Axie Infinity is the most successful blockchain game in history by revenue, built by Vietnamese studio Sky Mavis. Launched in 2018, it became a global phenomenon in 2021 when its ‘play-to-earn’ model allowed players in developing countries — especially the Philippines and Venezuela — to earn meaningful income by playing. Players collect, breed, and battle NFT creatures called Axies, earning SLP (Smooth Love Potion) tokens through gameplay. AXS is the governance token for the Axie ecosystem. At peak in late 2021, Axie had 2.5 million daily active players, SLP was worth significant money, and Filipino players were reportedly earning more than the national minimum wage. This created ‘scholarship’ systems where Axie owners lent NFTs to players who couldn’t afford the entry cost, sharing SLP earnings. The model collapsed spectacularly in 2022: SLP hyperinflation as too many players earned more than the game generated in value, compounded by the Ronin Bridge hack (March 2022) in which $625 million was stolen by North Korea’s Lazarus Group — the largest crypto hack in history at that time. Axie rebuilt with a new economy model (Origin), lower entry costs, and improved tokenomics. AXS is used for staking, governance, and breeding Axies. The game pioneered the entire GameFi / play-to-earn category despite its later struggles.
Example: In 2021, a player in the Philippines bought 3 Axies for $300 and played 4 hours daily, earning 150 SLP per day worth $30-50 — a significant income. A ‘guild’ owner fronted the cost for 50 scholars in their community, splitting earnings 70/30. The model demonstrated blockchain gaming could generate real economic value, but the 2022 crash showed it couldn’t sustain indefinitely without genuine game fun driving demand.
Learn more: Axie Infinity
