Axie Infinity ecosystem seems shaky despite success of World Championships
Axie Infinity is one of the most popular blockchain esports gaming titles with well over a million users and transactions reported since its inception. Back in September the AxieCon event was held in Barcelona for a jam packed event for Axie fans all around the world.
The event saw the very first competitive tournament for Axie Infinity where months of preparation had been undergone to narrow down the worthy competitors. Those who made it through the rigorous qualifying process were granted entry in the Axie Infinity World Championship finals.
The event had a grand prize pool of $1 million and was split into 3 events. Only the best Axie Infinity players from around the world played in the finals so stellar performances were seen all round.
What was the outcome?
Before the championship matches there were some in depth talks and panels held. Talks on making money within the metaverse were held by Tribally Games. Animoca brands, infamous for their The Sandbox virtual reality game were also being represented as they led a talk on the early communities within web3 and blockchain.
Once the events had kicked off the fun was really about to begin. The first final match came from the Axie Infinity: Classic World Championships that featured Superchería of METAT8 and Thunderstruck who represented MVP. After a gruelling first match lead from MVP the end verdict came in favour of METAT8 as Superchería brought it back for them to clinch the victory and the all important bragging rights for his team.
Onto the second final match that was featured in the Axie Infinity: Origins BYOD series final. After a best of 5 semi final brawl, the victors who triumphed were Spamandrice, representing QU3ST and 1437 of METAT8. After a ferocious battle between the 2 players putting both of their monster builds to the test, METAT8 came out on top again!
Overall a great performance from all those who attended, with team METAT8 taking the bragging rights all round going into the next championship that will be just around the corner!
Axie Infinity or Axie ‘Imminent’?
Whilst the AxieCon was a successful event with a huge backing of funds and brands, the overall state of the Axie Infinity ecosystem is being put on blast by many gamers and investors.
Axie Infinity has proven to be a hit amongst players despite the crypto winter as the Play-To-Earn game is played by many. However, the market cap has very recently dropped below $1 billion, which for many raises red flags.
Before October 10th it was valued at $1.04 billion, but soon faced a drop to $833.35 million. This is a 20.19% drop in a two week timespan.
The price of $AXS, the native token of Axie Infinity, has dropped more than 20% in price in the past week, including recent drops in price that have seen astronomical losses for many. It currently trades at $8.43, a substantial drop from the all time high price of $160 back in 2021.
But why is this?
The development team of Axie Infinity have unlocked AXS for platform’s staking, team, advisors, 21.5 million to be exact. Making up around 8% of the total AXS token that is available all round. In FIAT currency this is approximately $215 million.
With this comes the opportunity for early investors and players of the metaverse title to sell their tokens at a gain due to how long many of the tokens have been locked up for by the Sky Mavis team.
Overall it will be interesting to see what happens over the coming weeks. Many will be reassured due to the words coming from the Axie team.
Furthermore, more and more gamers are owning AXS and opening up their own wallets to do so. A total of 60,710 unique wallets have been recorded on the Ronin Network upon which the game is built.
Keep your eyes peeled if Axie Infinity is on your play/invest list as things could be getting juicy!