 🧑💼
✨ See all listings on the Bankless Job Board✨
Arbitrum is hiring a Software Engineer (all levels qualify)
🙏Thanks to our sponsor
Balancer is an automated portfolio manager and liquidity protocol allowing you to deposit capital and earn a passive income on your portfolio. With Asset Managers, Balancer V2 takes this idea to a new level by leveraging smart investing strategies to maximizes your APY at all times. Welcome to the future of programmable liquidity—earn, trade, and build new applications on Balancer V2. Check it out here.
Sponsorship paid for by Balancer Labs🚀
Tag Bankless on twitter and tell us how you’re going bankless for 3 x 🔥
Build your on-chain resume. It’ll pay off eventually…one way or another :)
Want to get featured on Bankless? Send your article to firstname.lastname@example.org
Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.