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What really matters for Axie Infinity’s future is whether Sky Mavis can provide credible future plans for new features that will ground the game in a more stable source of recurring revenue that meets the expectations of all stakeholders. In Sky Mavis’ own words, “this is unsustainable.” Of course, as Keynes probably didn’t say, “the market can stay irrational longer than you can stay solvent.” We think this outcome is likely over the coming months barring any unforeseen spike in new users. The pace of that new user growth is also critical, because any slowdown in the breeding and selling of Axies to new players will lead to a decline in revenue.
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We concluded our piece with this:Īxie Infinity’s business model, for the moment, depends on continued growth in its user base and continued fresh money entering the system to prop up the value of Axies, $AXS, and $SLP. We first detailed how Axie Infinity’s developer Sky Mavis achieved fame and fortune in Naavik’s inaugural blockchain game deconstruction in November of last year: Axie Infinity: Infinite Opportunity or Infinite Peril? Sky Mavis was still riding high at the time but was beginning to see signs of slowing growth. This was soon followed by a sector-wide crypto crash, a major fall in stock markets, and growing fears of a coming recession in the global economy.īefore we unpack all that, let’s take a step back. After the initial troubles began, North Korean hackers stole over half a billion dollars in crypto assets from the bridge that connects Ronin, the game’s private blockchain, to Ethereum. If you’ve missed Part 1, you can read it here: Axie Infinity: Infinite Opportunity or Infinite Peril?Īxie Infinity, the former poster child of blockchain gaming and the game that coined the term “Play to Earn,” has fallen on hard times as this “digital nation” reels from a recession prompted by declining player growth and plummeting token values. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.Psst!…. The views and opinions expressed in this article are the author’s own and do not necessarily reflect those of CoinMarketCap. This article is not intended as, and shall not be construed as, financial advice. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is intended to be used and must be used for informational purposes only. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”).