IMAGE 1658370629 Crypto Blockchain Games See Drop in Volumes; Solana, Others Rise

Crypto Blockchain Games See Drop in Volumes; Solana, Others Rise

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– The report looks at the trends in the Metaverse in Q2 and what happened to Axie Infinity after its $600 million hack
– Metaverse-based crypto tokens saw a heavy fall in prices in the ongoing crypto rout, and within those, the hardest hit were Axie (Axie Infinity) and Mobox
– Decentraland (MANA), and Sandbox (SAND) lost about 83 per cent of their value, and despite this significant loss in value, it did not have an impact on Metaverse land trading volumes
– The Metaverse land sales went up by 97 per cent, which indicates that engagement with the virtual world is not predicated on their profitability to the end-user
– Sandbox is preparing to move to Polygon from Ethereum in order to reduce its fees, as well as speed up the processing time
– There was a new Metaverse record land sale of $72 million by Illuvium (ILV)
– Axie Infinity was hacked in April, and this impacted their operations
– As of now, they have lost about 40 per cent of their user base
– Axie Infinity has given its players a new use case for its Metaverse land – they are letting users stake (pledge) their virtual plots of land in return for AXS crypto token rewards
– The rewards of staking depends on the location and rarity of the land, and goes as high as $473
– Axie Infinity has kept the basic premise of assembling teams and fighting in player vs player and player vs environment the same, but everything else has been changed
– AXIE Infinitys average UAW user count is up by 247 per cent in June, and if the current trend continues, it may well recoup its lost glory


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