Mr. Nguyen Thien has spent nearly 100 million VND to buy virtual animals in the game Axie Infinity, but after half a month, he still has not recovered a quarter of his capital.
Mr. Thien spent 4,000 USD for 9 “virtual” animals, divided into three accounts in Axie Infinity, with the desire to recover capital after a month, then make a profit. He claims to have nearly half a year of experience “ploughing” the game Axie Infinity to gain experience before investing money. “With more than 1,300 USD per team, I expect to quickly earn a lot of SLP and soon payback in a month. But this currency’s constant decline in price makes that far away”, Mr. Thien shared.
Mr. Thien is one of those who spend a lot of money to participate Axie Infinity, play games to get Smooth Love Potion (SLP) – Sky Mavis’ in-game digital currency. Currently, each player needs a minimum of about 1,000 – 1,200 USD (27 – 35 million VND) to buy 3 “virtual” pets called Axie from Marketpalce of Vietnam. Axie Infinity, just started the game.
However, the SLP currency is falling sharply, making many players like Thien worried about capital recovery. From a peak of $0.4 per coin on July 14, the price of this digital currency is now only $ 0.16 – August 9 afternoon, which is a 60% decrease in value after just over half a month.
“Every day, I make about 500 SLP for all three accounts, which is less than 80 USD per day, while focusing all the time and having to ask for an extra helper. If this is the situation, it may have to be After 2 months of ‘plowing’ continuously, I could pay back my capital”, Thien shared.
On game discussion groups Axie Infinity, many people were also bewildered when SLP dropped rapidly, while the price of Ethereum (ETH) – a must-have digital currency when participating in the game – increased in price. In the Marketpalce of Axie Infinity, “virtual” prices are quoted in ETH. Therefore, their selling price will increase if the digital currency increases. Currently, the ETH price is at $3,157 per coin, nearly double the $1,724 on July 20.
“I’ve been almost ‘twisted’ in the past few days when I had to spend nearly 1,500 USD for a basic team with specs that a fortnight ago cost less than 1,000 USD. I expect SLP to increase to get back my capital soon, but With the current downward trend, it is becoming difficult”, said Facebook account Vu Nguyen.
When the community Axie Infinity worried about the decline of SLP, on the afternoon of August 9, publisher Sky Mavis continued to release a new update. In particular, the amount of SLP that each account earns through the game mode (PVE – Players vs. Environment) will be halved, from 100 SLP to 50 SLP, the reward for daily quests will be reduced from 50 to 25 SLP. Particularly, the battle mode between players (PVP – Players vs. Players) will increase the SLP reward depending on the player’s rating.
“The decrease in the number of SLPs means that the game has turned to a new direction, not for ‘cultivators’ anymore, but for real players,” said Thanh Vinh, admin of a game group. Axie Infinity with over 50,000 members, comments. “This also means that those who join the game with the intention of ‘plowing’ to make money have to think again, because the number of SLP earned is not as abundant as before.”
According to Mr. Vinh, it is reasonable for the publisher to reduce the amount of SLP earned through “plowing” to avoid the game imbalance that causes this digital currency to inflate and decrease in price as in the past time. He calculated, with each account can generate 200 SLP per day and with 1.02 million players as of now, the number of SLP generated across the platform can be up to 204 million coins per day.
“That’s a huge number. They can be used in reverse for in-game features, as well as ‘burned’ by the publisher, but only partially. This will cause a serious game imbalance.” , explained Vinh.
In the latest update, publisher Sky Mavis also announced game changes Axie Infinity aimed at “taking care of the long-term health of the ecosystem”, because recently the amount of SLP generated is much higher than the number “burned”.
“Burning” coin (burn token coin) is the process of transferring tokens to a place where private keys are stored, which cannot be stolen by anyone. That is, removing coins from circulation to reduce the supply of coins in the market to avoid inflation. In fact, after the move of Sky Mavis, SLP increased slightly from $0.16 to $0.20 per coin.
However, some argue that the 50% reduction in SLP rewards in the game like the last update is a “negative” action from the publisher. Nguyen Manh, a game developer in Ho Chi Minh City, said that basically, any game platform for making money (Pay to Earn) is similar to a miniature economy, whether the transaction currency in it increases or Discounts are normal and the issuer should not interfere. “For example, if an area has too many farmers, more agricultural products from there will cause prices to fall,” Manh explained. “Cutting the game bonus in half is not reasonable, it’s like forcing farmers to produce only half of the agricultural products, that’s negative.”
According to Mr. Manh, the changes of Axie Infinity will cause many people to quit the game because the amount of SLP earned from PVE is less than half, while the capital spends more. He thinks that publishers have many other ways to “burn” SLP, such as creating waste events, creating bets for PVP battles, or breeding “virtual” animals with SLP instead of AXS like today. .
With players like Mr. Thien, they said they will change their gaming strategy. “Maybe I will stop ‘plowing and hoe’ and switch to focus on one account, strengthen the pet to play PVP. That’s a faster way to recover capital,” Mr. Thien said. Vu Nguyen’s account thinks that he will stop playing the game after breaking even. “This market is too difficult for me. It’s not as easy as I thought,” Mr. Nguyen shared.