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This caused a dent in the emerging asset class, with 2022 opening on a bearish note. Going into the holidays, investors began pulling out significant cash and reconciling their spreadsheets. The crypto market peaked in November 2021 at a staggering value of $3 trillion in total value locked (TVL).
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Crypto Fall and Axie’s Unsustainable Tokenomics However, the blockchain gaming platform has not been able to hold up as recent events have shown. He also tapped into a rental model, where players who couldn’t breed an Axie could rent them. Armentia puts his profitability in the early days between 300% and 400% within a five-day window. Breeding can be done starting with two AXS tokens.įrom breeding, Armentia noted that he netted huge profits because new players needed to own Axies before playing the game. This newborn Axie inherits combined traits from both parents and can then be sold on the Axie Marketplace to a buyer looking for the same particular traits. In breeding, two Axies are selected to become parents and their unique traits are combined to create a new Axie. However, he noted that he mainly focused on breeding Axies. Looking for a way to relax and connect with his childhood friends back in Argentina, Armentia turned to the Axie Infinity game.Īrmentia informed the news outlet that he had spent roughly $40,000 since he began playing the game in August 2021. According to Armentia, he came to the US as a teenager following a financial crisis in his home country in Argentina.
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The game, founded in a developing Asian region called Ho Chi Minh City, Vietnam, became a source of revenue for many people earning below the minimum wage bracket.īloomberg ran a special that featured an Axie Infinity player called Alejo Lopez de Armentia, residing in the US.Īrmentia is a game fanatic and an emigrant, who has had a previous stint as a solar panel installer in Florida. When the Going Was GoodĪxie Infinity was a huge success due to its target audience. SLP hit a record high of 40 cents in mid-July and AXS hit $165 in November 2021 during the longest crypto bull run ever.Ĭryptoassets are a highly volatile unregulated investment product. Its in-game cryptocurrencies skyrocketed in value as well. This meteoric rise saw Axie Infinity attract significant investment from crypto-focused firms like Andressen Horowitz, causing the company to hit a $10 billion valuation. ✨4.5 B total value on Ethereum sidechain Ronin represented the Axie nation!
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The platform had over 2 million daily players logging into its website to battle for experience points and perform a host of other activities. The crypto market witnessed a remarkable inflow of investments in 2021, and Axie Infinity enjoyed significant player growth. SLP is used to breed in-game characters called Axies, and AXS performs a more sophisticated role of enabling governance through staking. To aid this model, the protocol runs on two in-game tokens named Smooth Love Potion (SLP) and Axie Infinity Shards (AXS). With the proposed model, users who buy Axie Infinity can play its game to generate passive revenue.
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How to Watch Love Island UK From Abroadīlockchain purists have made known their feelings about the centralised architecture of the Ronin network, but the in-game transaction protocol has proven to be faster and more cost-efficient.Īxie Infinity became a global sensation following its promise of enabling a ‘play-to-earn’ model.
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