Key Takeaways
Interest in GameFi tokens has dwindled since 2021, when Axie Infinity’s popularity peaked, causing the entire crypto-gaming sector to boom.
While Axie Infinity has fallen significantly, Ronin Chain has managed to hold up through other popular games such as Pixels.
This article will examine Ronin’s growth since 2021, focusing on metrics related to Pixels and Axie Infinity and illustrating their changing positions in the Ronin hierarchy.
Ronin’s Position in Gaming Chains
Ronin is one of the oldest and biggest gaming chains in Web3.
Its position is evident in various metrics such as Total Unique Wallet Interactions, Non-Fungible Token (NFT) volume, and Decentralized application (Dapp Volume).
In these categories, Ronin ranks 2nd, first, and second, respectively.
The massive lead in NFT Volume is likely due to its marketplace, which facilitates the trading of NFTs such as Axies.
The Axie marketplace is by far the most significant gaming marketplace, with over ten times the traders as the second-biggest one, Tofu NFT.
It ranks second compared to general marketplaces like OpenSea, with 2.47 million traders.
Axie Infinity’s Decline
While Axie Infinity was the biggest game in Ronin and the one that gave it its initial boost, Pixels has since surpassed it.
In the past 30 days, Pixels have over 300,000 UAWs , while Axie has less than 200,000.
An interesting development regarding Ronin is that UAWs reached a new all-time high of 2.07 million in 2024, tripling their previous all-time high in 2021.
However, volume is still minuscule compared to its Axie-fueled 2021 highs.
The volume decline reflects a significant decrease in the price of gaming tokens and NFTs, whose increased transactions cannot make up for the fall in price.
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Another metric reflecting Axie Infinity’s fall is the decline in NFT traders and volume.
Since the Axie Marketplace, not Pixels, is responsible for the NFT volume, the latter has not recovered since its 2021 highs.
So, while interest in Ronin has increased relative to 2021, that is primarily because of Pixels, which is making up for Axie’s decline.
Also, the drop in both token prices means that volume lags, and the increased interest cannot offset it.
Who Takes the Top Spot?
Despite Pixel’s rise, its analytics do not paint as rosy a picture, clearly illustrated when charting transactions.
They all increased rapidly at the end of 2023, peaking in April 2024 before falling precipitously.
So, Pixels already had its bullish cycle, similar to Axie Infinity, and is now gradually correcting.
The same is apparent when looking at the number of active wallets. While the total number of wallets is increasing, users could leave the game since the number of active wallets is falling.
Nevertheless, Pixels made another foray into NFT trading by the Pixels Pets mint in February.
Pixels Pets still has a relatively low volume of 1.22 million RON, roughly $600,000. Pixels Farm Land has fared slightly better, with 1.35 million RON in volume.
So, Pixels’ rise is impressive, but its decline since March 2024 is worrisome and echoes Axie Infinity’s decline. Additionally, Pixels is still well behind Axie Infinity in NFT trading volume.
Ronin’s Mixed Growth
The GameFi interest has grown since the perceived peak in 2021. Ronin reflects this, showing that various indicators have already reached new highs.
However, the significant fall in the prices of gaming tokens means that volume is not close to its peak in 2021.
As for games in Ronin, Pixels has taken the lead from Axie Infinity, though its decline since March 2024 is a worrisome sign for the future.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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