<h4>Quick Take</h4> <ul> <li>Axie Infinity was a pioneer of play-to-earn gaming and became immensely popular last year.</li> <li><span style="font-weight: 400;">But indicators of popularity — the average cost of an Axie, total NFT sales and daily active users — have since plummeted.</span></li> <li>What happened?</li> </ul>