Although P2E gaming is in a slump, Axie Infinity (AXS) may recover.
P2E Gaming was launched with great fanfare, and it was to be a breakout sector in the crypto market. This trend was spearheaded by Axie Infinity in 2021. In this form of gaming on the blockchain, users had to collect, ensure breeding, make sure to raise and battle NFTs for monetary rewards. These NFTs were called Axies.
For a while, the market was doing well and then the bears took over earlier this year. AXS prices dropped from $170, currently hovering at $15.00 and change. The company has suffered quite a few setbacks, a major one which included the Ronin hack worth $600 million.
It wouldn’t be remiss to say that the future for this mode -P2E gaming – looks bleak and many proponents are watching developments closely. They want to know if Axie has the capacity to turn this sector around. What developments are in the works at Axie, and what is the outlook?
1. Land staking is a new development to come out of the Axie ecosystem. Parcels are available for staking, and this is a quick way to earn Axie tokens. As per the statistics available by Ronin, land staking is quite popular with holders and about 87% of parcels are already spoken for.
2. In addition to staking, quite a few plots have sold for a price of 130 ETH for each parcel. This indicates that interest in the game is high.
3. The Ronin bridge has reopened, and this is a good sign for Axie. It had been disabled since the very expensive hack earlier this year, in March. According to a report from Axie, assets on this bridge are fully supported and new validators along with circuit breakers have been added.