Pegaxy Once Again Tries to Salvage the Game’s Value

Pegaxy was a formerly hot P2E game, which is now trying to move to Web3 and retain some of its former players with a new value balance.
  • Pegaxy will move even more activities off the blockchain.
  • VIS minting will slow down and only be used for race prizes.
  • Pega type will still matter for racing energy.

Pegaxy has not given up on the attempt to reinvent its model and inject value back into the game. This P2E project was one of the biggest capitulations in 2022, yet the team persisted with a series of updates to increase scarcity and retain users. 

This Wednesday, Pegaxy released a previously announced update, which shifts the game’s balance with more off-chain activities. Pegaxy is moving back to resembling a Web2 game, while also cutting its VIS tokenomics.

The full set of updates is expected on Thursday, when the mobile apps and the browser game will work with the new rules. The biggest change will be the removal of a single-race rule, where players can only join one Pega in a race at a time. Now, players can join pledge races or other lobbies, because racing will no longer mint VIS tokens. 

Until now, Pegaxy tried to curb VIS minting by keeping most of the tokens offline, to avoid selling. VIS and PGX remain near their rock-bottom lows and with lower interest in breeding, the tokens may not be the key to the game’s success. Drop Racing will continue, with Key Fragments awarded to the first three winners that come ahead. 

Pegaxy Pega Still Matter, Despite NFT Price Drop

Pegaxy retains its latest number of NFT Pega, about 541K items. Now, Fusion will be offline, and with a new prize schedule, the game’s on-chain activity will diminish. 

Once again, the type of Pega will affect the game’s outcome. Higher ranked Founding or Crowned Pega will use less energy in each race. Players will still receive VIS for racing, based on a schedule of the quality of Pega. 

Pegaxy now does not require a big upfront investment. The prices of Pega are now in MATIC, with a 3.9 MATIC floor price, and the previously peak Pega valuations are now impossible. Due to moving mostly off-chain, Pegaxy now has fewer than 150 players per day. Most of the in-game rewards are also difficult to take off-chain and trade, with a significant cooldown period.

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