Axie Infinity Shows New Signs of Life, Despite Still-Falling NFT Sales

Source: Twitter/@Jihoz_Axie


The crypto-powered play-to-earn (P2E) recreation Axie Infinity (AXS) is once more exhibiting indicators of life, after being hit arduous by a worth collapse within the NFT and P2E sectors in crypto. However, gross sales of NFTs for the sport have nonetheless fallen considerably in May and June.

One signal that the worst is perhaps over for the sport is the value of the sport’s AXS token, which recovered about 10% from its low of USD 11.80 on June 18. Since then, the token reached as excessive as USD 18.50 on June 25, earlier than as soon as once more sliding in current weeks.

The stabilization of the AXS token worth got here as Axie Infinity embarks on a journey to transition its mannequin to what it calls play-and-earn, quite than the normal play-to-earn.

As it turned out, play-to-earn was extraordinarily common amongst customers so long as costs of the tokens used rose in worth. This was very true in creating international locations, the place earnings from these video games have been usually increased than common salaries.

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When token costs began falling, nonetheless, the weaknesses of the mannequin grew to become extra apparent, and gamers have been left with solely minuscule earnings.

The new play-and-earn mannequin is what Axie Infinity’s new Origin model is predicated on, Philip La, Game Product Lead at Sky Mavis, the developer of the sport, wrote in a weblog post from Sunday, the place he addressed what he known as “misleading narratives” across the recreation.

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“Sky Mavis is aware of economic imbalances. That is a major area Origin was built to bring balance to with the introduction of more ways for players to spend on things they value. It will evolve the Axie Infinity model so it is not player growth-dependent,” La wrote.

He added that he understands “some players will leave” as Axie Infinity transitions to “the more sustainable play-and-earn model,” however mentioned that “core believers will stay.”

“[…] we have many ways to grow in the future off the strong core base,” Sky Mavis’ Game Product Lead added.

Meanwhile, optimistic sentiment was additionally shared by Jeff Zirlin, co-founder of Sky Mavis, who final week said that gross sales of Axies – digital creatures collected as NFTs by gamers within the recreation – had picked up.

“22,000 sold in the last 24 hours,” Zirlin declared, whereas evaluating it to a gross sales determine of simply 7,000 “a few weeks ago.”

He added that the Ronin Bridge used to maneuver property from the Ethereum (ETH) blockchain to Axie Infinity’s personal chain Ronin (RON) is now “back up,” and mentioned digital land within the recreation, 90% of which is staked, is producing AXS tokens.

The Ronin Bridge was closed for an prolonged interval after a serious hacking incident in March this yr, however re-opened on June 28.

The tweet from Zirlin got here earlier than data from CryptoSlam confirmed that Axie Infinity as of Tuesday had generated USD 1.35m from gross sales of its game-related NFTs over the previous 7 days, a rise of 174% in comparison with the prior 7 days. The gross sales have been generated from near 23,224 distinctive consumers, the information confirmed.

Virtual land in Axie Infinity is traded as NFTs, with gross sales choosing up from a low level after a brand new land staking characteristic was introduced on July 1.

Axie Infinity NFT gross sales since May:

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Source: CryptoSlam

Still, there is no such thing as a means round the truth that Axie Infinity’s NFTs have struggled this yr, with gross sales persevering with to fall in May and June.

Over the previous 30 days, Axie Infinity’s NFT gross sales totaled USD 3.3m, considerably decrease than different, not gaming-related common NFT initiatives similar to Bored Ape Yacht Club and CryptoPunks, which introduced in USD 70m and 50.3m, respectively.
Learn extra: 
– Play-to-Earn Bitcoin Games: How Lightning Network Enables Gamers to Earn Sats
– Blockchain Games in 2022: Play-to-Earn, Gamification, Interoperability and Major Publishers

– VC Play-to-Earn Investors Now ‘More Cautious’, Game Engagement Still Strong – Animoca Brands

– Blockchain Games See a Drop in Users and Volume After Strong Performance in May
– Top 5 Play-to-Earn Games on Ethereum

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