'Who's Buying this Shit?', Episode #1: AXS

[nutildah]

Welcome to the first episode of an original series that takes an in-depth look into the question that crypto investors have pondered for nearly a decade now: "Who is buying this shit, and why?"

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with Uncle Nutildah

Episode I: AXS

Today we take a look at the Axie Infinity governance token, AXS. One year ago, the price of AXS was 17 cents, today it is $135.67, up 12% in the last 24 hours, which squarely tops BTC at only 0.4% upward.



A smash hit that is redefining blockchain use cases as we know them - and certainly responsible for introducing a new breed of crypto user to the markets - Axie Infinity has the graphics and gameplay mechanics of a top-notch mobile game... for 2014.



Despite being a bit on the boring side and completely irrelevant to actual videogamers, the game drives a multi-billion dollar economy, largely based on the premise of "play to earn."

I get it that play to earn works when you have an element of players who want to play the game for fun and not money, and some of them are willing to purchase goods from grinders (basically). And its a really good thing when it does work.

But with the price of SLP (the token earned by grinders and sold to Axie breeders) having tanked in the latter half of this year and the game not standing the chance of attracting the wider gaming community, it begs the question:

Already at an $8.2 billion market cap, at $135 per AXS, who is buying this shit??

Thoughts from the audience?

[nutildah]

I'm bumping this thread as a reminder to myself to add to it in the near future.

[DaveF]

I'm bumping this thread as a reminder to myself to add to it in the near future.

This is IMO one of the few tokens out there that might have had a lot more potential if the game behind it was not so bad.
When it 1st came out I remember taking a look at it and thinking 'this is lame' and never opened the game again.

BUT there are a lot of people who play a lot of games that you and I might think are lame and we may play games that others think are lame.
So with 7 billion people on the planet, it's not out of the realm of reason that a large enough number of people like the game enough to keep the price high.

-Dave

[Yogee]

The design looks like a game that should be played by kids but I guess the interest really came from the earning potential. This was also the same game that allows you to recruit other players to like "work" for you and earn more. I think that's one of the main reason why it became a hit to Asians with deep pockets.

[husencoe]

I'm bumping this thread as a reminder to myself to add to it in the near future.

I was surprised by your post, even though the first post was from 2021. I think this token really success has passed its golden age at that time.  What really amazes me is that it's a token and even though it has been through tough times, it is still able to survive over 7 dollars.  On my way I found many ETH tokens that had been lost and were worthless.  but this token is still able to survive and this really surprised me.  I have seen the game on the web and it has a cute look and seems like an interesting game.  I think I will play it soon.  I also see that their social media is very active with new posts.  I don't find many social media that are so active for a token project.  Most developers immediately abandon it after a successful ICO and get their money.  I really was of the view that game based coins or tokens would not last long and this really surprised me.  I will try to find their business strategy to understand why this happend.

[zasad@]

https://www.coingecko.com/en/coins/axie-infinity
I will update your price chart.
Game projects can give a good profit if they don’t die.
But when competitors appear and the influx of new players ends, the price of the token begins to fall sharply.
And it even seems to me that it is now more profitable for the team to do a new project than to try to develop an old project.

[Dr.Osh]

https://www.coingecko.com/en/coins/axie-infinity
I will update your price chart.
Game projects can give a good profit if they don’t die.
But when competitors appear and the influx of new players ends, the price of the token begins to fall sharply.
And it even seems to me that it is now more profitable for the team to do a new project than to try to develop an old project.

I used to believe that this game would have a very positive impact on crypto in the gaming world. Because of this, during the Hype, I also had some Axie and played the game, and I thought that this was a good game, and quite fun to play. However, as time goes by, it seems that this project cannot withstand various things that could cause it to fall. As a result, very many people who initially believed and believed in this project, left this project, and didn't believe in it anymore. I was lucky to sell the Axie I had when the price had not fallen like it is now

[Hispo]

https://www.coingecko.com/en/coins/axie-infinity
I will update your price chart.
Game projects can give a good profit if they don’t die.
But when competitors appear and the influx of new players ends, the price of the token begins to fall sharply.
And it even seems to me that it is now more profitable for the team to do a new project than to try to develop an old project.

I used to believe that this game would have a very positive impact on crypto in the gaming world. Because of this, during the Hype, I also had some Axie and played the game, and I thought that this was a good game, and quite fun to play. However, as time goes by, it seems that this project cannot withstand various things that could cause it to fall. As a result, very many people who initially believed and believed in this project, left this project, and didn't believe in it anymore. I was lucky to sell the Axie I had when the price had not fallen like it is now

It had pretty much a good start and people felt much enthusiasm on the future of it as an actual game platform where people could actually own their characters and assets thanks to the implementation of Blockchain technology. In my opinion everything when downhill when they started to talk about using the game as a source of income and play-to-earn, instead talking about it as just a way for people to get entertainment a and have a good time. Sure, their approach on Play-to-Earn helped the coin and the SLP coins to boost their price and explode during a very profitable bullrun, but it was also translated in a secondary and predatory market being created: the recruiters and the scholars started to be dominant and created more SLP in the msrket than it was consumed by people who genuinely just wanted to enjoy the game, it was just matter of time before SLP dropped in price below the line of profitability.
At least, it seems the game continues to be a thing today, but with less people or volume, and since they have also appeared to delete all references to play-to-earn, I think they learn from their mistakes. Hopefully this will become a game someday I can join in for the sake of entertainment, instead seeking for a quick buck. 

