Tough time for Axie Infinity

At its peak in 2021, Axie Infinity was super popular with 2.7 million people playing every day. The company behind it, Sky Mavis, was worth a whopping $3 billion, kind of like the big South Korean gaming company Kakao Games. The prices of the game’s tokens went way up because more people were getting into cryptocurrency again.

But after 2022, things went downhill fast for Axie Infinity. The number of people playing dropped a lot, from 2.7 million down to just 350,000, which is a huge drop of 90%. Also, the value of the game’s tokens crashed by almost 99%.

There are three big reasons why Axie Infinity went through such a rough time:

  1. The way the tokens worked wasn’t stable in the long term.
  2. They lost a lot of money because of some big hacking incidents.
  3. The value of the tokens dropped because of tough economic times.

Is there any chance this coin making a come back. – Crypto forum discussions about all aspects of cryptocurrency bitforum socialfi #InnovationSocialNetwork

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Is this a good time to buy Axie Infinity now (AXS)?

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AXS is still the leading Gamefi.