Axie Infinity, one of the hottest play-to-earn games in the industry, seems to be slowly losing ground. In case you missed it, their Ronin Network experienced a $600m hack last week, shaking the confidence of many players in the community. However, the game’s gradual decline started months before the hack. Should players be worried?
Where are the Axie players?
Make no mistake, Axie Infinity is still very much on the leaderboards. The Axie marketplace ranks number 5 among all NFT marketplaces, coming in after CryptoPunks at number 4. However, it is clear as day that the game has been experiencing a downward trend for what seems to be the longest time. Remember the times when players were buying houses from their Axie gains? Currently, players earn a few measly dollars each day.
The statistics show a peak in daily active users during January 2022, and it has been on a decline ever since. According to the chart, the platform had more than 2.3m DAU during that time, and 2.2m DAU now. There are several factors that contribute to the bearish momentum creeping in.
Firstly, the overall crypto selloff definitely placed some downward pressure on the price of Smooth Love Potion (SLP), Axie’s in-game currency. In addition, the team released an update earlier to significantly reduce the daily SLP rewards to balance the game economy.
Players now receive significantly lower SLPs, paired with the struggling SLP price. For instance, an average player at around 1.5kmmr may earn 50 SLPs at the current price of $0.0268. That’s a terrible return for 1 hour of gameplay.
On the bright side, Origin is set to launch soon and is expected to bring about massive changes to the game. Read this article to learn more about Axie Infinity Origin.