Axie Infinity’s Early Growth in Web3

In the summer of 2020, Axie Infinity was still in the early stages of its journey. Axie Classic, the original version of the game, had been live for about seven months but hadn’t gained significant traction. At the time, the game had roughly 300 daily active users. Although it was the leading crypto game on DappRadar, the broader public hadn’t yet shown real interest in blockchain-based games. Internally, the team knew growth was slow and the future felt uncertain.

Axie Infinity’s Early Growth in Web3

Axie Infinity’s Early Growth in Web3

Despite being ahead of most other projects in the space, the reality was that crypto gaming had not yet reached a point where mainstream users were paying attention. Axie had a strong foundation, but it hadn’t yet delivered the kind of momentum that could change the market.

Things changed when users from 4chan came across Axie Infinity and its in-game token, Smooth Love Potion (SLP). They noticed the project’s partnerships with companies like Samsung and Ubisoft, and they saw the strength of the Axie community. That was enough for them to take interest, and soon they began buying up SLP in large amounts.

Some members of the Axie Discord tried to warn them that SLP was designed for in-game breeding, not speculation. But that didn’t matter to the new crowd. Their response was direct: “Shut up and watch this.”

This unexpected wave of attention and activity was the spark that pushed Axie Infinity into its first real growth cycle. As more users got involved, trading picked up and word began to spread. What had been a niche crypto project suddenly became one of the most talked-about games in the space.

Axie Infinity’s Early Growth in Web3

Building the Foundation of Web3 Gaming

The growth that followed helped establish Axie Infinity as a leader in what would soon be called web3 gaming. The project went on to generate more than $1 billion in revenue and over $4 billion in NFT trading volume. It reached millions of players and showed that a blockchain game could scale well beyond a small user base.

This period is now seen as the beginning of web3 gaming as a defined market segment. Axie’s success showed what was possible when game design, tokenomics, and community engagement came together. It wasn’t just about speculation - it was about creating new digital economies that players could actively participate in.

Axie Infinity’s Early Growth in Web3

Preparing for What’s Next

Looking back, Axie co-founder Jeffrey “Jihoz” Zirlin believes the current environment feels familiar. Liquidity is beginning to return to the space, and developers across the ecosystem are experimenting with new models. The Axie team sees this as another turning point - similar to 2020 - and believes they’re well-positioned to navigate it.

Their approach is shaped by what they learned during the early days. By staying focused on building and adapting to market changes, they aim to continue playing a key role in the next phase of web3 gaming.

Axie Infinity’s story remains one of the most significant examples of how blockchain and gaming can intersect. As the ecosystem grows, its early lessons and community-driven model continue to influence the direction of web3 gaming today.