Axie Infinity (AXS-USD) is a blockchain-powered gaming platform modeled after popular retro games like Pokemon and Tamagotchi. The game involves collecting, raising, breeding, battling and trading creatures known as Axies against other players. These Axies are non-fungeable tokens (NFTs) and can take on over 500 different forms. They are divided into common, rare, ultra-rare and legendary categories.

Axie Infinity was regarded as the pinnacle of blockchain gaming and the metaverse experience at its launch. However, it has yet to quite deliver on that promise, partly due to the decline in interest in blockchain gaming following the events of the 2022 crypto winter. This year, Axie Infinity has emerged as one of the poorest performers in the crypto industry, and analysts are now reporting that it could drop 96% before the end of the year.

This is the most bearish Axie Infinity has been in recent memory. The emergence of newer use cases for crypto and blockchain technology, such as Depin, AI, and the tokenization of real-world assets, certainly does not help its case. It might be a while before the gaming and metaverse narrative recovers mindshare in the crypto industry, meaning that now is a great time to sell the AXS token if you own it. $AXS