Nonfungible tokens were one of the hottest sectors of the cryptocurrency market from the start of the year until March but as is the nature of the crypto sector, NFTs cooled off significantly in April as the hype died down and high fees on the Ethereum (ETH) network hampered the ability of buyers and sellers to interact with the protocols.
The challenge of high fees eventually led some projects like Axie Infinity (AXS) and Smooth Love Potion (SLP) to migrate to other networks or embrace layer 2 solutions as a way to help lower costs. This move, along with a drastic reduction in ETH gas fees in the past two weeks could be part of the reason for the strong rally in AXS and SLP over the past week.
AXS/USDT 4-hour chart. Source: TradingView
Data from and TradingView shows that the price of AXS rallied 83% from a low of $6 on April 25 to a high at $11 on April 29