Filipinos Earning Crypto by Playing Axie Infinity

Residents of Cabanatuan City in the Philippines have been offered the option to earn cryptocurrencies by playing the video game "Axie Infinity." Players of the famous Axie Infinity game may now make money just by playing, thanks to SkyMavis, a Vietnamese video game firm. Breeding, battling, and trading in-game digital creatures known as Axies may reward gamers non-fungible tokens (NFTs) and cryptocurrencies.

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The NFTs are used by Axie Infinity to track the ownership rights of each pet that is acquired or won. Players must farm or buy small-love potions in order to grow their digital pets (SLPs). The SLPs, as well as the creatures they assist grow, may be sold for cryptocurrencies, which may then be used to purchase your preferred digital currency.

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The firm has created a short documentary titled "Play-to-Earn" that follows various Filipino players of the game, which is partially owned and run by the players. A trio of young entrepreneurs, fresh college grads, a cabbie, and an elderly married couple are featured in the film.

The elderly couple questioned owns a convenience store and spends most of their time there gaming. Lolo, 75, remarked in the documentary, "I'm playing when I'm in the store."

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The game, which debuted in the summer of 2020, has exploded in popularity following the publication of several news pieces about it.

Since then, the game has taken off in the Philipines, which was struck more hard by the epidemic than the rest of the world. With a 9.6% annual GDP decrease, the country is experiencing its worst annual GDP fall since data gathering began in the 1940s. Increases in instances have resulted in forced lockdowns, which have destroyed the labor and employment market in the country.

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While the documentary portrays the game as something that anybody can enjoy, it has its detractors. The volatility of cryptocurrency is a popular gripe, and how it affects gamers looking to make a little more cash. Many participants are concerned about the price activity since they exchange money using ethereum (ETH).

Such oscillations, according to Axie co-founder and growth leader Jeffrey Zirlin, are inherent in the nature of cryptocurrencies. Others in Axie's gaming community have complimented the novel method of earning money. It goes without saying that anything that helps people "eat, avoid bills, and get through the day" is a good thing.


Mark Cuban just joined the initiative and contributed $7.5 million to the Series A round of investment. Libertus Capital, DeFi Alliance, GoinGecko Ventures, and game creator Animoca Brands were among the notable investors. Alex Ohanian, co-founder of Reddit, and John Robinson, COO of e-sports business 100 Thieves, were among the other individual investors.
 

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