Two weeks after being hacked for $625 million (the largest hack in crypto history), the price of Axie Infinity (AXS) has fallen by nearly 30 percent. Despite a $150 million raise (led by Binance) to help Axie Infinity reimburse players whose ETH was stolen, the market for AXS appears bearish.
As you know, Axie Infinity is the most popular play-to-earn game in the world. Nothing about the gameplay has changed. Nothing about the user experience has changed. So, is this just a reaction to the hack or is something else going on?
This Wednesday, April 13, I’m going to dig deep into the engage-to-earn business model at the first ever Newhouse Advanced Media Lab Series event: Engage-to-Earn: Paradigm Shift or Parlor Trick?
I’ll do a “state of the industry” introduction, then host a discussion with Donnie Williams, Executive Vice President and Chief Digital Officer at Horizon Media Group; Andrew Klein, Vice President, NFT and Metaverse Brand Experience at Sweet.io; and Zack Seward, Deputy Editor-in-Chief of CoinDesk. Join us online or in-person in New York City. Register here.
Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.