Message From /7hnUVZvLBb- DeFi Kingdoms ApCredits: on Twitter DeFi Kingdoms coincidentally had an exploit, allowing for extra locked JEWEL tokens to be unlocked early and dumped on the market. Other crypto gaming projects have had a rough impact too. It was unfortunate that an exploit happened on the Ronin Network, which also contributed to the “death spiral” phenomenon for Axie. Axie Infinity’s revenue and its reward tokens, SLP has dropped, with SLP falling over 90% from ATH. Of course, only when the tide goes down do you discover who has been swimming naked. Other notable and hyped projects included the Sandbox, Defi Kingdoms and Iluvium. One example was Crabada on AVAX, a P2E game where users could use their uniquely generated NFT Crabs for battling/mining for rewards. Pojects that would follow a similar model would soon launch. In fact, some even lauded the idea that P2E would be the new gig economy, or even act as the first sign of universal basic income (UBI), given Axie’s success in generating income for users in countries like the Philippines. The successes of Axie Infinity and its tokenomics have been covered in this article, but the formula for success is in my opinion here:Īdditional yield from dual token system + NFTs = Money Making Opportunity P2E is quite a novel mechanism and the results spoke for themselves. That’s more than a 100 000% return!Īt its peak, Axie Infinity had close to 2.5m monthly unique users. Its AXS token had a launchpad sale price of $0.1 to more than $160 during its ATH and maximum hype period. It is perhaps the most famous example of a “successful” GameFi project. Our story for GameFi begins naturally with the success of Axie Infinity and its P2E system. But is it over for the gaming industry in crypto? Let’s take a look. GameFi, one of the most hot topics in the crypto market, is no exception. The bear market has spoken: Projects with massive valuations have plummeted significantly across many sectors in crypto. Does the gaming market in crypto still have potential today?
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