Axie Infinity Sees Significant Decline in Monthly Users
Axie Infinity, the play-to-earn blockchain game, has experienced a significant decline in its average monthly users since January 2022. During that time, Axie Infinity attracted an average of 2.78 million monthly users. However, by June 2022, this number had fallen to 958,044.
In July 2022, the game saw a further decrease of approximately 191,240 users, leaving it with around 766,804 monthly users. According to activeplayer.io figures, Axie has not surpassed the 400,000 mark or fallen below 340,000 since February 2023.
The Transition to Ronin Chain
Axie Infinity was initially introduced on the Ethereum blockchain and later expanded with the development of a layer two (L2) chain called Ronin by Sky Mavis, the game’s developers. The rollout of Ronin was completed in February 2021, and by April of the same year, all Axie NFTs had transitioned from Ethereum to Ronin.
NFT Sales and TVL Decline
Despite the decrease in monthly users, Axie has logged $4.28 billion in NFT sales through 20.32 million transactions. However, figures from defillama.com indicate a significant decline in the total value locked (TVL) on Ronin. On December 3, 2021, Ronin’s TVL reached a peak of $1.487 billion but has since dropped to $61 million.
Decline in AXS and SLP Cryptocurrencies
The project’s native cryptocurrencies, axie infinity (AXS) and smooth love potion (SLP), have experienced a decline of 97.13% to 99.65% from their record highs. In the past month, AXS has decreased by 1.3%, but it has risen by 4% in the past week. Meanwhile, SLP has fallen by 2.2% over 30 days compared to the U.S. dollar. SLP ranks 351 among more than 10,000 cryptocurrencies, while AXS holds the 61st position as of September 16, 2023.
Losses for AXS Investors
Over 99% of AXS investors have faced losses since the introduction of the game’s currency. Axie’s unique active wallet count has also declined by over 14% in the past 30 days, and this month’s transaction count is down by 6.53% compared to the previous month.
Axie’s Numbers Compared to Call of Duty
With a volume decrease of over 43%, Axie Infinity’s numbers are looking bleak. Although having 359,254 monthly players is noteworthy, Call of Duty’s mobile game recorded nearly 57.9 million players in August. This indicates that Call of Duty had approximately 161.3 times more monthly active users than Axie.
Hot Take: Challenges for Axie Infinity Amid Declining User Base
Axie Infinity, once hailed as a revolutionary play-to-earn blockchain game, is facing challenges with its declining user base. Despite impressive NFT sales and transactions, the transition to Ronin chain hasn’t been able to sustain the game’s popularity. The significant decline in average monthly users raises concerns about the long-term viability and growth potential of Axie Infinity.
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