The price of the NFT Axie Infinity game token rose again in the cryptocurrency market, with an appreciation of 74% in the first weeks of 2023, even despite several pushes against the move. One is the decrease in the player base, of 84% compared to January 2022.
A year ago, Axie Infinity set the record for active players, when it had 2.78 million monthly average players.
According to Active Player data, the average player of the once-popular game is currently just 432,000 per month.
New highlight of Axie Infinity, even dropping a player, draws attention
At the end of last year, the Axie Infinity token even appeared on a list of the worst cryptocurrencies of 2022.
But in the past 24 hours, the AXS price rose 11% against the dollar, quoted at US$12.67. Over the past seven days, the NFT game token surge has skyrocketed by 35%, ignoring the huge drop in the game.
Since its all-time high in November 2021, the price of AXS has continued to fall by 92%, declaring the project practically dead, which continues to draw reactions.
According to Active Player, the Philippines still has the largest player base, followed by Venezuela.
Unlocked Axie tokens often cause crashes
This Monday (23) new Axie Infinity Tokens have been unlocked on the market. A portion should go to player bets, and 21% is expected to go to game team members.
With more tokens, the normal trend would be for the AXS to fall, which has been trading higher for the past few hours. In any case, the new token unlock was not one of the biggest in recent months, which, according to information from Decrypt, has eased the selling pressure.
Some gamers even went so far as to open short positions with Axie before receiving their tokens, believing the market could fall. However, with the rise, many left their positions.
The NFT gaming market went through a great phase in 2021, but retreated in 2022 and remains mostly low in 2023. One of the reasons would be the fear of gamers losing money with fraud in the industry, in addition to the brutal decline that the tokens associated with games have passed.
Axie Infinity itself is an example of a decline after relative success, as it lost market value and players from its base over the past year.
Source: Live Coins
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
