Axie Infinity, a popular NFT game, recently announced reduced cost for breeding fees and added cost to SLPs. Developer Sky Mavis hoped this would improve AXS value and token issuance "imbalances." Unfortunately, Axie Infinity price still suffered losses in the market.
According to FXS, Axie Infinity experienced stunted growth in its gaming ecosystem. This often implies less player involvement and bad gaming incentive economics, a concerning issue for game developers.
To quickly summarize, Axie Infinity uses Ethereum-based cryptocurrencies Axie Infinity (AXS) and Smooth Love Potion (SLP) to trade, earn and profit in the market. Many recognize Axie Infinity as the leading NFT game, with over 1.5 million active players worldwide.
With that in mind, Axie Infinity changes are closely being monitored by players and cryptocurrency investors.
Axie Infinity Price: Less Breeding Fees and Bigger SLP Cost
As a general update, most cryptocurrencies suffered losses last week. Some cryptocurrencies found themselves in a worse position than most, including Axie Infinity.
Sky Mavis believe their plunging SLP price stunted the game's growth. To save the game, the developers made adjustments to its in-game economics. The adjustment came in two phases: reduced breeding fees and increased SLP costs.
Breeding fees got cut by 50 percent its original price. However, SLP cost increased as follows:
- 600 SLP Cost: Breed Count 1
- 900 SLP Cost: Breed Count 2
- 1500 SLP Cost: Breed Count 3
- 2400 SLP Cost: Breed Count 4
- 3900 SLP Cost: Breed Count 5
- 6300 SLP Cost: Breed Count 6
- 10200 SLP Cost: Breed Count 7
Developers believe these changes should help the game improve long term, unfortunately, that sentiment remains to be seen. The announcement received concerns about AXS and SLP volatility.
Axie Infinity Price Prediction: Comments and Reactions
While revisions in fee structure are common among NFT games, the Axie Infinity community remains skeptical of this update. Many have expressed concerns with the new play-to-earn mechanics.
Twitter user @resistancemoney called this a "ponzimonics" strategy. The user also linked the source article for the Axie Infinity announcement.
Source: https://t.co/82NTRwHZu7— Andrew M. Bailey (@resistancemoney) September 23, 2021
Amber group, a notable crypto finance group, also showed suspicion for Axie Infinity's initiative.
But, outside of @AxieInfinity, will games over time be receptive towards this model? Taking cues from DeFi, we all remember when Curve started becoming hostile towards Yearn last year.
But, outside of @AxieInfinity, will games over time be receptive towards this model? Taking cues from DeFi, we all remember when Curve started becoming hostile towards Yearn last year.— Amber Group (@ambergroup_io) September 23, 2021
On the flip side, Twitter user @CerbulBTC praised Axie Infinity's initiative. The user predicted significant market gains in the coming weeks.
$AXS— Cerbul (@CerbulBTC) September 22, 2021
Bounced 30% from the support.
Volume also dropped, so I'm waiting for a correction.
The whole #crypto market structure doesn't look so optimistic on short-term, but #AxieInfinity is still holding quite well.
Current mcap sits at $3.5B, w/ a 24hr trading volume of $1.1B. pic.twitter.com/RYXqByUkPf
Notably, Cerbul said "The whole crypto market structure doesn't look so optimistic on short-term, but AxieInfinity is still holding quite well." The user tweeted an image for Axie Infinity's performance throughout the year. Arguably, Axie Infinity growth was one of the best in its whole history.
At the time of writing, CoinMarketCap listed Axie Infinity Price (AXS) at $64.9, with a 1.91 percent downward growth in the past 24 hours. Despite Sky Mavis' efforts, the trend continues to dip on the losing side.
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