There have been fun and games in the Axie Infinity world this week. For starters, NFTs have become the hot space, spurred by the stellar growth of the (Don’t buy) MEME token. Projects like MEME, aavegotchi and (of course) Axie Infinity have received a lot of attention because they touch parts of the hyped memes of NFTs, DeFi and DAOs.
Axie stepped up to the plate yesterday when Delphi Digital, who collaborated with Sky Mavis (developers of Axie Infinity) for the upcoming re-launch of Axie’s governance token, splurged on a series of Mystic Axies (they invested 162,000 USD). If you’re unfamiliar with Mystic Axies, I did a little write-up in my last Axie post (Everything we know about ...). In a nutshell, they are the rarest Axies. YouTuber cagyjan posted a nice video that included coverage of the Delphi Mystic buys and a guide on how to buy Mystic Axies.
This set the ball rolling in the Axie marketplace. The floor price for a single Mystic Axie was at around 1.8 ETH before the Delphi swoop. It’s now 4 ETH! NFT YouTuber DCL Blogger played a big part in this price increase when he went a bit crazy and bought about 10 single Mystics within an hour. He’s obviously got a high conviction that demand for these will keep increasing, but with Delphi Digital he’s in good company. The Mystics Delphi splurged on were Axies with three or four Mystic parts, so many times more scarce than single Axies.
This was also a nice reminder that Axie Infinity has several dimensions to it, namely - playing to earn SLP to trade for ETH or other tokens through Uniswap, playing to earn SLP to breed Axies, buying SLP to breed Axies, providing SLP liquidity on Uniswap, and collecting rare Axies (special bonus dimension - community engagement!). It seems that collecting is the most lucrative of all of these!
Meet RØZE, my Mystic Axie.