Nikkei - Axie's play-to-earn craze stumbled after a North Korean hack, forcing a global crypto chase, model shift, and fight for lasting value beyond the hype

https://asia.nikkei.com/Business/Business-Spotlight/How-Axie-s-loss-changed-the-battle-against-North-Korean-crypto-hackers

Axie's play-to-earn model attracted millions, promising riches. But it crashed due to inflation and a record $620m North Korean hack, forcing Axie to repay users and rebuild.

The hack prompted global law enforcement to crack down on crypto crime, sanctioning mixers and tracking stolen funds, some recovered from North Korea.

Axie pivoted to a sustainable model, focusing on making fun games, diversifying revenue streams, and exploring blockchain's potential for player verification.

Whether Axie regains its peak remains unclear. Skepticism persists about crypto, NFTs, and Axie's ability to reinvent itself after the play-to-earn bubble burst.

Beware of the crypto bubble burst!!