Even there, Axie was effectively a sophisticated Ponzi scheme. Players were lured into the system with the promise that they could make big money by playing the

Even there, Axie was effectively a sophisticated Ponzi scheme. Players were lured into the system with the promise that they could make big money by playing the game -- except that the money was all coming from new players who had to buy items to get started. No value was created by playing the game, and the vast majority of participants ended up losing money to pay the small number of players who did make a profit.