Interestingly, an AXS technical setup also predicts a 2,500% price rally despite the token facing major headwinds ahead.
Axie Infinity (AXS) has dropped by roughly 90% after peaking out at $172 in November 2021.
AXS's sharp correction has made it one of the worst performing digital assets among the top-ranking cryptocurrencies. Moreover, it could undergo further declines in the coming months, according to a mix of technical and fundamental catalysts listed below.
Low player count dampens AXS demand
To recap, AXS serves as a settlement token within the Axie Infinity's gaming ecosystem, allowing players to purchase native nonfungible tokens (NFT), a flurry of digital pets called "Axies."
It also acts as a work token that players can spend to breed new Axies.
#blockchain #nonfungible #gamefi #metafi #defi #bitcoin #playtoearn #Entrepreneur #undeads #axie
Axie Infinity (AXS) has dropped by roughly 90% after peaking out at $172 in November 2021.
AXS's sharp correction has made it one of the worst performing digital assets among the top-ranking cryptocurrencies. Moreover, it could undergo further declines in the coming months, according to a mix of technical and fundamental catalysts listed below.
Low player count dampens AXS demand
To recap, AXS serves as a settlement token within the Axie Infinity's gaming ecosystem, allowing players to purchase native nonfungible tokens (NFT), a flurry of digital pets called "Axies."
It also acts as a work token that players can spend to breed new Axies.
#blockchain #nonfungible #gamefi #metafi #defi #bitcoin #playtoearn #Entrepreneur #undeads #axie
AXS could recapture its former glory if market participants view the launch of land staking, increasing activity on the Ronin bridge and upcoming roadmap targets as bullish catalysts.
Play-to-earn gaming was one of the breakout sectors of the cryptocurrency market in 2021 and the trend was led by Axie Infinity (AXS), a mobile, blockchain-based game where users collect, breed, raise and battle nonfungible tokens (NFTs) called Axies for monetary rewards.
#blockchain #nonfungible #gamefi #metafi #defi #bitcoin #playtoearn #axie
Play-to-earn gaming was one of the breakout sectors of the cryptocurrency market in 2021 and the trend was led by Axie Infinity (AXS), a mobile, blockchain-based game where users collect, breed, raise and battle nonfungible tokens (NFTs) called Axies for monetary rewards.
#blockchain #nonfungible #gamefi #metafi #defi #bitcoin #playtoearn #axie
Can Axie Infinity rise to its former glory, as a form of “extreme entrepreneurship” where success can happen overnight, amid the crypto winter and uncertain global economy?
Axie Infinity, the blockchain-based game that has popularized the play-to-earn gaming model, often invites awe and suspicion. The game has created a new type of job market and allows a quick return for game investors. However, its highly volatile in-game crypto (the Smooth Love Potion, or SLP), the hacking of its Ronin chain, and the resulting new digital inequality pose threats to its existence. Axie is a form of “extreme entrepreneurship,” wherein success and failure can happen almost overnight, subject to the dynamics of SLP. Many predictions have been made regarding Axie’s coming collapse and lost trust among its players. Can Axie rise to its former glory amid the crypto winter and uncertain global economy?
#blockchain #nonfungible #gamefi #metafi #defi #bitcoin #playtoearn #axie
Axie Infinity, the blockchain-based game that has popularized the play-to-earn gaming model, often invites awe and suspicion. The game has created a new type of job market and allows a quick return for game investors. However, its highly volatile in-game crypto (the Smooth Love Potion, or SLP), the hacking of its Ronin chain, and the resulting new digital inequality pose threats to its existence. Axie is a form of “extreme entrepreneurship,” wherein success and failure can happen almost overnight, subject to the dynamics of SLP. Many predictions have been made regarding Axie’s coming collapse and lost trust among its players. Can Axie rise to its former glory amid the crypto winter and uncertain global economy?
#blockchain #nonfungible #gamefi #metafi #defi #bitcoin #playtoearn #axie