AXS, the governance token of blockchain-based game Axie Infinity, is down almost 50% from its all-time high of US$28.61 last Thursday, according to data from CoinMarketCap. It was trading at US$15.28 at press time.
- Despite the slide, the gains AXS had made over the previous few weeks mean it is still trading more than 160% higher than it was before its rally on July 1, when it was at US$5.68.
- Players of the game battle creatures known as “Axies” — themselves individual NFTs — to earn tokens called Small Love Potions. The tokens can then be traded or exchanged for ETH, Tether or fiat currencies. AXS is the governance token for the game, and grants further rewards in-game, as well.
- Small Love Potion reached an all-time high of US$0.39 two days before AXS did, and has also dropped in value at a similar rate to trade at US$0.23 at press time.
- Axie Infinity’s play-to-earn model meant its recent price surge was closely watched in the blockchain industry. Forkast.News recently reported at the height of the price run that one player in the Philippines was able to make US$20,000 this month by playing the game.