Axie Infinity remains one of the leading GameFi projects. In this regard, it isn’t surprising that the game comes under far more scrutiny than others. Many even go as far as predicting the end of this project many times in the past. However, the team has shown that they always learn from their lessons. This is evident in how they adjust to suit the changes in player demands.
Speaking of criticism, the questions are popping up once again. It started with the recent crypto bull run. For days now, some of the blockchain tokens have been rallying. While this has been happening, $AXS has dropped by around 30% within this same period. This prompts the question if the project is dying.
Understanding How the Crypto Market Works
To ascertain if this is the end of Axie Infinity, we must understand how the crypto market works. Blockchain tokens are similar to company shares in traditional shares. If the company is doing well, the value rises and vice versa when it drops. The idea behind it is that more people will buy cryptocurrencies from companies making significant progress.
However, people always have a way of beating the system. Judging a GameFi project by its token price is very wrong. To understand, let’s consider a few examples. Illuvium’s token $ILV rose to about 200 USD during the last bull run. Meanwhile, the game is not even launched yet. So, what could be the possible causes? Well, whales are often responsible for these incidents.
For those who are not familiar with DeFi crypto whales are individuals or corporations that purchase and store insane volumes of specific cryptocurrencies. There are no specific purposes for their actions. However, the effects are significant. An example of whale action is the massive purchase of $DOGE following recent tweets from Elon Musk.
Simply put, not every pump is a clear or straightforward one. There have also been incidents of pumps and dumps. This involves whales purchasing crypto to suddenly raise the price, only to sell off in a large haul to make profits. This causes a sharp drop in the crypto’s price.
Is this the End of Axie Infinity?
With all that has been said about how the DeFi market works, players must understand that it does not translate to blockchain games. The accurate metrics for measuring the actual value of a GameFi project are community size and gameplay activities. This is because they prove that life exists in that program and that players are playing that game.
Considering the information above, let’s go back to the earlier question. No, this is not the end of Axie Infinity. As shown in an earlier article, it is profitable to play the game, and gamers are really into it. Despite the 30% drop, Axie Infinity is thriving. There are a series of Axie-themed competitions ongoing across the globe. They range from esports, creators and even Halloween contests. In addition, there is also a vast community size backing this project.
The team is expanding the gameplay options to keep Lunacians engaged and increase participation. They have added Axie Infinity Raylights and Mech Infinity to their ecosystem. This is obviously not a project that is dying or coming to its end.
