Crypto markets are falling out and nothing is immune, as are the Pokemon-style collectathon Axie Infinity. The currency, formerly known as Smooth Love Potions, is trending down for some time now as players flood the market with it. For the first time in its history, its now worth less than a penny, even if you round up.
The utility currency for Axie Infinitys (Smooth Love Potion) fell to zero! (approximately), according to game developer Lars Doucet. Its now down to $0.004, rounding to the closest cent gives you $0.00.
In case you havent heard, Axie Infinity is supposed to be one of the early pioneers in crypto-backed, play-to-earn (P2E) NFT games. Players trade, battle, and breed virtual animals called Axies. However, the last part of the process requires the SLP currency, which players earn more without burning it by playing it. A year ago the value of SLP rose to $0.35, and it has dropped ever.
The prolonged decline in the price of the Axie Infinitys Smooth Love Potion token illustrates the challenge of play-to-earn gaming. As Axios said last month, players need more than a way to earn a random token, and the token needs mechanics that enable it to hold value.
Take photographs of some cool creatures. Explore lush scenery on unknown islands to discover Pokemon in their natural habitats.
Axie Infinity''s developers have sprayed against SLP farming from the games'' single-player adventure mode and, most recently, permitting players to burn SLP when participating in tournaments for a better prize pool. However, none of this has been able to overcome other obstacles, both in Axie Infinity and its larger crypto-verse.
The blockchain the game is on experienced a heist of more than $600 million in March, shattered confidence in the game. Players continue to debate whether to hold out for a recovery or bail on the pay-to-play program. Axie Infinity Shards, the other cryptocurrency, was dropped below $20 after reaching $150 last year.
This strategy has been used to encrypt other crypto currencies, including Bitcoin, Ethereum, and Luna. This one has been particularly dramatic. At the start of the month, it was about $80. Today it is around $0.01. It has been attributed to an attack in the form of massive withdrawals. Others have described the outcome as the inevitable result of the rug being pulled out beneath a Ponzi scheme. In either case, the consequences have been devastating for those who claim they had deposited their savings on the tokens future.
The developers in Axie Infinitys are continuing to push ahead unintentionally. Yesterday, they launched a mobile spin-off called Axie Infinity: Origin. Axie Infinity is now more accessible than ever!