On October 30th, Smooth Love Potion (SLP) officially landed on HotsCoin. SLP is the in-game currency earned by players in the blockchain game Axie Infinity. Inspired by Pokémon and utilizing NFT concepts, this game allows players to breed their pets, engage in battles, and build their land assets. SLP is the name and token symbol of the native ERC-20 token used within the Axie universe. It is primarily used for breeding digital creatures known as Axies. The required SLP amount for each Axie breeding increases with each attempt, creating demand for SLP. It is now available for trading on HotsCoin.
Axie Infinity / Sky Mavis (AXS/SLP) Research Report
Key Information
Axie Infinity is a turn-based card game that incorporates blockchain technology. It enables players to breed, nurture, battle, and trade virtual creatures called Axies. The game spearheaded the GameFi trend in 2021. Players can earn two tokens, AXS and SLP, through adventures or arena battles in Axie Infinity. AXS is the governance token, allowing token holders to vote on the game's future development. SLP, on the other hand, is used for breeding Axies.
- Circulating Supply: 141,391,485.461 AXS
- Total Supply: 270,000,000 AXS
- Circulating Market Cap: $818,794,172.302
- Fully Diluted Market Cap: $1,563,562,514.39
Key Events
- October 6, 2021: Axie Infinity / Sky Mavis completed a $152 million Series B funding round.
- May 11, 2021: Axie Infinity / Sky Mavis completed a $7.5 million Series A funding round.
- November 4, 2020: Axie Infinity / Sky Mavis completed a $2.97 million public fundraising round.
Game Upgrades and the Launch of a Free Version
HotsCoin noted that Axie Infinity faced a significant drop in user activity due to the volatility in the crypto market and a hack on a cross-chain bridge. During its peak, the game had over a million active users, but now that number has dropped to the tens of thousands.
However, recent data indicates that Axie Infinity is on the path to recovery. According to CryptoSlam data, NFT sales in Axie Infinity have increased by almost 198% in the past week compared to the previous seven days, reaching $1.38 million. While this number might seem modest compared to the weekly sales of hundreds of millions during the peak, the growth signifies Axie Infinity's gradual resurgence.
This revival is attributed to the release of the new game version "Axie Infinity: Origin." This version emphasizes "play-to-earn" to lower the barrier for new users and introduces virtual land staking features.
"Axie Infinity: Origin" supports players in downloading the client through the Mavis Hub, and it is compatible with both Android and iOS devices. This new version offers a fresh interface, battle mechanics, art effects, and storyline for the game. In this version, Axie statistics are no longer tied to specific attributes like health, speed, skills, or morale. All Axies now have the same base health value, and type-based advantages and disadvantages have been removed.
In the Origin version, players engage in battles using cards, with each player deploying three Axies. Each Axie can be equipped with runes and upgraded. Players receive five cards per turn, each with different functions, allowing them to strategize based on their card plays and Axie strengths to secure victory.
HotsCoin noted that this new version introduces more battle modes, including adventure mode, ranking matches, and tournaments. Adventure mode lets players practice by completing stages, ranking matches are based on a points system with top players earning AXS token rewards, and tournaments are held regularly.
The new version underscores the "play-to-earn" attribute by providing three free starter Axies for beginners, with the potential to unlock more free Axies as they progress through the adventure mode. This change reduces the barrier to entry for new players, as there's no longer a need to purchase crypto assets to obtain Axies.
HotsCoin also observed that the virtual land staking gameplay allows landowners to stake their land for AXS token rewards. Currently, 92% of the land is staked.
From "Play and Earn" to "Play and Earn More"
The Axie Infinity team expressed their goal of making the game not solely for profit but to provide an enjoyable gaming experience. The new version aims to emphasize strategy and fun within the game, rather than just focusing on earning money.
The new version also plans to introduce asymmetrical gameplay, allowing both landowners and non-landowners in the ecosystem to actively participate and gain value.
HotsCoin acknowledges that although Axie Infinity has experienced fluctuations from its peak to recent times, the release of the latest version signifies the game's efforts to overcome challenges. With the launch of the new version, game sales have rebounded, and new players have registered. However, for Axie Infinity, the challenge remains in how to continue attracting players and sustaining growth in the face of emerging competing projects. In the gaming
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