We first detailed how Axie Infinity’s developer Sky Mavis achieved fame and fortune in Naavik’s inaugural blockchain game deconstruction in November of last year: Axie Infinity: Infinite Opportunity or Infinite Peril? Sky Mavis was still riding high at the time but was beginning to see signs of slowing growth. This was soon followed by a sector-wide crypto crash, a major fall in stock markets, and growing fears of a coming recession in the global economy.īefore we unpack all that, let’s take a step back. After the initial troubles began, North Korean hackers stole over half a billion dollars in crypto assets from the bridge that connects Ronin, the game’s private blockchain, to Ethereum. If you’ve missed Part 1, you can read it here: Axie Infinity: Infinite Opportunity or Infinite Peril?Īxie Infinity, the former poster child of blockchain gaming and the game that coined the term “Play to Earn,” has fallen on hard times as this “digital nation” reels from a recession prompted by declining player growth and plummeting token values.
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