in

Cryptocurrencies gain increased popularity in the Philippines as more people earn NFTs playing video games.

Cryptopolitan


TL;DR Breakdown

• More people earning cryptocurrencies with Axie Infinity.
• Chief Growth Officer of Axie promises to create a computer game metaverse.

When the Covid-19 pandemic hit the Philippines, the citizens of Cabanatuan looked for a cost-effective way to distract themselves. These people north of Manila chose video games to earn money at home.

They have managed to make playing video games not only fun but a way to obtain non-expendable cryptocurrencies. The Axie Infinity game, which the SkyMavis company created, allows players to win NFTs with little effort. Axie Infinity is about how you can breed, trade, and fight with self-named “Axies” digital pets.

A documentary released on YouTube by Emfarsis called “Play To Earn” explains the video game. The documentary shows that a mother and three young entrepreneurs discovered Axie Infinity.

The game’s fame, which started last summer, rose when Coindesk wrote an article about the groundbreaking innovation. Axie Infinity has around 60,000 players, as indicated by Axie Jeffrey Zirlin, the head of growth for the video game.

Axie Infinity popularity by earning cryptocurrencies

Although online gambling has no limits, its popularity is centered in the Philippines because it was heavily affected by the COVID pandemic. Based on the opinions of a player in the documentary, he is not certain of what he would get from the game, but considers it very entertaining. Many older adults in Cabanatuan have joined this trend because it is easy, has basic rules, and provides opportunities to earn cryptocurrencies.

The video game uses the NFT cryptocurrency for every pet purchased online. You can sell this pet for cryptocurrency and then exchange it for your local currency. According to the opinions of another player, the game is like chess; being very strategic.

Axie Infinity inspiration for earnings in cryptocurrencies

Axie Infinity was inspired by the CryptoKitties video game, the first game to promote NFT technology in 2018, and Pokémon. Zirlin suggests that if you have the internet, you can play the game.

The game has also come under fire due to the volatility of the cryptocurrency. This occurs because users must synchronize and exchange their SLP, in-game currency, for Ethereum.

The ETH cryptocurrency was up 65% in April but plunged 7% last Thursday. Elon Musk’s appearance on SNL also caused declines in the crypto market; plummetting Dogecoin by 30%.

Zirlin also thinks that Axie Infinity has its economy; it is subject to change like any cryptocurrency on the market. But, this video game may have a better future, with GDP growth that promotes the economy on its platform.

The predictions for the game are that Zirlin could add more games alongside Axie to create a metaverse. This universe of fun will be focused on computer games more than mobile phones.

Many people in the Philippines are grateful for the game because it has helped them. Axie Infinity promotes NFTs and also makes them forget about the Covid-19 crisis.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

BlackRock Chief Investment Officer Rick Rieder Thinks Bitcoin Is Durable

BlackRock Chief Investment Officer Rick Rieder Thinks Bitcoin Is Durable

bitcoin btcusd

Was Bitcoin Crash Orchestrated? This 4 Theories Scream Beware