Market players trust crypto-supported P2E projects will ultimately fail as play-to-earn games maintained consistency plummets since the year started.
Axie Infinity is among the gaming project enduring gamers’ apathy. Axie Infinity’s ecosystem has deteriorated in growth since last year’s boom, which saw the project recording historic highs.
Steady Ecosystem Metrics Slump
Axie Growth Data shows the gaming project witnessed a substantial fall in several growth metrics in 2022. That could be primarily because of the crypto winter, which had the overall crypto market crash.
The game failed to maintain gamer interest amidst such conditions. The platform’s daily active users were 260,246 as of August 1. That remained massively lower than the 2,718,810 daily active users (ATH) seen on November 15, 2021.
Axie Infinity’s Jeffery Zirling commented about the gaming platform knowing what to do with the faded users’ scenarios as it has seen the tendencies before. He remarked on May 10 after active users declined by 14.27% that week.
However, that hasn’t been the event, as the platform has seen sustained failure in trials to restore gamers’ interest. For instance, active gamers declined swiftly by 21% within 14 days after the Axie Infinity V2 release on May 23.
Besides the gradual drop in active players in the ecosystem, the network has seen a significant decline in sales volume. This metric hovered at $7,438,174 by August 1, representing a more than 10,000% decline from the $1,030,753,400 ATH sales volume seen in August 2021.
Moreover, Axie Infinity has seen a drop in landholders since early this year. The metric has plunged by 77% since January to 623 landholders by August 1.
AXS Has Witnessed Better Days
The past year saw Axie Infinity recording slumps in individual receivers by time, distinctive senders by time, and asset transfers within the platform. AXS traded at $42.66 one year ago.
Meanwhile, the altcoin has dropped more than 50% to hover at $18.22 during this publication. Also, its market cap dropped to $1.51 billion from $2.59 billion, ranking 41st in the crypto list by value.
Surprisingly, whales holding 10,000 – 10,000,000 AXS coins increased their holdings gradually, regardless of the mentioned price drop. While publishing this blog, the metric hovered at 84.57 million, a 10% increase from 76.32 million seen a year ago.
Moreover, Axie Infinity’s 365MVRV appeared significantly down by -55.38%. That confirmed that most investors hadn’t witnessed profits within the previous year.
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