Hideo Nakamura Axie Infinity, a prominent blockchain-based play-to-earn game, has witnessed a substantial decline in its average monthly user base since its zenith in January 2022. Back then, the game boasted an impressive 2.78 million monthly players, but as of now, it struggles with a mere 359,254 average monthly participants, marking a staggering 87% decrease.
The game’s trajectory reveals a noteworthy narrative. In January 2022, Axie Infinity thrived with an average of 2.78 million monthly users. However, by June 2022, this number dwindled to 958,044. The subsequent month witnessed a further decline of approximately 191,240 users, leaving only around 766,804 monthly participants in July 2022. From February 2023 onwards, Axie has remained within the range of 340,000 to 400,000 users, according to data from activeplayer.io.
Axie Infinity, utilizing non-fungible token (NFT) technology, initially launched on the Ethereum blockchain. To facilitate expansion, Sky Mavis, the game’s developers, introduced a layer two (L2) chain named Ronin. The full rollout of Ronin was completed in February 2021, and by April of the same year, all Axie NFTs successfully migrated from Ethereum to Ronin.
Despite the decline in monthly users, Axie Infinity has still managed to achieve significant milestones. Notably, it has recorded $4.28 billion in NFT sales through 20.32 million transactions. However, data from defillama.com shows that the total value locked (TVL) on Ronin has experienced a substantial decrease. On December 3, 2021, Ronin’s TVL reached its pinnacle at $1.487 billion, but it has since plummeted to a mere $61 million.
The native cryptocurrencies associated with the project, Axie Infinity (AXS) and Smooth Love Potion (SLP), have endured a stark decline ranging from 97.13% to 99.65% from their all-time highs. In the last month, AXS decreased by 1.3%, but it did witness a 4% rise in the past week. In contrast, SLP dipped 2.2% over a 30-day period when measured against the U.S. dollar. On September 16, 2023, SLP ranked 351st among over 10,000 cryptocurrencies, while AXS held the 61st position.
Axie Infinity’s downturn has resulted in significant losses for over 99% of AXS investors since the game’s currency introduction. Furthermore, the game’s unique active wallet count has seen a decline of over 14% in the past 30 days, with this month’s transaction count down by 6.53% compared to the previous month.
With a staggering volume decrease of more than 43%, the project faces daunting challenges. While 359,254 monthly players is still a notable figure, it’s worth comparing this to the mobile game Call of Duty, which boasted nearly 57.9 million players in August. This stark contrast highlights that Call of Duty enjoys approximately 161.3 times more monthly active users than Axie Infinity.
The decline in Axie Infinity’s user base raises questions about the factors contributing to this downturn. Share your thoughts and insights regarding this development in the comments section below.
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Frequently Asked Questions (FAQs) about Keyword: Axie Infinity User Decline
What is Axie Infinity, and why is it significant in the world of blockchain gaming?
Axie Infinity is a blockchain-based play-to-earn game that gained significant prominence in the blockchain gaming sphere. It allows players to collect, breed, and battle fantasy creatures called Axies, all while earning cryptocurrency rewards. This game’s significance lies in its innovative approach to blending gaming and cryptocurrency, creating a unique play-to-earn ecosystem.
How has Axie Infinity’s user base evolved over time, particularly from its peak in January 2022?
Since its peak in January 2022, Axie Infinity has experienced a substantial decline in its user base. At that time, it boasted an impressive 2.78 million monthly users. However, by June 2022, this number had dropped to 958,044. Subsequent months saw further decreases, with the user base hovering around 766,804 in July 2022. As of February 2023, Axie has not surpassed 400,000 monthly users and has remained between 340,000 and 400,000 users.
How did Axie Infinity’s integration with the Ronin layer two (L2) chain impact its operations?
To scale and improve the user experience, Axie Infinity introduced the Ronin layer two (L2) chain. This migration was completed in February 2021, allowing Axie NFTs to transition from Ethereum to Ronin. The Ronin L2 chain aimed to address scalability and transaction cost issues associated with Ethereum, enhancing the overall performance of the game.
What financial milestones has Axie Infinity achieved despite the user decline?
Despite the decline in its user base, Axie Infinity has recorded impressive financial statistics. It has generated $4.28 billion in NFT sales through over 20.32 million transactions. However, it’s essential to note that the total value locked (TVL) on the Ronin chain has decreased significantly, dropping from its peak of $1.487 billion in December 2021 to $61 million.
What has been the performance of Axie Infinity’s native cryptocurrencies, AXS and SLP?
Both Axie Infinity’s native cryptocurrencies, AXS and SLP, have experienced significant declines from their all-time highs. These declines range from 97.13% to 99.65%. In recent trends, AXS decreased by 1.3% in the last month but witnessed a 4% rise in the past week. SLP, on the other hand, fell by 2.2% over a 30-day period when compared to the U.S. dollar.
How does Axie Infinity’s user base compare to other popular games like Call of Duty?
Axie Infinity, with approximately 359,254 monthly players, is notable in the blockchain gaming arena. However, when compared to games like Call of Duty’s mobile version, which boasted nearly 57.9 million players in August, the contrast is striking. Call of Duty’s user base surpasses Axie Infinity by approximately 161.3 times, highlighting the scale of the challenge Axie faces in the gaming industry.
What factors might be contributing to Axie Infinity’s decline in user numbers?
Axie Infinity’s declining user base raises questions about the underlying factors. While this FAQ doesn’t provide specific reasons, potential contributing factors may include changes in the overall gaming landscape, competition from other blockchain games, user retention challenges, or evolving market dynamics. Further analysis is needed to pinpoint the precise causes of this decline.
More about Keyword: Axie Infinity User Decline
- Axie Infinity Official Website
- ActivePlayer.io – Axie Infinity Statistics
- Sky Mavis Official Website
- Ronin Layer Two (L2) Chain
- Defillama – Ronin TVL Data
- Axie Infinity (AXS) on CoinGecko
- Smooth Love Potion (SLP) on CoinGecko
- Call of Duty Mobile Official Website
- Blockchain Gaming Industry Trends
