Axie Infinity and the demise of the game “play to earn” once stormed the NFT gaming village

Axie Infinity’s Revolution

According to the page Bloomberg famous once shared, Axie Infinity is a game that has a very close connection to the cryptocurrency market. Players will join and earn cryptocurrencies called Small Love Potion (SLP) or a token named Axie Infinity Shards (AXS) to make a profit for yourself.

AXS are often used to breed animals in the game, and SLP is a coin that gamers can collect during their quests. This is also a way for gamers to contribute to the management and development of games in the future.

There are quite a few ways to make money from Axie Infinityincluding raising virtual animals (Axie) to make a profit, more specifically, breed two Axies together and collect the Axie child. This hybridization process will be paid with SLP and AXS, of course any new player will need AXS causing this token to skyrocket in price.

According to the data from Coinmarketcapas of the morning of August 11, 2021, the price of one dong AXS can go up to 74.45 USD. With 60.9 million AXS currently in circulation, the coin’s market capitalization has reached 4.5 billion USD Even the creator of Axie Infinity – Sky Mavis has stated that the game “play to earn” will be a new economic phenomenon.

See also: Axie Infinity encourages white hat hackers to detect the company’s security holes

Also in June 2021 Sky Mavis raised $160 million in funding from investors, including venture capital firm Andreessen Horowitz and cryptocurrency firm Paradigm. That same month, Axie Infinity achieved another great success by owning 2 million daily active players.

Co-Founder Reddit and investor Axie also predicts that within 5 years, 90% of the worldwide gaming market will be full of “play to earn” games. Or the head of crypto game startup Yield Guild Games – Gabby Dizon also affirmed that Axie Infinity is the way to create “investor mindset” in a new digital economy, where that Web 3.0 is seen as a “casual movie opportunity”, as the “greatest weapon” to combat poverty.

The Fall of Axie Infinity

So highly regarded, but not long after, Axie Infinity fell into crisis, with the number of daily players dropping by 40%, and the value of SLP and AXS coins plummeting. Everything continued until Axie Infinity determined the damage was up to 620 million USD when the system of Sky Mavis attacked by a group of hackers.

By May, this game had almost bottomed out when it broke the 20 USD mark, becoming a testament to the doubts of netizens about the cryptocurrency market, which has not been fully built yet. on information security issues.

Sky Mavis has now quietly changed the description of her game, moving Axie Infinity from a “play to earn” game to “play and earn”. The company also quickly released a version of Axie: Origin with a series of graphics upgrades, as well as opening up a more attractive gameplay than its original version.

There is one thing worth mentioning that Axie: Origin does not have anything to do with cryptocurrencies, as even Sky Mavis confirmed that gamers would be more interested in participating in a game if it did not involve virtual currencies. The goal is to replace the original game with Axie: Origin, a non-encrypted version aimed at attracting a large number of players into the game.

See also: FBI accuses notorious North Korean hacker group behind the Axie Infinity attack

Although the creator is constantly distracting gamers by launching new products, the tension is increasingly evident over the decline of the AXS coin. More remarkable in an interview with Bloomberg, Sky Mavis co-founder Jeffrey Zirlin said in January that he currently lives in the US, but did not share his position: “I am can live anywhere, but never leave his room,”

Later, Jeffrey Zirlin also shared more about his living address, but also asked the press not to disclose information because of the safety of his colleagues’ lives. “We can’t reveal our whereabouts, just as the President never makes his home address public,” he said. “We are like heads of state.”

Zirlin also said that he feels sympathy for investors who lose money because of losses, but also considers the drop in AXS’s value as a way of “purging the market”.

Before that, Sky Mavis had to try to solve internal problems, because the less profit it made from Axie Infinity, the harder it was to attract new players, even value. of animals also fell sharply.

On May 18th, all Zirlin and Larsen hosted a talk with the Axie Infinity community on Twitch about the game’s hacking issue. The company said it has raised an amount of up to 150 million USD to reimburse the victims of the hacker “visit” and rebuild the game’s system. However, after 2 months, this game has not changed at all.

In a recent statement, a blockchain expert at Horizen Labs – Mr. Jonathan Teplitsky – said that the play to earn games that have emerged thanks to power and speculation carry enormous risks. “Axie Infinity, if you want to win the next market crash, you have to build a world that doesn’t depend on the mood of the market,” he added.