In today’s article, we are going to investigate viral news. Axie Infinity is a blockchain based game where players can purchase non-fungible tokens (NFTs) of cute monsters and fight against other players. Players can earn Smooth Love Potion (SLP) Tokens in the game which can be traded for real money. Players can also breed more Axie which can be traded. With the NFT craze dying down, Axie Infinity suffering a major data breach, and new play-to-earn games coming out, the game is in a tough spot. But is it really dying? Let’s find out.
This news is viral on all the social media platforms and all the news channels. This news is viral in just some time on all the news channels and all the social media platforms. This news is gaining too much attention from the people. People are very curious to know full information about this incident. People continuously follow this news update to know all the details related to this case. According to research analysts at Nansen, NFTs are showing signs of decline. As per Nansen’s report on NFT minting behavior and market analysis, about a third of the NFTs that were created in 2021 have lost value considerably. A lot of the NFTs that are being traded do not even cover the cost of minting.
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In Axie Infinity, it is possible to breed new NFTs but it costs players’ time and it becomes impossible to place a realistic value as different players value their time investment differently. The report shows that a lot of the NFT market is driven by individuals who are not active traders and NFTs are losing value because of that. Interest in Axie Infinity is also taking a dip, as indicated through Google Trends which showcases a downward trend for the game since July 2021.
A market analysis of Axie Infinity by Covalent shows that there is negative growth of new players. The price of Axi is also dipping rapidly. On 6th November 2021, the price of an Axie was over $150 USD and currently, it is under $40 USD. The number of breeders is shrinking and it is not currently profitable for anyone regardless of whether they are experienced or not. The decreasing growth rates and a decline in existing breeders are telltale signs of decline. Earlier this year, Axie Infinity lost $625 million USD in cryptocurrency to Lazarus Group which is a cybercrime group based in North Korea. After the breach on 23rd March 2022, publisher Sky Mavis has been trying to recover the lost cryptocurrency and is currently in the process of restoring whatever was stolen through strategic investments. For further information about this case stay tuned with Dekh news.
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