JAKARTA Axie Infinity's play to earn (P2E) has experienced a decline in users in recent months in line with the decline in the crypto market. In fact, in 2020-2021 the Axie Infinity crypto game has successfully gained popularity. However, the prolonged bear market has had a greater impact on the crypto industry.
Based on game statistics data from Activeplayer, the average monthly number of users playing Axie Infinity fell to 701,447. Axie users returned to their lowest level since January 2021. While at its peak, the Axie player was able to break 2.78 million users in January 2022 before the crypto winter. After the market decline, the NFT game Axie Infinity lost about 1.2 million of its players last June.
Launching Cointelegraph, apart from the bear market, the game mechanism also contributes in part to the decline in the number of players. Around the same time last year, players in developing countries reported higher incomes from playing Axie Infinity than the minimum wage in some countries.
However, since then, the price of Smooth Love Position (SLP), the prize token in the game Axie Infinity, has fallen by more than 95 percent. Its supply in circulation has also increased from around 2.4 billion to around 40 billion in the same period due to the high volume of new players rushing in and getting these in-game tokens.
November 2021 is also the month when the NFT Axie Infinity market saw 2 million Axies purchased and sold, amounting to 140,956.7 ETH (worth USD 639.5 million at the time). But the number has since fallen sharply, with about USD 311.300 Axies sold, worth USD 4.143.3 ETH (5.37 million at the time of publication) in the last 30 days.
In addition, the decline was also triggered by hacking the Ronin Axie Infinity network. Ronin, who is a digital wallet provider for the game, has been hacked by hackers. Funds of around 600 million US dollars had to be stolen by hackers. This condition helped reduce the players' trust in the crypto game. On the other hand, since then, the development team has worked hard to recover their consumer funds.
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