Crypto markets have bottomed out and nothing is immune, not even the potions creatures they breed with Pokemon-collective battle Axe Infinity. The currency, dubbed Smooth Love Potions, has been trending lower for some time as players flood the market with it. However, for the first time in its history, it’s now worth less than a dime, even when rounded up.
“Axe InfinityThe SLP (Smooth Love Potion) currency of has dropped to zero! (about)”, game developer Lars Doucet tweeted on Thursday. “It’s now down to $0.004, rounding to the nearest cent is $0.00.”
In case you haven’t heard, Axe Infinity aims to be one of the flagships for the future of crypto-backed play-to-earn (P2E) NFT games. Players trade, fight, and breed virtual creatures called Axies. The final part of this process requires the SLP currency, which players earn by playing the game. However, the value of SLP has dropped as players continue to earn more without “burning” it by spending it. A year ago, the value of SLP peaked at $0.35 and has been in a downtrend ever since.
The long decline in the price of Axe Infinity‘s Smooth Love Potion token illustrates the challenge of the play-to-earn game. When axios put it last month“Players need more than just a way to earn a random token, the token needs mechanisms that allow it to hold its value.”
The developers of Axe Infinity have attempted to address the issue by removing SLP farming from the game’s single player adventure mode and recently allowing players to “burn” SLP. when participating in tournaments for a better prize pool. But so far, none of this has been able to overcome other setbacks, both in Axe Infinity and the bigger crypto-verse.
The blockchain on which the game resides suffered Heist worth more than $600 million in March, which shook confidence in the game’s currency. Players keep debating whether to wait for a rebound or bail the pay-to-play system. Axie Infinity Shards, the other crypto token associated with the game, has fallen below $20 after peaking at over $150 last year.
This tracks with the total Craters of other cryptocurrencies, including Bitcoin, Ethereum and Luna. The case of the last was particularly dramatic. At the beginning of the month it was over $80. Today it approached $0.01. Some have blamed an “attack” for Luna’s fall in the form of sudden large withdrawals. Others have called it the inevitable result of having the rug pulled out under a Ponzi scheme. In both cases, the results have been devastating for some, who say they have bet their life savings on the token’s future.
In Axe Infinity‘s Fall, however, the developers are undeterred. yesterday, you released a mobile spin-off accessed on Android Axie Infinity: Origin. “Axe Infinity is now more accessible than ever!” they announced.
https://kotaku.com/axie-infinity-crypto-crash-smooth-love-potion-token-val-1848920116 Crypto Pokémon clone currency falls to less than a cent