PLAY TO EARN: HOW THE AXIE INFINITY CRAZE IS REVOLUTIONIZING GAMING

The world of cryptocurrencies is often perceived as a pipe dream for anyone but the rich— those who can afford to lose. The prospect of losing everything is unimaginable for those living paycheck-to-paycheck. Despite that, over 300,000 Filipinos have found a way to join the crypto craze: Axie Infinity.

Axie Infinity, created by the Sky Mavis team based in Vietnam, is a blockchain-based video game with a play-to-earn model.

In this play-to-earn model, players can mint different non-fungible tokens (NFTs), unique digital assets on the blockchain network, by playing the game. These NFTs, called Smooth Love Potion (SLP) in the game, can be traded for the cryptocurrency Ethereum (ETH) or directly to cash in Philippine pesos.

But it isn’t that simple. A full team of Axies needed to start playing is quite pricey, costing around P60,000 to P80,000. Yet, some owners of Axie teams are offering to lend them out to players in exchange for a 40 to 60 percent stake on their earnings. This practice of sponsoring a team for another person to play on has been coined with the term scholarship by the Axie community.

These players, called scholars, can stand to earn over P35,000 per month just from earning SLP from the game—a figure rather alluring to the Filipino earning the national minimum wage of P10,740 per month.

Scholars and managers

Although the game may seem like a get-rich-quick

Ponzi scheme, a scam which earns earlier investors with the money given by later investors, scholars will not need to invest any of their own money to get gains.

However, finding a fair scholarship agreement can be difficult. Just as fair managers exist, unjust and selfish managers do, too. From numerous false scholarship recruitments

circulating on social media pages to milk applicants for likes, to predatory managers leveraging this opportunity for unwarranted favors, or scholarships where scholars only receive 10 percent of their earnings or potentially not even getting it back, the current recruitment landscape is truly unregulated.

However, with the sheer number of managers entering

Axie Infinity, different ways of connecting online, and the persistent effort of scholars, finding a fair scholarship agreement is not too far-fetched. And after successfully finding a fair manager to work with, these scholars gain a new source of income which is upending their lives during the pandemic, breeding compassion within their communities, and redefining their childhood passions.

Payday

Because of government restrictions to combat the pandemic, families whose breadwinners rely on face-to-face jobs can no longer provide for themselves. This is the reality Zedric from Batangas faced. But when all hope seemed lost, Zedric wanted to somehow support his family at 17. His plan? Become an Axie scholar.

He was offered a scholarship through a friend who endorsed him to a manager he found online. Around the time he started, one SLP was around P6. Zedric then continued playing until Axie Infinity gained popularity, when the price of SLP more than doubled to P15. Now, a month after he started his scholarship, he is earning above minimum wage and can finally pay off his family’s monthly electricity and water bills, as well as reward himself with a bike.

While Axie Infinity is only in the infant stages of its breakout, it provides an opportunity for households to purchase essentials during difficult times.

As social media starts to fill up with people showing off their Axie Infinity scholarship earnings, Francis, a 17-year-old Pampangeño, just received his first month’s salary from his Axie Infinity scholarship.

When asked about how he wants to spend it, he says that he wants to save up for his own Axie team which he plans to give to his siblings.

Just like Zedric, he was one of those teenagers just trying to help his own family in one way or another. After his first payday, he remembers the thrill of seeing his e-wallet update. But, what lifted his mood the most was the reaction he saw on his parents’ faces after telling them that he would pay for their groceries.

Francis, indeed, embodies the trait that many Filipinos are known for: being family-oriented. Unlike other scholars who choose to splurge, Francis just wants to “pay it forward” to his loved ones, or simply let others experience the same satisfaction of earning their own money.

Still a game

At its core, Axie Infinity is still a game. It does not just belong to those who want to earn from it as a side hustle, but can still be enjoyed as a source of entertainment. As a video game enthusiast, Gabriel, a 21-year-old Ilocano, now chooses to play Axie Infinity when he is not training with his professional Valorant team.

His roots in gaming began in 2006 when he started playing Pokémon on his Gameboy. For Gabriel, being a gamer is more than a passion, but rather a lifestyle. When his classes end, he never forgets to hop on and play a game or two with his friends. There is always satisfaction and relaxation in immersing yourself in another world.

Now that he is 21, Gabriel ended up returning to where it all started: in the Pokemonlike game Axie Infinity, but now with an added benefit—the ability to earn money. With the creation of this game, the normal taboo around gaming as a source of income is challenged and slowly starts to vanish as it merges the most unlikely—entertainment and livelihood.

Gone are the days when it was unimaginable for the average Filipino to join the world of cryptocurrencies, blockchain technology and digital finance. Now, it becomes a paycheck for those who need it most. —CONTRIBUTED

Next week: Everything you need to know about becoming an Axie team manager.

The authors are high school seniors at Xavier School, San Juan. Upon getting exposed to the world of digital finance, they sought to explore the applications of blockchain technology in breaking socioeconomic barriers.