The P2E Game (Play to Earn) Axie Infinity (AXS), powered by cryptocurrencies, is once again showing signs of recovery after being hit hard by the price crash in the NFT and P2E sectors. However, NFT sales for the game still fell significantly in May and June.
One indicator that the worst may be over is the price level of the AXS token, which has recovered about 10% from its low of $11.80 on June 18. Since then, the token has peaked at $18.50 on June 25, before sliding again in recent weeks.
The stabilization in the price of the AXS token came as Axie Infinity embarked on a transition to what it is the “play and earn”instead of the traditional one play to earn†
It turned out that play-to-earn was extremely popular among users as long as the price of used tokens increased. This was especially the case in developing countries, where earnings from such games often exceeded median wages.
However, as token prices started to fall, the model’s weaknesses became more apparent and left players with small gains.
The new Origin version of Axie Infinity is based on this new game and revenue model, wrote Philip Lacproduct manager at Sky Mavisthe game’s developer, in a blog post published on Sunday, addressing what he calls “misrepresentations” surrounding the game.
Sky Mavis is aware of the existence of economic imbalances. Origin is primarily designed to balance this by giving players more ways to spend on what they value. The Axie Infinity model will evolve in a way that doesn’t depend on player growth,” La writes.
He added that he understands that “some players will choose to leave” during Axie Infinity’s transition to “a more sustainable model of play and earn”, but that “the main followers of the game will remain”.
“We have many ways to grow from this strong foundation in the future,” adds Sky Product Manager Mavis.
This positive sentiment was also shared by Jeff Zirlinco-founder of Sky Mavis, who has explained last week that sales of Axies – virtual creatures collected as NFTs by players in-game – had resumed.
“22,000 units have been sold in the last 24 hours,” Zirlin said, comparing that figure to just 7,000 sales “a few weeks ago.”
He added that the Ronin Bridge, which was used to move assets from the Ethereum (ETH) blockchain to Axie Infinity’s Ronin (RON) chain, is now “back” and said the game’s virtual lands , under which 90% have been deployed, generate AXS tokens .
The Ronin Bridge was closed for a long time after a hack in March this year, but reopened on June 28.
Zirlin’s tweet was posted before CryptoSlam show that Axie Infinity has generated $1.35 million in sales from its gaming-related NFTs in the past 7 days, up 174% from the previous 7 days. According to the data, sales were generated by nearly 23,224 unique buyers.
Axie Infinity’s virtual land is trading as NFTs, and sales have surged after bottoming out following the introduction of a new land strike feature on July 1.
Sale of NFT Axie Infinity since May:
Still, Axie Infinity’s NFTs have struggled this year as sales continued to decline in May and June.
In the past 30 days, Axie Infinity’s NFT revenue was $3.3 million, significantly lower than other popular, non-gaming NFT projects such as Bored Ape Yacht Club and CryptoPunkswhich brought in $70 million and $50.3 million, respectively.
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