Axes Metaverse Q2 Update

You may have noticed that in recent months, we have been in a state of inactivity, not releasing any updates or making any statements regarding partnerships.

Initially we had the strategy to acquire traditional gamers and convert them into Web3 gamers alongside having already crypto-oriented Web3 gamers and gaming guilds. We see that on the current market Axes Metaverse has failed to fulfill this strategy. 

Traditional gamers happened to see no interest in Web3 products. We have spent several months improving the basic metrics of the product and price of the user. Still we see that current data is still nowhere close to the industry benchmarks. The game initially had 12% D1 retention which we managed to improve to 26%. Still the price of the install is around $5. Paired with the low conversion into Web3 user rate (around 3-5%) it makes it impossible to scale the project and make profit. 

Regarding the traditional Web3 market we saw declining interest in Gamefi. A lot of Web3 guilds we partnered with lost more than 90% of their playerbase. The number of active wallets in Gamefi has dropped drastically and our negotiations with launchpads are taking a lot longer than expected. 

After lots of internal discussions we have decided to freeze the project and wait for the better market for Web3 games. We plan to shut down the game servers and work on a few updates based on the community feedback and prepare the game for token launch. The main goal is to focus on the traditional Web3 gamers experience and launch a successful traditional Web3 product.

The complete shutdown of the game servers is scheduled for May 25 at 4 PM UTC. Despite the shutdown of the servers, the marketplace will continue to operate normally so that you can sell or exchange your digital assets.