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Axie Infinity is a blockchain-based game developed by Sky Mavis that combines collectible NFT pets called Axies with a player-owned economy. The game uses the Ronin sidechain and its tokens AXS and SLP, with a play-to-earn model that has drawn both rapid user growth and criticism for reliance on new player inflows. While the ecosystem has seen significant financial activity, including over $1 million ETH spent and a record virtual land sale of $2.3 million, it has also faced major setbacks such as a 99% crash in SLP value in early 2022 and a $620 million hack of the Ronin Network. The project has attracted attention for its economic impact in regions like the Philippines, where some players treated it as a primary income source, but regulatory and market volatility have led to declining profitability and shifting marketing language.
Axie Infinity operates on the Ronin sidechain, a sidechain linked to Ethereum, and its primary tokens are AXS and SLP.
The game's play-to-earn model has generated substantial economic activity, including over 1 million ETH spent and a $2.3 million virtual land sale.
SLP token value fell by more than 99% during the February 2022 crypto market crash, leading to a sharp decline in player earnings.
In March 2022, a hack of the Ronin Network resulted in the theft of approximately $620 million in cryptocurrency.
A significant portion of the player base, about 40% in 2022, was from the Philippines, where some users relied on the game for income.
The game uses Axie Infinity Shards (AXS) as its primary token and Smooth Love Potion (SLP) as a secondary token.
The hack in March 2022 resulted in the loss of roughly $620 million in Ether and USDC, marking the largest cryptocurrency breach by dollar value and further depressing the value of SLP.
By mid‑2021, many players in the Philippines were treating the game as a main source of income, though earnings later fell below the national minimum wage and the income was deemed taxable.
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