Axie Infinity’s cryptocurrency is now worth less than 1 cent

By May 13, 2022NFT
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Image: Sky Mavis

The crypto markets are bottoming out and nothing is immune, not even the potions that critters use to breed in-game style Pokemon called Axie Infinity. Known as Smooth Love Potions, the coin has been trending down for some time now as players flood the market with it. However, for the first time in its history, it is now worth less than a penny, even if you round it up.

“The SLP (Smooth Love Potion) utility currency of Axie Infinity went to zero! (approximately)”, tweeted game developer Lars Doucet. “Now it’s down to $0.004, rounding to the nearest cent that means it’s worth $0.00.”

In case you haven’t heard it before, it’s supposed to Axie Infinity is one of the emblems for the future of play-to-win NFT games (P2E or pay to earn) backed by crypto. Players trade, battle, and breed virtual creatures called Axies. The last part of that process requires SLP currency, which players earn by playing the game. However, the value of SLP has been sinking, as players earn more and more without “burning” it by spending it. A year ago, the value of SLP peaked at $0.35 and has been trending down ever since.

The long drop in the price of the Smooth Love Potion token from Axie Infinity illustrates the challenge of type games pay to earn. What did you say Axios last month, “players need more than a way to earn a random token, the token needs a mechanic that allows it to hold value.”

Image for article titled Axie Infinity in-game cryptocurrency is now worth less than 1 cent

The developers of Axie Infinity have tried to address the issue by removing SLP farming from the game’s single-player adventure mode, and more recently by allowing players to “burn” SLP when they join to tournaments to get a better prize. But so far none of that has been able to overcome other setbacks, both in Axie Infinity as in the larger cryptoverse.

The chain of blocks or blockchain in which the game is found suffered a theft of more than 600 million dollars in March, shattering confidence in the in-game currency. Players are still debating whether to wait for a payback or abandon the pay-to-play scheme (pay-to-play). Axie Infinity Shards, the other crypto token associated with the game, is down below $20 after peaking last year at over $150.

This is part of the current situation and problems of other cryptocurrencies, including Bitcoin, Ethereum and Luna. The fall of the latter has been especially dramatic. At the beginning of the month it was over 80 dollars. Today it approached $0.01. some have guilty from the fall of Luna to an “attack” in the form of large sudden withdrawals. Others say it is the inevitable result of a Ponzi scheme. In any case, the results have been devastating for some who say they have staked their savings on the future of the token.

However, in the case of Axie Infinity, the developers continue to move forward without flinching. Yesterday, they launched a mobile spin-off on Android called Axie Infinity: Origin. “Axie Infinity now it is more accessible than ever!” they announced.

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