Axie Extinction: What Happened to Axie Infinity?
Axie Infinity, first started last October 2018, has dominated the world of cryptocurrency, especially during the time of the COVID-19 pandemic. The promising crypto game has peaked with a mass of 2.7 Million daily active users. However, as each month passes by, the Axie Infinity slowly fades into oblivion. Let’s look back at history and see what could be best described as Axie’s downfall.
Axie Infinity and Beyond
The game skyrocketed its way to the top of the crypto world. Sky Mavis, a Vietnamese-based gaming company, founded Axie Infinity. Together with Ronan, the company went on and became the behemoth of the blockchain gaming space. The game was valued at a massive amount of 3 billion in October 2021.
Axie Infinity is an online gaming universe centered on creatures called Axie. They are virtual pets that players acquire and use to combat, breed, grow, and construct kingdoms. Since the pandemic started, Axie Infinity caught fire and became famous among the locals.
The play-to-earn mechanics of the game is what really compels both the market and the players of the game. Earning while playing the game has caught the attention of the public, especially the new generations who have an experience within the crypto and stocks world.
SLP Down
The Slow Love Potion or most commonly known as SLP is an in-game token acquired by the players once they continue playing the game. However, most of the players do not have the luxury of time to grind all day to play the game. With that, the Axie Scholarship became a trend for aspiring players who wanted to earn money.
The Axie Scholarship program consists of the manager and the scholars. As a manager, one can offer some Axies to other scholars in exchange for them playing on their behalf. These agreements feature a rewarding split between the two parties.
However, it was not a full home run for Axie Infinity as the money value of SLP went down every single week last 2021. From its peak SLP value of 17 PHP, it went down to 0.21 PHP today. Due to this reason, most investors and players quit playing the game since it may not be worth their time and money. As the number of players decreases, the game suffers even more.
End of an Era
Most of you might be asking, is this the end of Axie Infinity? Clearly, the game is not even close to being considered dead yet. The game has a lot of potential on its sleeves. Axie Infinity may have bumped into a hurdle on its path to success. However, it still has a lot of potential especially if it can manage to bring back its investors. In that way, Axie will once again rebuild its place at the top of the chain.
The play-to-earn idea is a great concept for any game. The Axie Infinity proves that the play-to-earn concept is feasible for the general public. However, everyone must assess and foresee the pros and cons before investing their money into a game.
