The token that had a big breakthrough in 2021 in the play to earn community. The token spike was so high, as usual I became jealous I didn’t buy some AXS before the spike. This was one of the reasons I became interested in splinterlands, felt if Axie infinity can become that successful and spike then Hive can do the same. Hive is a great platform with one of the best blockchain that allow feeless transactions, so yeah, I rather go with Hive and wait for the value to spike.
Back to Axie infinity, it’s a play to earn platform on the Ethereum blockchain, with governance token AXS and in game reward token SLP(Smooth Love Potion). The game was above $100 in 2021 but the price today is ranging around $30. Players have reduced exponentially due to the ronin hack. Few weeks ago, the biggest crypto hack in the history of crypto hack occurred that made away with over $600 million worth of crypto.
In March 2021, a bridge which allows people to connect or bridge between Axie infinity and other blockchain was compromised that led to the company’s loss of over $600 Million worth of Ethereum. Wow!! That’s a lot of money, worth more than the total market cap of Hive. This hack and loss is enough to cripple a company and organization, that is more than half a billion dollars.
But unfortunately when things like this happen, investors get scared and will always try to protect their asset and capital by pulling out. This is the reason the price is plunging so hard and players are reducing, it’s an unforeseen event that is putting the company at loss. Nobody wants to keep their asset in a place where their asset might be at risk.
While I have always loved the AXS token because of its utility and previous demand, I am stuck in the dilemma of talking advantage of the opportunity by buying some AXS. When it peaked above $100( can’t remember sorry) i think it’s $163 if I am not mistaking, I was wishing I bought some, could this be a second chance to finally fulfill my dream. But the $625 Million question is, is there any future with Axie infinity anymore since the company is focused on trying to recover its loss.
Funds were raised through the help of CZ Binance and Sam Bankman Fried to help put the company back on its feet but trust me $625 Million is a lot of money to recover. Some funds were claimed to have been recovered but its going to take some time before Axie infinity becomes the success it used to be.
Even if the company will get back on its feet it will take a while, so if you have some cash you don’t mind risking, then take a shot but remember, this is not a financial advise by the way. I will be on the look out observing to see if it’s going to dip more so I can get it cheaper. Like I said, this is going to be a risk, Axie infinity may recover or not, but time will tell.