AXS, which lost serious blood with the hacking of the Ronin bridge, has been experiencing a decrease in the number of users since the beginning of the year. Many people are beginning to think that such platforms are doomed to fail.
The play to earn platform, which is exposed to the indifference of the players, is no different from the others. So far, the world of Axie Infinity has lost serious momentum after the project's boom in 2021, where it hit record highs. According to Axie Growth Data, the gaming project has seen significant declines in many growth metrics this year. These declines can be primarily attributed to the cryptocurrency winter that has plagued the general market and the failure of the project to sustain player interest.
As of the beginning of August, the number of daily active users on the platform remained at 260,246. Considering the all-time high of 2,718,810 users recorded on November 15 of last year, we can talk about a meltdown of over 90%. Regarding the decrease in the number of users, Jeffrey Zirlin, Co-Founder of Axie Infinity, said, “We have experienced similar processes before, we know what to do”. After this statement, the user escape on the platform continued.
Many steps have been taken to keep players on the platform, but the Axie Infinity team has not been successful. For example, after the release of Axie Infinity V2 on May 23, active players on the network dropped by 21% in the 14 days that followed.
Alongside the gradual decline in active players on the platform, the amount realized in sales volume on the network has also dropped significantly. As of August 1, that was $7,438,174. Considering the all-time high of $1,030,753,400, the size of the loss becomes even clearer. Also, landholdings in Axie Infinity have gradually declined since the start of the year. With just 623 landowners as of August 1, a 77% drop since January. Unique addresses in token transfers decreased. The AXS value was $42.66 last year and has dropped as low as $18 today. Its market capitalization fell from $2.59 billion to today's $1.51 billion.
Despite the losses mentioned above, the number of addresses holding between 10,000 AXS and 10,000,000 AXS tokens is gradually increasing. Compared to last year, this increase was 10%. Also, AXS' 365-day MVRV dropped significantly. This indicates that many investors have not seen any profits over the past year.