Who was most affected in the Axie Infinity attack?
Not investors, players who are making a living with the game Axie Infinity are really the hardest hit.
The cryptocurrency game backed by billionaire Mark Cuban is a "fishing rod" for many unemployed during the pandemic. A December 10, 2021 post on Axie Infinity's blog shows the number of daily active users reaching 2.5 million, an increase of one million from three months earlier. The Philippine market accounts for 40% of regular users.
According to Flick, as Axie Infinity becomes more popular, the amount of money needed to "set up" before joining the game is growing too high for new users. Some come up with a way to rent out pets to share the profits with new players. This model is similar to short-term lending and when the game's Ronin network is suspended, the lessors cannot receive this fee.
"It's basically a margin labor model, Axie Infinity game publishers can still benefit from people's activity even if they don't cash out their investment in the game," Flick said. .
Discussions in Axie Infinity's Discord group show that team managers think the hack could be the catalyst for the community's loss of confidence in the game's economy. Since then, the attack also significantly affects the developer's ability to make money in the future.
Manh Hung, 27 years old in Ho Chi Minh City and has been playing Axie Infinity for six months, said transactions on the Ronin network are locked so he cannot deposit or withdraw money. Although the price of in-game items and pets dropped sharply after the incident, they had no way to recharge to buy them. Meaning, the player has missed an opportunity to make a profit.