Nunley, C.

(2021, 14 May) People in the Philippines are earning cryptocurrency during

the pandemic by playing a video game

https://www.cnbc.com/2021/05/14/people-in-philippines-earn-cryptocurrency-playing-
nft-video-game-axie-infinity.html

People in Cabanatuan City, north of Manila, have discovered a creative way to cope with
the hardships caused by the Covid-19 outbreak – playing computer games.
This isn't a game for the sake of having fun. SkyMavis' Axie Infinity game allows players
to earn money by breeding, to fight, and selling digital creatures called Axies using
nonfungible tokens (NFTS) and cryptocurrencies.

Several Filipino people who play the game a mother, three young entrepreneurs, a recent
college graduate, a pedicab driver, an elderly married couple, one of the first people in
Cabanatuan City to discover Axie Infinity are followed in a new mini-documentary called
"Play-to-Earn," which was released on YouTube on Thursday by crypto consulting firm
Emfarsis and gaming company Yield Guild Games.
According to the video, the phenomena that began last summer expanded after a
Coindesk piece published in August significantly increased the player base. According to
Axie's head of growth, Jeffrey Zirlin, about 60,000 people are now playing Axie Infinity.
It has taken up in the Philippines, which has been affected hard by the pandemic, where
the digital game has no borders. According to IHS Markit, GDP would shrink by 9.6% in
2020, the greatest yearly fall since data gathering began in 1946. Toward the end of
March, there was a spike in cases in several cities, resulting in new mandatory
lockdowns. According to the same study, the current lockdowns affected about 26 million
individuals or nearly a quarter of the population.

"At first, I wasn't persuaded that this game was genuinely earning money by playing it,
but I gave it a shot," one gamer in the documentary Art Art said. "We have no way of
making money because of the pandemic." As a result, it spread throughout Cabanatuan
City."
Even while working, an old married couple of store proprietors enjoys playing. "I'm
playing while I'm in the store," Lolo, a 75-year-old spouse, remarked. "I'll just play even
if I'm losing."

For the rights to each pet that is purchased, Axie Infinity employs NFTs. SLPs, or small-
love potions, are purchased or grown to raise these pets. These creatures or SLPs can be
sold for cryptocurrencies and converted to your preferred money.

"It's like playing chess when you're in the game. "It's a game of strategy," Howard, a
recent college graduate, stated in the documentary.
Pokémon and CryptoKitties were used as inspiration for Axie Infinity. One of the first
games to promote crypto video games was the latter.
"You may play as long as you have a phone and an internet connection," Zirlin told
CNBC.
The volatility of cryptocurrency is a specific criticism leveled at the game. The price
action makes some participants unhappy since they "sync and switch" their money
through Ethereum. Ethereum has increased by about 66% in the last month, yet it was
down 7% on Thursday. When Elon Musk, the CEO of Tesla, appeared on "Saturday
Night Live," the price of Dogecoin plunged by 30%.

"The economy of Axie is it's own. In terms of macroeconomic considerations, it may

have swung like any other emerging market. Still, in the long run, we anticipate our
digital nation will see significant GDP growth, which will fuel our in-game economy,"
Zirlin added.
More games will be introduced in conjunction with Axie Infinity, according to Zirlin,
resulting in a metaverse and a more fantastic range of access via computers rather than
mobile phones.
"All that matters is that we have enough money to eat, pay our bills, and get through the
day." In the documentary, a mother of three commented, "It [Axie Infinity] met our daily
needs, paid our bills, and paid our debts." "I'm grateful to Axie for assisting us in some
way."