How do Ethereum prices affect Axie Infinity's Axie prices, or is it unrelated?

Mythic axes will most likely be valued in ETH and will fluctuate in value as prices fluctuate (relative to USD). SLP and entry-level Axies, on the other hand, will tend to stick to the USD floor much more carefully. There’s an intriguing area in the middle; I’d want to see a more in-depth analysis of the data. This is true for the majority of games/NFTs.