Despite the recent spike in Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), the blockchain game Axie Infinity (AXS) has continued to crash regardless of trends. Along with the entire crypto space, Axie has seen its value drop by over 90% and its user base is also declining.
The famous play-to-earn blockchain game Axie Infinity could be on the edge of extinction if the market trends continue as they are. According to CoinMarketCap, in just the last month, the native token AXS fell by 27%.
Axie Infinity allows players to collect and mint unique NFTs that can be bred and battled against one another.
Overall, AXS has lost a whopping $8.9 billion of its market capitalization since its all-time peak in November 2021. From $9.77 billion to just a measly $867 million, market forecasters are reasonably alarmed about the survival of this pet-based NFT game.
The final nails in Axie Infinity’s coffin were the crash of its secondary crypto token, Smooth Love Potion (SLP), in February, the North Korean Lazarus Group hack that stole around $620 million, and the consensus that the games progression system was being used to exploit players in the Philippines.
What was initially deemed as a revolutionary blockchain project that had the potential to invite the wider population into the crypto realm, quickly became a flop, or at worst, a way to exploit those of lower economic standing.