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We concluded our piece with this: Axie Infinity’s business model, for the moment, depends on continued growth in its user base and continued fresh money entering the system to prop up the value of Axies, $AXS, and $SLP. Even should this hypothesis prove true, however, it would still raise two concerns.
The value of new Axies and SLP is propped up by new players putting fresh money into the game. Also in 2019, land sales began (an extension of the Axie Universe, which we’ll break apart in a later section), the marketplace shifted over to the Loom Network (a Layer 2 on Ethereum), and the card battle game community alpha released.
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