Insights from game statistics site Activeplayer showed that the average monthly number of users who are involved with monster-battle non-fungible tokens (NFTs) game Axie Infinity has decreased to 701,447, which showed levels similar to January, 2021, as reported by Cointelegraph. During January of this year, month-on-month basis Axie Infinity players reached 2.78 million prior to implications of the cryptocurrency winter, and lost 1.2 million players in June.
According to Cointelegraph, apart from bear market, game mechanics also was held responsible for decrease in player count. At around the same time last year, players from developing countries reported higher earnings from playing Axie Infinity than certain countries’ minimum wages. Since the development happened, the price of Smooth Love Potion, Axie Infinity’s in-game rewards token, went down by more than 95%. The circulating supply went up from approximately 2.4 billion to around 40 billion in the same period, on account of the high volume of new players rushing in and earning tokens in-game.
On the basis of information by Cointelegraph, in November, 2021, Axie Infinity NFT marketplace witnessed two million Axies bought and sold, reaching a valuation of 140,956.7 ($639.5 million at the time). Reportedly, the numbers have since fallen, with around sale of 311,300 Axies, valuing at 4,143.3 ETH ($5.37 million at the time of publication) in the previous one month.
Moreover, Cointelegraph noted that the drop has been in correlation with effect of the bear market in the NFT sector, where trading volumes across digital platforms went down 98% since January. Other developments which took place over the course of this year included Axie Infinity’s Ronin Bridge being exploited for $600 million reportedly has decreased the confidence of players associated with the GameFi ecosystem. Although developers aim to try and recover the lost funds.
(With insights from Cointelegraph)
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