Average Monthly Players Drop to Pre-2021 Levels
Recent statistics from the gaming metrics site Activeplayer reveal a significant decline in player engagement for Axie Infinity, the popular monster-battle nonfungible tokens (NFT) game. The average monthly user count has fallen to 701,447, a level not seen since January 2021, indicating a stark contrast from the peak of 2.78 million players recorded in January of this year, just before the onset of the current cryptocurrency bear market.
Contributing Factors to the Decline
In June alone, Axie Infinity lost approximately 1.2 million players, attributed to both the broader bear market and changes in game mechanics. Last year, many players from developing nations reported earning higher rewards from Axie Infinity than some local minimum wages. However, the in-game rewards token, Smooth Love Potion (SLP), has plummeted over 95% since then due to an oversupply issue resulting from a surge in new players who earned tokens while the game was at its height.
Declining Marketplace Activity
The marketplace activity surrounding Axie Infinity has mirrored the decline in player engagement. In November 2021, the Axie Infinity NFT marketplace saw an impressive 2 million Axies sold, amounting to trading volumes of 140,956.7 Ether (ETH), or approximately $639.5 million at that time. However, recent data indicates that only about 311,300 Axies were sold in the last 30 days, garnering just 4,143.3 ETH, or $5.37 million, reflecting a sharp downturn as the NFT market has experienced a significant 98% drop in trading volumes since January.
The Aftermath of the Ronin Bridge Exploit
The decline in user confidence has likely been exacerbated by the $600 million exploit of Axie Infinity’s Ronin Bridge, which undermined trust in its GameFi ecosystem. Fortunately, measures were taken to reimburse users for the loss of funds, backed by assistance from Binance, but the exploit may have left a lingering impact on player engagement and overall confidence in the platform.
Conclusion
As Axie Infinity grapples with declining player numbers and marketplace activity, the combination of market conditions and internal gameplay challenges suggests a need for strategic adjustments. The future of the game will depend on the ability to regain user confidence and adapt gameplay mechanics to enhance retention and attract new players.
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