Play-to-earn game Axie Infinity's revenue continues to slide
Axie, the darling of the P2E world, experienced a meteoric rise in popularity in the summer and early fall of 2021. At its peak, the game accrued over $215 million during the week of August 8, 2021. In October of that year, Axie's creator Sky Mavis had even reached a $3 billion valuation after a $152 million funding round led by a16z.
Too much of the Axie’s in-game token, Smooth Love Potion (SLP) was issued without ample ways to destroy, or burn, the token. This lead to inflation that caused the token to lose value, disincentivizing players to continue using the game. Sky Mavis attempted to instill more burn mechanisms into the game, but it does not appear to have had the desired affects.
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