“Axie Infinity’s SLP (Smooth Love Potion) utility coin went to zero! (approximately),” tweeted game developer Lars Doucet. “Now it’s down to $0.004, rounding to the nearest cent that means it’s worth $0.00.”. Axie Infinity is in even more trouble than it was a few weeks ago.
This game focused on the mechanics that we have in sagas like Pokémon is one of the greatest exponents, but the millionaire robbery that left a number of devastated players has added another inconvenience.
Axie Infinity is one of the emblems for the future of cryptocurrency-backed P2E or Pay to earn NFT games. Players trade, battle, and breed virtual creatures called Axies. The last part of that process requires SLP currency, which players earn by playing the game. However, the value of SLP has been sinking, as players earn more and more without “burning” it by spending it. A year ago, the value of SLP peaked at $0.35 and has been trending down ever since.
The long drop in the price of Axie Infinity’s Smooth Love Potion token illustrates the challenge of pay-to-earn games. As Axios said last month, “players need more than a way to earn a random token, the token needs a mechanic that allows it to hold value.”
The developers of Axie Infinity have tried to address the issue by removing SLP farming from the game’s single-player adventure mode, and more recently by allowing players to “burn” SLP when joining tournaments for a better prize.
The blockchain the game is on saw over $600 million stolen in March, shattering confidence in the game’s currency. Players are still debating whether to wait for a recovery or abandon the pay-to-play scheme. Axie Infinity Shards, the other crypto token associated with the game, is down below $20 after peaking last year at over $150.
This is part of the current situation and problems of other cryptocurrencies, including Bitcoin, Ethereum and Luna. The fall of the latter has been especially dramatic.
However, in the case of Axie Infinity, the developers continue to move forward without flinching. Yesterday, they released a mobile spin-off on Android called Axie Infinity: Origin. “Axie Infinity is now more accessible than ever!” they announced.
However, this does not appear to have much of an impact on ending or reducing the plummeting curve.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
