Axie Infinity, the phenomenon-level chain game that has brought the P2E craze, with the passage of time, problems such as game entertainment experience, excessive GST distribution, side chain security, etc. have also surfaced. Currently, both revenue and users are declining; SLP, AXS has also suffered severe blood loss from all-time highs. (Recap:Axie Infinity Sidechain | Ronin’s stolen money of 16,100 ETH has been transferred to Tornado, and hackers succeeded in 51.52 million US dollars) (background supplement:Head of FTX Ventures on Axie, Stepn and Gamefi: “I don’t think there are any interesting blockchain games right now”)
The phenomenon-level chain game Axie Infinity, which started the craze of “earning P2E while playing”, became popular in the summer of 2021, making game-related NFTs and tokens soaring and becoming a hot topic around the world. But with the passage of time, issues such as gaming entertainment experience, over-issuance of GST without proper destruction mechanism, Ronin security…etc also surfaced.
Although the game ushered in the biggest revision in history in April, the topic is not as popular as it was before, and it faces a decline in both revenue and users. According to “The Block” data, the game’s NFT transaction volume last week (5/29~6/4) was only US$988,000, which was the first time the game’s weekly transaction volume fell below US$1 million, compared with 2.1 in November last year. The historical high of US$100 million has shrunk by 99%; in terms of daily revenue, it has also shrunk by more than 95% in the past 180 days.
In addition, according to “Dune Analysis” data, the monthly number of new accounts of Axie Infinity in the past three months has also dropped below 6,000 on average.
Both SLP and AXS have lost a lot of blood since the high point
In terms of Axie’s related tokens, it has also continued to decline in recent months. Smooth Love Potion (SLP), which is often criticized by users for its large circulation, although developer Sky Mavis tried to add a mechanism for destroying tokens in the game, it does not seem to have brought much expected effect.
SLP hit an all-time low of $0.00399 in mid-May, and it continues to fluctuate at a low point. Today, it reached a near 10-day low of $0.00496. Before the deadline, it was reported at $0.005, a sharp drop of 98.7% from last summer’s high.
In addition, in terms of the game’s governance token AXS, it is currently temporarily quoted at US$19.51, which has also dropped by 88.2% compared with the historical high of more than US$165 in November last year.
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