‘Life-changer’ or scam? Philippine gamers look to Axie Infinity for extra income amid pandemic
- Axie Infinity is a blockchain-based play-to-earn game that exploded in popularity in developing nations such as the Philippines during the Covid-19 pandemic
- While fans and backers say it is a revolutionary way of earning income, some critics liken it to a fraud scheme driven by hype and speculation
Dominic Lumabi sits on the computer in his Manila bedroom pitting his puffer fishlike cartoon NFT characters against others. But this is not just a game – he is earning cryptocurrency to support his family during the pandemic.
Its fans, financial backers and creators – Vietnam-based Sky Mavis – say it is a revolutionary step towards the future of the internet.
Detractors warn the game is a “house of cards”, some likening it to a fraud scheme driven by hype and speculation.
“At first, I was sceptical because I thought it was a Ponzi scam,” said Lumabi, 26, who began playing last June after losing his job at an advertising firm and making a failed foray into online selling.
About 35 per cent of Axie Infinity traffic – and the biggest share of its 2.5 million daily active users – comes from the Philippines, where high proficiency in English, strong gaming culture and widespread smartphone usage have fuelled its popularity, Sky Mavis said.
In Axie Infinity, players participate in battles using colourful blob-like Axies, and are mainly rewarded “Smooth Love Potion” (SLPs) that can be exchanged for cryptocurrency or cash – or invested back into the game’s virtual world Lunacia.
