Can AXS manage the turnaround in 2022?

If the game’s name goes viral in the crypto space like Pokemon Go did with non-cryptocurrency users, it would be Axie Infinity. During the darkest months due to COVID-19, many people were relieved by this NFT-based game’s play-to-earn model. However, as of these days, investors have sensed that Axie’s hype train is slowing down.

But now might not be the time to get off this ship.

Come to “AXS”

Data from Messari Research shows Axie Infinity as a “clear lead” when looking at secondary NFT sales of some of the top blockchain games. Axie Infinity’s total secondary NFT revenue was approximately $3.825 million.

“NFT’s total secondary revenue in 2021 surpassed $15 billion across multiple blockchain networks.

The data shows that Axie Infinity is the clear leader in secondary NFT sales for blockchain games, the majority of which occur on the Ronin Network sidechain.”

This stat is particularly important as it comes despite widespread complaints about Axie Infinity’s highly inflationary economy. Expensive barriers to entry and a generous token economy have created growth challenges that even the Axie Infinity team acknowledges. One of the promised changes is the removal of millions of Smooth Love Potion (SLP) tokens offered in-game to curb inflation.

If these changes are implemented quickly, community interest and hype will return and could take Axie’s secondary NFT sales to the next level. That’s why 2022 could be Axie’s best year yet if the project really moves in the right direction.

But before they get too optimistic, investors should check out these stats from Ronin, Axie’s sidechain linked to Ethereum.

According to Dune Analytics, there have been more ETH and AXS outflows than inflows over the past few days via the Axie Infinity Ronin Bridge. This shows that investors are still reluctant to accept this game.

Deposit/Withdrawal | The source: dune analysis

Additionally, investors need to consider that many other Metaverse tokens and GameFi assets are growing. Therefore, it will not be easy for Axie to regain its former glory. In fact, it’s also possible that Axie is slowly being left behind as she tries to figure out the economics of her own ecosystem.

Dont try? provided too many SLP

At the time of writing, AXS is changing hands at $56.25, down 4% over the past 24 hours.

AXS/USDT Source: Trade View

Meanwhile, SLP is trading at $0.0249 after gaining 9.8% over the same period.

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