The online gaming world witnessed a significant shift during the COVID-19 pandemic, particularly with the rise of Axie Infinity, a blockchain-based video game that allowed players to earn cryptocurrency tokens for their participation. However, following a major crash in the broader cryptocurrency market in 2022 and a substantial hacking incident that wiped out players’ earnings, many users abandoned the platform. A recent study from researchers at Cornell University explores the reasons why some players chose to remain engaged despite these setbacks.
In their research, doctoral student Jordan Ali and assistant professor Gili Vidan analyzed social media interactions on the Axie Infinity subreddit and posts on the blogging platform Medium. Their study, titled “Playing, Earning, Crashing, and Grinding: Axie Infinity and Growth Crises in the Web3 Economy,” was published on July 21, 2022, in the journal Big Data & Society.
The findings revealed that many players were not merely victims of the game’s shortcomings but were actively strategizing to overcome obstacles and safeguard their investments. “Axie Infinity was one of the most, if not the most popular NFT play-to-earn video games that came out around the time of the pandemic,” said Ali. “It’s still in operation today, albeit in a far different form.”
The study highlights a complex relationship between players and the game, suggesting that those who persisted were motivated by a blend of personal investment and community engagement. Critics have labeled Axie Infinity a Ponzi scheme, arguing that its model necessitates a continuous influx of new players to sustain token values. Despite these criticisms, the game’s developer, Sky Mavis, aimed to contribute to the evolution of Web3. This vision proposes a decentralized internet where users have control over their own data and assets, moving away from the centralized models seen in Web2.0 platforms, which predominantly benefit large technology companies.
The implications of this research extend beyond Axie Infinity, raising questions about the sustainability of play-to-earn models within the broader context of blockchain technology and decentralized systems. As Web3 continues to develop, this study may serve as a reference point for understanding user engagement and market dynamics in the gaming industry.
The full details of the study can be found on the Cornell Bowers website, where it contributes to ongoing discussions about the future of gaming and the impact of blockchain technologies on user experiences.
