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  /  Latest News   /  Its Been Over 110 Days, and Axie Infinity NFTs are Still Reeling Under Huge Losses
Its Been Over 110 Days, and Axie Infinity NFTs are Still Reeling Under Huge Losses

Its Been Over 110 Days, and Axie Infinity NFTs are Still Reeling Under Huge Losses

 Over the past couple of months, Axie Infinity NFT sales have fallen below US$10 million

Axie Infinity was one of the first games to feature collectible and tradable NFTs. However, the game has recently struggled to keep current players interested and attract new ones. This resulted in a drop in monthly sales of less than US$10 million, but this is not the game’s worst decline in history. August 2022 saw the greatest drop in sales when compared to August 2021 of the previous year. With 305,264 unique purchasers and 1.85 million attributed transactions, the game’s popularity is gradually declining. Axie Infinity has also been the victim of one of the largest hacks in history, with over US$600 million lost.

 

Axie Infinity Dilemma: Attracting New Investors

One can understand investors’ reluctance to invest in anything that has been compromised severely. Because of the security flaw, the game’s network infrastructure has been called into question. Axie Infinity places a premium on non-fungible tokens, so it is clear that the bear market had a negative impact on these tokens. Almost every aspect of the cryptocurrency market has been experiencing a severe bear market. Both cryptocurrency and NFTs graphs are pointing downward. The volume of NFTs transactions reached a high of US$16.54 billion in January 2022.

 

AXS Token Taking Heavy Blows

Axie’s NFTs side isn’t the only one in trouble. The Axie Infinity token, AXS, has also been struggling to stay afloat. According to data, the price of the Axie Infinity token was US$14.19 on September 1, 2022, before falling to US$13.68. Another area where the game is struggling is attracting new players or investors. The game’s unique buyer counts have been dismal. Even if the NFTs market generated US$19 million in April 2022, the crypto market meltdown in May made repositioning difficult. This difficulty is reflected in Axie Infinity’s US$3.19 million in June sales, a devastating drop for both the developers and the community.

Every day as the market remains as pessimistic as it is today, Axie’s future becomes bleak. Despite the difficulties of the current market, Axie and its employees have a promising future.