• The crypto winter of 2022 has had a damaging effect on the GameFi industry, with Axie Infinity’s native token AXS losing 91% of its value in the third quarter of last year.
• Despite negative developments on-chain, the token has seen a 43% increase in price in the past 24 hours, signalling a potential revival for the project.
• Player count for the game continues to decline, with the biggest loss being 1.2 million players in June 2022.
The GameFi industry has experienced a turbulent past few years, particularly during the 2022 crypto winter which saw billions of dollars wiped off the crypto market. Axie Infinity is one of the projects that took a significant hit, with its native token AXS losing an alarming 91% of its value in the third quarter of last year. This sharp decline in value has resulted in a lack of confidence in the project, with many people doubting its ability to ever return to its former heights.
However, in the past 24 hours, the token has seen a 43% increase in price, indicating a potential revival for the project. This is likely due to the reinvigorated crypto sentiment in the market, with investors becoming more optimistic about the industry as a whole. While the price increase is encouraging, it remains to be seen whether it can be sustained.
Unfortunately, the game itself has been struggling to retain its player base. According to activeplayer.io, the game has been seeing a continuous decline in its fan base since hitting an all-time-high back in January of 2022. The biggest drop in the player base was back in June 2022 when the game lost 1.2 million players in the span of a month. This is a worrying development for the game, and it is evident that it needs to take steps to revitalize its player base if it is to have any chance of surviving in the long-term.
Overall, Axie Infinity has seen a resurgence in its native token, AXS, in the past 24 hours. While it remains to be seen whether this price increase can be sustained, the game itself still needs to take steps to restore its player base. If it can do this, then the project may yet be able to make a comeback.