![]() ![]() Fewer PlayersĪxie now has three-quarters fewer players than January, according to DappRadar. Ronin was relaunched on June 28, and Axie developer Sky Mavis reimbursed affected users. In March, its Ronin bridge suffered the highest-valued exploit in DeFi’s history, with more than $615M in assets being stolen by the hack. Axie’s governance token, AXS, is down 91.6% since peaking in November of last year. The supply of its in-game currency, Smooth Love Potion (SLP), has ballooned, helping drive down its price 85% this year, according to CoinGecko. ![]() Axie’s tokenomics - its online economy of tokens, rewards, and gameplay - are under stress like never before. Now, with a bear market tightening its grip, comes a major test. Unsustainable incentives pumped usage far higher than sustainable, so real traction was a fraction of what people thought at the highs. In May, one Filipino player even claimed to have purchased two houses with the profits from playing Axie. It made a big splash in the Philippines, where enthusiasts used Axie’s tokenomics as a ticket to supplement their income. With legions of players in developing economies, Axie epitomized the idea that blockchain-based gaming could make an economic impact in the real world.Īnd gaming guilds such as YGG have gone along for the ride. The gaming venture, which is owned by Sky Mavis, a Vietnam-based company, came out of nowhere and radpily defined an entirely new digital industry - play-to-earn gaming. The rise and fall of Axie Infinity is an object lesson in the boom and bust cycle of crypto. This handy primer explores the Axie Infinity game, from its driving concepts to its tokenomics and use of NFTs. ![]() “There are also a lot of developments ahead for Axie Infinity.” “Once it is published worldwide and has added earnings capacity, we will be seeing more people breeding and participating in Origin,” said Martin Blaquier, the CEO of OlaGG, YGG’s subDAO in Latin America. The hope for Axie players and guilds is to hold on until the arrival of Origin, Axie’s new version of the game. Yield Guild Games (YGG), a Filipino P2E organization, said it is providing additional in-game assets to players - called scholars - as users decline and it has more resources at its disposal. Now gaming guilds DAOs, revenue-sharing collectives that connect Axie asset owners with players in exchange for a cut of profits, are jumping into the breach to help players weather the downturn. In the last 12 months, the trailblazing play-to-earn gaming project has lost almost 90% of its market value and the days when players boasted about earning a living purely from their participation in Axie seem long ago.Īxie’s weekly revenues have shrunk to a miniscule $11,000 from $17M last August, according to the data intelligence outfits TokenTerminal and Messari. Axie Infinity’s moment in the sun is over. ![]()
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