The Metaverse is already here. Next-generation games are gaining popularity. But to reach the next level, focusing on the gaming aspect, rather than the earn, could be the secret formula.
. This phenomenon offers a glimpse of how an emerging crypto-economy could create financial inclusion opportunities. But, the rise and fall of one of Axie’s in-game currencies reveal the inherent challenges in developing sustainable economic models for games, as well as a practical reality that for metaverse games to succeed: They should be more about playing than earning.As an example, Axie Infinity is a game involving digital pets called Axies.
In a game world, a number of factors can contribute to the price performance of a digital asset such as Axies’s SLP. The way a token is distributed, the rules around supply, price-stability mechanisms, how governance is conducted and, of course, the power of expectation from the game audience itself all matter. But, utility may be the most important factor for a token that powers a game.
In Axie Infinity, the utility of its SLP construct is how it allows players to create new Axie pets, which can make more SLP and create further value for the player. That positive feedback loopSLP prices to soar over the summer of 2021, but it has declined by 94% since then. That implies people have placed a higher value on what they can gain from selling SLP than from holding it and “breeding” more Axies. In other words, they have preferred to cash out than continue playing the game.
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