Axie Infinity, a play-to-earn crypto game, is going through hard times as its utility token smooth love potion (SLP) is trading near an all-time low at $0.005224, according to Nomics. While crypto markets experience massive selloffs, Axie Infinity is struggling to keep its existing big players and attract new ones.

SLP price chart. Source: nomics.com
SLP price chart. Source: nomics.com

But given how long SLP has been in decline, it becomes evident that the game developers are still trying to find a perfectly balanced model to evolve the game. SLP has been losing its momentum since the beginning of the year, plunging 98% since an all-time high in May 2021.

In March 2021, the developers of Axie Infinity rolled out an updated version of the game, reducing the number of free transactions. Now, these transactions are based on how many Axies — an in-game creatures — or land NFTs players own. Thus, the more players spend, the more they get.

That move didn't work out well as players accused Sky Mavis — the company behind Axie Infinity — of pandering to wealthy players.

Apparently, lessons haven't been learned as in April 2021 the gaming community appeared to be dissatisfied with how Sky Mavis was trying to support the game. According to DappRadar, many players expected the last season of the Classic Axie game would bring new utility mechanisms for SLP. However, that didn't happen:

Unfortunately, the falling price of the token has discouraged many players in the community. The overall sentiment is that Sky Mavis needs to introduce more utility for SLP, otherwise many players will quit the game.

Besides controversial updates, Axie Infinity was badly damaged due to the largest hacker attack in the history of crypto. According to the FBI, North Korean cyber gangs Lazarus Group and APT38, associated with the Democratic People's Republic of Korea, are responsible for the theft of $620 million in Ethereum that targeted players of the Axie Infinity game and Ronin blockchain.

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