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- AXS users can now access NFT loans and also earn staking rewards
- Despite the development, Axie Infinity is struggling to increase adoption
On February 2, Axie Infinity’s [AXS] machine, the Ronin network, confirmed that users of the Play-to-Earn project can access loans directly in their wallets. According to the announcement, the feature is available after the network’s collaboration with MetaLend.
1/ @MetaLend_DeFi has been deployed on the Ronin!
MetaLend helps Axie Infinity players take loans towards their in-game assets like axes and land them directly from their Ronin wallet.
Here’s what you need to know 🧵👇 pic.twitter.com/izkQjKjQuY
— Ronin (@Ronin_Network) February 2, 2023
Is your portfolio green? Look Axie Infinity Profit Calculator
Possible exit from disaster
MetaLend is a leading partner that allows AXS users to lend their in-game assets or NFTs. The Ronin Network, also owned by Sky Mavis, notes that AXS players can access liquidity while underwriting with their NFTs.
The official tweet pointed out,
“Anyone everywhere can now access liquidity and earn from their Axies and land on Ronin. In the future, players will even be able to play with their NFT when it is guaranteed.”
This may be a welcome initiative for AXS holders who have survived the tough times of abandonment in the past year. During this period, AXS’ gaming ecosystem, what was once attractive, becomes a shadow of itself. The NFT sector, which has been growing rapidly for some time, has become a point of disinterest from the wider community.
However, there has been some resurgence in AXS apart from a 67% increase in value in the last 30 days. Since the beginning of the year, there have been days where NFT volumes exceeded $1 million.
When Ronin found out about the MetaLend partnership, AXS’s NFT trading volume reached its highest level in 2023. During the time period mentioned above, the volume was $1.91 million.
Source: Santim
Will AXS be back in action?
In addition to development, Axie Infinity COO Alexander Leonard Larsen confess that the project has been pursuing loans for its NFTs for a long time. Reportedly, one of the network’s founders is looking into options to unlock liquidity.
NFT Loans have been a requested product of our community since 2019, and @Jihoz_Axie even setting up the legendary JihoDAO so players can unlock liquidity in the past
Now with @MetaLend_DeFi players can do this without trust
Looking forward for more #DeFi for active gamers $RON https://t.co/za2qYtpnhr
— Aleksander / Psycheout – Axie Infinity (@Psycheout86) February 2, 2023
Now that the mission is accomplished, will AXS be more attractive to investors?
Realistic or not, this is it AXS market cap in BTC terms
According to Santiment, the growth of the Axie Infinity network is not keeping pace with the increase. Network growth steps user adoption and illustrates the number of new addresses created each day.
As of this writing, the metric is down to 37. This indicates a drop in traction despite a few spikes. However, the 24-hour active addresses are increasing, meaning that there is an increase in unique transactions on the network.
Source: Santim
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