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.
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Axie Infinity token (AXS) is trading at $5.62, an almost 97% decline from its November 2022 all-time high (ATH) of $165.37. Axie's ATH was reached as a combination of the bull market and a near-hysteria for the play-to-earn (P2E) element of Axie Infinity.
The real problem with what happened to Axie Infinity is that the developers lost or changed their initial focus. The crypto winter and hacking scandal affected Vietnam-based developers Sky Mavis greatly. As a result, they created a new version of Axie Infinity based on the more traditional microtransaction model.
Previously, players could earn SLP by playing player-versus-environment (PVE) and player-versus-player (PVP) matches in Classic, however, it can be remembered that last August 2022, SLP was removed and integrated to then-upcoming Axie Infinity: Origins, the current main gameplay.
Will Axie Infinity Recover in 2024? Axie Infinity's 2024 outlook carries cautious optimism for a gradual recovery. Positive indicators, team efforts, and potential market trends suggest an upward climb, with some analysts predicting prices reaching $15 or even $20 by year's end.
Yes, AXS is a profitable investment if considered for the long term. As we would witness NFTs and blockchain games thriving in the near future. How high could AXS go by the end of 2024? The digital asset could trade as high as $16.12 by the end of 2024.
Based on the historical price movements of Axie Infinity and the BTC halving cycles, the yearly low Axie Infinity price prediction for 2025 is estimated at $ 7.28. Meanwhile, the price of Axie Infinity is predicted to reach as high as $ 34.50 next year.
It was popular in Southeast Asia, especially in the Philippines and Vietnam, as the money earned from playing the game far exceeded the average monthly salary in those countries. At the peak of its popularity in 2021, Axie Infinity had 2.7 million daily active users (DAUs).
Its rise can be attributed to both luck (the impact of the pandemic particularly in the Philippines), and design (product, gameplay, tokenomics). It has fostered an engaged community, which led to the creation of guilds and scholarships.
You don't need energy to play PvE, but the number of SLP tokens you can earn each day in PvE is limited to 50 SLP. Daily quests are another way to earn SLP through playing.
Daily Smooth Love Potion (SLP) Price Prediction For Today, Tomorrow, this Week, and Next 30 Days. Based on your price prediction input for Smooth Love Potion, the value of SLP is projected to increase by 5%, potentially reaching $ 0.004364 in the next 30 days.
Axie Infinity (AXS) has the potential to reach the $100 big psychological target if the current daily bullish flag target is met. There is a high probability that AXS's price is in the process to bottom as the current rally comes after a bullish divergence signal was spotted at the lows.
Axie Infinity (AXS) token is down 21.6% in the past week, and 34.3% in the past month marking a difficult period for the token. One of the major contributors to this decline is that millions of vested tokens are about to become unlocked, sparking fears that the tokens will be dumped on the market.
One of the biggest benefits Axie Infinity users gain is profits. Notably, 95% of its revenue goes back to the players. Specifically, Axie takes a 4.25% fee for buying and selling Axie NFTs. Users also pay a small fee when they breed their Axies.
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