Play-to-earn gaming was one of the breakout sectors of the cryptocurrency market in 2021 and the trend was led by Axie Infinity (AXS), a mobile, blockchain-based game where users collect, breed, raise and battle nonfungible tokens (NFTs) called Axies for monetary rewards.
As the market topped and then entered what has become a deep bear market, AXS price retraced from an all-time high near $170 to its current price at $15.20 following several setbacks, including a $600 million hack of the Ronin sidechain that hosts the game.