News hardware Bad News for Axie Infinity Players: The Game to Earn (P2E) Revamps Its Crypto Reward System
While the cryptocurrency and NFT based game is booming in record time, Axie Infinity has been going through some rough times lately. While restructuring its gameplay, Sky Mavis has taken drastic measures to adapt its game to the bearish context of the crypto market.
Axie Infinity a benchmark for play to earn
Axie Infinity is an online video game developed by Sky Mavis Studio. Created in 2018, this game was making noise throughout 2021, in particular thanks to its innovative gameplay that integrated NFTs and cryptocurrency rewards. A true play-to-earn (p2e), Axie has developed an unprecedented economy.
By having small characters fight in NFT called Axies, players were able to earn potions: SLP. Just like real crypto tokens, these Smooth Love Potions can be used to raise axes or resell on cryptocurrency exchanges.
This aspect of the game allowed many to earn real rent by selling the chips they earned. As a result, the game has had some success in countries where the average wage is low. In the Philippines, gambling has become a true full-time job as some players have been able to earn an amount equivalent to a year’s work in a month. In the game’s heyday, tiny axie monsters were worth several thousand dollars and raked in a similar amount per month, allowing the player to make a quick profit.
While Axie Infinity’s business model has inspired several other games on the web, Sky Mavis has announced that it is overhauling its system.
Axie Infinity Lowers SLP Rewards
Beginning August 12, Axies players will only be able to earn SLP based on their Arena Mode results. Therefore, in order to earn tokens, you have to face other players online in this PVP mode.
This update is a game changer as before that, players could easily earn SLPs by playing against bots in adventure mode. This made it easy for even the worst player to grow Smooth Love Potions in this non-competitive mode.
By correcting the SLP rewards, Sky Mavis can curb the issuance of SLPs to make them rarer. Despite the processes to “burn” tokens after they are used, the token is suffering from the crypto winter but also from the unlimited supply. For example, the SLPs experienced a monumental drop in value, bringing their unit price from 0.34 to 0.004 cents, ie a price divided by more than 50. In this logic, the developers want to balance the profits at stake in order to another drop in value.
The novelty should also affect players using different accounts, as well as bots to generate SLP. With initiatives like this, Sky Mavis shows clear ambitions for the future of his game.
Axie Infinity wants to be a game for gamers, not investors
With these kinds of changes, Sky Mavis wants to appeal to more players than investors. By putting gameplay at the heart of Axie Infinity, the developer aims to encourage players to get better for bigger payouts.
Sky Mavis is therefore part of a logic to value the skills in the game rather than the amount of cryptocurrencies invested in the game. This strategic choice should allow Axie Infinity to find a certain segment of its audience.
Although the game has become a benchmark in the web3 gaming industry in a very short time, Axie Infinity is going through some tough times. With a major hack in March 2022, the play-to-earn benchmark is somehow trying to get back on track. Despite the crypto winter, the company Sky Mavis is still not admitting defeat since last June, announcing that it wanted to release 12 new games around the Axies.