Axie Infinity: A Play-to-Earn Story

By trading volume, Axie Infinity is the largest NFT project of all-time, but the world’s leading play-to-earn game has traveled a rocky road. If you remember, in March 2022 Axie was the victim of the largest crypto hack in history, losing approximately $622 million. However, things are looking up. While all of Axie’s industry comps and KPIs are well under their high water marks, Axie is making a comeback. Which raises the question: Why?

This is a case study worth studying. Start with Andrew Hayward’s article on Decrypt, then do some research of your own. Keep in mind that for some players, Axie Infinity is the way they earn their living. That’s not the most common use case, but there are enough people using the game to put food on the table to get your attention.

I’m fascinated by the potential of engage-to-earn models. Axie Infinity’s modest resurgence is informative and encouraging.

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.

About Shelly Palmer

Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, is a regular commentator on CNN and writes a popular daily business blog. He's a bestselling author, and the creator of the popular, free online course, Generative AI for Execs. Follow @shellypalmer or visit



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