AXS is bleeding thanks to gamers’ apathy, but Axie might have…
Crypto-backed money-making games have steadily declined since the beginning of the year, with many believing these projects are doomed.
Axie Infinity is a typical example of a game project that makes gamers indifferent. The project hit an all-time high following a boom in 2021, marked by a year-to-date decline in the world of Axie Infinity.
Ecosystem metrics continue to decline
according to axis growth data, the game project recorded significant declines this year across many growth metrics. This is largely due to the crypto winter, which has plagued the market as a whole and the project’s failure to sustain gamer interest.
As of August 1, the platform had 260,246 daily active users of gamers. This is a far cry from the all-time high of 2,718,810 active users recorded on November 15, 2021.
Axie Infinity co-founder Jeffrey Zirlin saw a 14.27% drop in active users for the week of May 10 Comment Gaming platform “Be here before and know what to do”.
We’ve been here before and know what to do.
Fear is normal. pic.twitter.com/eXPk2mS1H3
— Jiho.eth 🦇🔊 (@Jihoz_Axie) May 10, 2022
That’s not the case, however, as attempts to revive gamer interest have been unsuccessful.For example, post further Axis Infinity V2 On May 23, active players on the network dropped rapidly by 21% in the ensuing 14 days.
In addition to the gradual decline of active players on the platform, the sales achieved on the network have also dropped significantly. As of August 1, the figure was $7,438,174. This is down more than 10,000% from its all-time high of $1,030,753,400 in sales. The latter figure was recorded last August.
In addition, since the beginning of the year, the number of landowners on Axie Infinity has gradually decreased. There were only 623 landowners as of Aug. 1, down 77 percent since January.
AXS has had better days
Token transfers on the network, unique senders by time, and unique receivers by time on Axie Infinity have all declined over the past year.
$AXS On-chain review in 1 year! pic.twitter.com/eRE5p3EUvo
— Ronin Daily (@daily_ronin) August 2, 2022
A year ago, AXS was worth $42.66. Trading at $18.22 at press time, the gaming token has halved in the past 365 days.
At the time of writing, it is ranked 41st by market cap, having fallen from $2.59 billion to $1.51 billion.
Interestingly, despite the aforementioned price drop, whales holding 10,000 to 10,000,000 AXS tokens have gradually increased their holdings.
At press time, the figure stood at 84.57 million, a 10% increase from the 76.32 million AXS tokens held by such whales a year ago.
Also, AXS’s 365-day MVRV appears to have dropped significantly by -55.38%. This suggests that many investors have not seen any profits over the past year.