[zasad@]

https://www.coingecko.com/en/coins/axie-infinity
I will update your price chart.
Game projects can give a good profit if they don’t die.
But when competitors appear and the influx of new players ends, the price of the token begins to fall sharply.
And it even seems to me that it is now more profitable for the team to do a new project than to try to develop an old project.

I used to believe that this game would have a very positive impact on crypto in the gaming world. Because of this, during the Hype, I also had some Axie and played the game, and I thought that this was a good game, and quite fun to play. However, as time goes by, it seems that this project cannot withstand various things that could cause it to fall. As a result, very many people who initially believed and believed in this project, left this project, and didn't believe in it anymore. I was lucky to sell the Axie I had when the price had not fallen like it is now

I have never taken such projects seriously. But now, with the development of technology and software for farming game tokens, I would not trust official data, because for every real user in the project there may be hundreds of bots who receive tokens for participating in the game.

[bolshojkush]

The growth of the token happened in the bull market, like other cryptocurrencies, that's all. Now the game is unheard of and it's not worth waiting for something like this, it would be very stupid.

[ryzaadit]

more profitable for the team to do a new project than to try to develop an old project.

But this is gonna to make a fud on the community?

However, I have the same project while they created another game and combined the ecosystem but with different token and just under same company. I think these cycle will continue, while they cannot keep it up the old project.

Just created a new one, and start banning people who are ask, fud or just make a swap asset from old project and rewarded them with new one ~LOL.

[nutildah]

https://www.coingecko.com/en/coins/axie-infinity
I will update your price chart.
Game projects can give a good profit if they don’t die.
But when competitors appear and the influx of new players ends, the price of the token begins to fall sharply.
And it even seems to me that it is now more profitable for the team to do a new project than to try to develop an old project.

Yeah, thanks for posting that. So it was indeed ridiculously overhyped. A while after writing the original post, the Ronin Network was hacked by the Lazarus Group and they lost hundreds of millions of dollars worth of ETH and other tokens. This affair only sped up their inevitable downfall, however. The game just wasn't good enough to keep everyone in full swing with it forever. A couple other crypto games I've watched with interest are Zed Run (horse racing game) and Splinterlands (strategy card game), although neither one of those came close to the success witnessed by Axie.

Oh well, need to find a new candidate token for Episode #2 next.

[Adreman23]

Even now, as the bull run approaches, it seems unlikely that axie price will return to its previous all time high. Players may have lost interest in the game and might not return, especially with numerous new blockchain games emerging that havent experienced such a surge yet. However, despite this, axie has shown that there is hope for blockchain games to be adopted quickly as long as the game is improved. Hopefully, this lesson will benefit future blockchain game projects, emphasizing the importance of focusing on gameplay to maintain players excitement and prevent them from losing interest quickly.

[cryptoaddictchie]

Even now, as the bull run approaches, it seems unlikely that axie price will return to its previous all time high. Players may have lost interest in the game and might not return, especially with numerous new blockchain games emerging that havent experienced such a surge yet.

Most likely not. People are tired of the game and impossible rven they reduced the supply of slp. But what interesting on mavis or axie project is that they got ron blockchain that can be adopt by other play to earn or games out there. Like what happening on Pixels. Well at least they can still survive due to ron but regarding axs and slp Im not sure if they can still go back to that ATH or even touch it anymore.

[MiauKitchen]

seeing from the simple game image yes.
This may be a recommendation for additional income.
seeing from the income figures is very tempting.
I can try to find out personally.

[avp2306]

Even now, as the bull run approaches, it seems unlikely that axie price will return to its previous all time high. Players may have lost interest in the game and might not return, especially with numerous new blockchain games emerging that havent experienced such a surge yet.

Most likely not. People are tired of the game and impossible rven they reduced the supply of slp. But what interesting on mavis or axie project is that they got ron blockchain that can be adopt by other play to earn or games out there. Like what happening on Pixels. Well at least they can still survive due to ron but regarding axs and slp Im not sure if they can still go back to that ATH or even touch it anymore.

People are done with it so most provably there's no going back for its old price. The dev of that project never return the token rewards just like before so expect for people to lose interest about their game and NFT since people are there to earn. For ron it gets a good run recently, but for other token like axs and slp then I also believe that they won't get any huge pump since as of the moment Axie didn't got much hype the same as before and only few people talk about it that's why we can only see less demand on their token and coin.

[uneng]

The hype is gone and AXS is already losing price on long run. There isn't any good reasons to justify a potential pump in AXS' price, unless the team behind it were injecting money from the company's profit to boost the altcoin's price. The tendency is that AXS keeps losing price, as competitions' winners earn their prizes in AXS, so naturally they must desire to immediately exchange it into a more solid cryptocurrency.

Unfortunatelly the game died from the moment Mavis Hub decided to forbid players from grinding SLP on adventure mode and made rewards exclusive for PvP mode, what means only expensive Axies' teams remained competitive, while the cheap teams became useless.

It stopped being 'Play to Earn' to be 'Earn if You Can'!