Axie Infinity, a blockchain-based play-to-earn game, has reached a new milestone. According to data from industry tracking site CryptoSlam, the total value of non-fungible tokens (NFTs) sold in the game has surpassed $4 billion for the first time.

Axie Infinity’s gaming model entails converting in-game assets into NFTs, which players can freely trade through an in-house marketplace. The majority of Axies (in-game characters that players collect and breed) account for the majority of Axie Infinity’s NFT trading volume. Since the game’s release in 2018, there have been over 2.8 million Axie holders and over 14 million Axie-related transactions.

Axie Infinity has maintained its market leadership position during a period of increased public interest in NFTs. The value of traded Axie Infinity assets is nearly twice that of the closest NFT collection, CryptoPunks ($2 billion), and three times that of the Bored Ape Yacht Club collection.

Axie Infinity’s latest milestone, however, comes at a time when daily trading volumes for the game’s assets are near yearly lows. This month, Axie Infinity’s marketplace has seen a daily average of $3.2 million in transactions, which is significantly less than the $40 million recorded during the market’s peak in November.

In the run-up to the market decline, the Axie community recorded its largest NFT land sale, worth $2.3 million. However, the current drop in volume reflects the broader crypto market, which has struggled to recover since hitting an all-time high around the same time.

Sky Marvis, the company behind the Axie Infinity game, raised $152 million in October to accelerate development and recently unveiled Ronin, an Ethereum sidechain that now houses the game’s resources. Ronin, in particular, makes transactions cheaper and faster for the Axie gaming community, and has played a significant role in the project’s recent growth.

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