Hello again and Happy New Year. Welcome to our continued thoughts on the Axie eco system. Community gameplay and users remain strong but our good friend SLP continues to struggle. In previous articles, we have explained we are not worried about the downward trend. We do recognize the rapidly decreasing price is tough to ignore. Of course this is simply caused by supply and demand. Supply continues to increase daily and with the large % being sold for other currencies/tokens price is not sustainable. With SLP we can currently only hold, stake, or breed. None of which seem to be appealing enough to stabilize the price. Though this is something none of us want to hear or say it is the truth… for now. Our leaders from Sky Mavis released an article discussing SLP, if you haven’t read it yet please do so and draw your own conclusions.
One thing is clear, they are aware of the current status of SLP and no doubt want to bring its price back up in the near future. Although we didn’t view the timing and content of the article as pure it still had value. They recognized a problem and stated that they are working to fix it. Nothing in the article was definitive and probably being thrown out there to see how the community would react. I’d expect a mixed bag of reviews as with anything they put out. However one thing we need to recognize is that Axie is bigger than SLP. Although most players’ focus is SLP it’s important to remember that the game is not in its final state. We are of the belief Sky Mavis is basically done with this version of Axie and we will not see much change until Origins.
We remain bullish on the Axie community as whole. Sky Mavis has hinted at earning other in game tokens and being able to add value to the game in different forms than SLP in the future releases. For this, we should be excited and looking forward to the unknown. Axie still has the largest and most active community by volume in the play to earn space and really it’s still not even close when comparing to its competitors. The game isn’t perfect, but most aren’t and we as a community can help build it stronger through positivity and sharing ideas. One thing we’ve pointed out many times both in these articles and on our twitter spaces that if users aren’t happy with the SLP price but remain bullish, please stake your SLP in the RON farming pool to earn future RON. This will no doubt be useful to you in the long term and give you a chance to still sell your SLP at a future date when its price has recovered.
Another big factor we must look at is the crypto market as whole. For the last month or so the trend has been flat to slightly down across the board. It has accelerated lately to heavily down. If we were to see a large upswing, I imagine SLP would see some benefit and definitely for AXS. Crypto still tends to trade as a whole, with Bitcoin largely leading the way in the market metrics. Other things we must factor in is competition from other games and no doubt this trend will continue. Instead of large inflows of cash coming into Axie, we are seeing guilds and new managers lean into other games. We must view this as positive because competition leads to a better product. Stay diligent my friends, we are all on the right track. 2022 will be a big year.
I am glad I came across this topic and you made me optimistic about the future of Axie. Greetings from the Philippines!
Axie sinks are apparently coming very soon, I'm curious to see what that looks like.
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