It’s a pretty well-known fact that crypto is in a bear market right now. What’s more, several P2E games are hit badly by the bearish sentiment, with most of their NFT prices hitting an all-time low. How serious it is and can we do anything about it? Let’s take a closer look.
P2E game NFT prices are hitting an all-time low: How serious it is?
To begin with, let’s take a look at Axie Infinity. Back in 2021, an Axie would easily cost $200 to buy. As of writing, you can buy a floor Axie for only $5. That’s a 97.5% discount in total.
Next, a decent Pega in Pegaxy used to cost more than $10k on average. Well, guess what? You can now buy a floor Pega at $6. Clearly, the bear market had done quite a damage to the NFT prices of these P2E games.
Can we do anything about it?
Not much can be done, to be honest. Investing in GameFi projects has always been a speculative move. So when the overall market is down, there will be less demand for risky assets. This includes NFTs in P2E games as seen in their sinking prices.
However, many P2E game lovers do not necessarily see the plunging NFT prices as a bad sign. Some Twitter users think that with such a low entry barrier now, anyone who has not played NFT games before can finally give it a try.
In addition, some users think that continuous development in P2E games such as Axie Infinity Origin will help bring back demand for these NFTs. More often than not, this is just a form of wishful thinking.
Nevertheless, the fall of these top NFT games serves as a great reminder that we should only invest what we afford to lose when it comes to GameFi. If you ask me, I think GameFi is here to stay. This will especially be so when people start to play blockchain games for fun, instead of purely treating them as a source of income.