News hardware Bad news for Axie Infinity players: the play to earn (P2E) revamps its crypto rewards system
Although the cryptocurrency and NFT-based game has been booming in record time, lately Axie Infinity is facing tough times. In the midst of restructuring its gameplay, Sky Mavis has taken drastic measures to adapt its game to the bearish context of the crypto market.
Axie Infinity a benchmark for play to earn
Axie Infinity is an online video game developed by Sky Mavis studio. This game created in 2018 made noise throughout the year 2021, in particular thanks to its innovative gameplay integrating NFTs and cryptocurrency rewards. As a true play-to-earn (p2e), Axie has developed an unprecedented economy.
By having small characters in NFT named Axies fight, players could earn potions: SLP. Like real crypto tokens, these Smooth Love Potions could be used to raise axies or resold on cryptocurrency exchanges.
This aspect of the game allowed many to earn real rent by selling the chips they earned. As a result, the game has had some success in countries where the average wage is low. In the Philippines, gambling has become a real full-time job as some players have been able to earn sums equivalent to a year’s work in the space of a month. In the heyday of the game, small axie monsters were worth several thousand dollars and fetched a similar sum per month, allowing the player to break even quickly.
Although Axie Infinity’s business model has inspired several other games in the web3, Sky Mavis has announced that it is reviewing its system.
Axie Infinity decreases SLP rewards
As of August 12, Axies players can only earn SLP based on their results in Arena Mode. Therefore, to earn tokens, it will be necessary to face other players online in this PVP mode.
This update is a game changer since before this one, players could easily earn SLPs by playing in adventure mode against bots. This made it easy for even the worst player to farm Smooth Love Potions in this uncompetitive mode.
By correcting the SLP rewards, Sky Mavis will be able to curb the issuance of SLPs in order to make them rarer. Despite the processes to “burn” tokens after they have been used, the token suffers from the crypto winter but also from its limitless supply. Thus, the SLPs experienced a monumental drop in value, bringing their price per unit from 0.34 to 0.004 cents, i.e. a price divided by more than 50. In this logic, the developers wish to balance the gains at stake to avoid a new fall in value.
The novelty should also put a spoke in the wheels of players using several accounts as well as bots to generate SLP. With this kind of initiative, Sky Mavis shows clear ambitions for the future of its game.
Axie Infinity wants to be a game for gamers, not investors
With this type of change, Sky Mavis intends to address more players than investors. By putting gameplay at the center of Axie Infinity, the developer wants to encourage players to become better for bigger payouts.
Sky Mavis is therefore part of a logic of valuing the skills in play rather than the amount of cryptocurrencies invested in the game. This strategic choice should allow Axie Infinity to find a certain part of its audience.
Although the game has become a benchmark in the web3 gaming industry in a very short time, Axie Infinity is facing tough times. With a major hack experienced in March 2022, the play-to-earn benchmark is trying somehow to get back on track. Despite the crypto winter, the company Sky Mavis still does not admit defeat since last June, it announced that it wanted to release 12 new games around the Axies.