Earnings for Axie Infinity players drop below Philippines minimum wage?

According to a recent report by research firm Naavik, earnings for players of the blockchain-based game Axie Infinity have dropped below the minimum wage line for the majority of players in the Philippines.

This comes after the game shot to prominence earlier in the year and brought huge profits to early adopters. The report determined that the minimum daily wage in the country was $7.03 USD by using data that was sourced from the official website of the Department of Labor and Employment of the Philippines.

READ MORE: How Many People Are Playing Now?

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One of the report’s authors, Lars Doucet, shared some of its key findings on his personal Twitter account. high-ranking players, and even they have seen earnings decline since August. ” At the beginning of this year, Axie Infinity caused a commotion in the cryptocurrency world with its play-to-earn model of the game.

According to this model, players breed and battle Pokémon-like creatures known as “Axies,” which are also non-fungible tokens, in exchange for the in-game cryptocurrency known as Smooth Love Potion, or SLP. This model allowed Axie Infinity to take the cryptocurrency world by storm. This token can be traded on cryptocurrency exchanges outside of the game, which contributes to its value. It can also be used within the game to breed additional axies.

The game found a strong community of players in many developing economies, particularly in the Philippines, where the local buying power in comparison to SLP meant that players were able to earn a significant additional income. As the cost of entry into the games continued to rise, more experienced players began offering programs to newer players known as “scholarships.” In these programs, the more experienced players would lend the new player the required axes needed to play the game in exchange for a percentage of any SLP earned by the new player. One player who only wished to be identified by his online persona “Porky” during the height of the game’s surge told Forkast.

News that he was able to earn $20,000 a month at the time between all of the players he had working for him in the game. This player was speaking with Forkast.News during the game’s popularity peak. However, as user growth has slowed, concerns have been raised over the long-term viability of the play-to-earn model and, as a result, players’ ability to continually earn a significant income. This information was recently reported by Forkast.News. According to data from CoinMarketCap, at the time of this writing, the price of SLP was only trading at $0.066, despite having reached an all-time high of US $0.4191 in May, when the first surge occurred.

Existing players are generating too much from the tokens, which is outstripping the demand for new players to enter the game, according to some observers, who attribute falling prices to this phenomenon. In August, the developers of the game attempted to address this issue by reducing the amount of SLP players earn while playing the game. However, this had little impact on the overall price trajectory of SLP.Several weeks ago, I wrote a post about a 21-year-old woman who became known as a “meme celebrity” after she was able to sell the original copy of her meme photo on NFTs for half a million dollars. That would be close to 24 million pesos if it were converted to the local currency.

Would it surprise you to learn that a young Filipino man purchased two homes for himself? Although he was not quite as fortunate as selling his own NFT meme, he did manage to win some money by participating in a crypto-based NFT game called Axie Infinity. If you are interested in learning more about cryptocurrencies and NFTs, you should simply navigate your browser to the guides and articles that I have previously written about these topics. During an interview with the AFP on December 10, 2021, in Taguig, a suburb of Manila, siblings Eugene (L) and Ginger Arboleda demonstrated how to play Axie Infinity, a non-fixed-odds game in which players earn tokens that can be exchanged for cryptocurrency or cash.

The photo was taken at that time. Axie Infinity is a play-to-earn game that is based on the blockchain and has seen an explosion in popularity in developing nations such as the Philippines. This is because COVID-19 has eliminated many jobs, which has forced many people to stay at home.MANILA, Philippines (AP) — In the comfort of his bedroom in Manila, Dominic Lumabi spends his time in front of the computer, pitting his cartoon puffer fish-like NFT characters against those of other people. However, he is not playing at all; rather, he is trying to earn cryptocurrency so that he can provide for his family while the pandemic continues. Axie Infinity is the source of his income. It is a blockchain-based play-to-earn game that has skyrocketed in popularity in developing nations such as the Philippines, as COVID-19 destroyed jobs and forced many people to stay at home.

Its supporters, financial backers, and creators, Sky Mavis, based in Vietnam, believe that it is a revolutionary step towards the future of the internet. The opponents of the game warn that it is a “house of cards,” and some compare it to a fraudulent scheme that is driven by hype and speculation. attempting but failing to make a living through online selling. At first, he was sceptical because he thought it was a Ponzi scam. According to Sky Mavis, approximately 35 percent of Axie Infinity’s traffic originates in the Philippines, which also accounts for the largest portion of the game’s 2.5 million daily active users. This is because the Philippines has a high level of English proficiency, a robust gaming culture, and widespread utilization of smartphones.

In Axie Infinity, players engage in battles using colorful blobs called Axies, and they are primarily rewarded with items called “Smooth Love Potions” (SLPs). These items can be traded in for cryptocurrencies or real-world money, or they can be invested back into the game’s virtual world, Lunacia. When Lumabi is not at his current job as a content moderator working nine-hour graveyard shifts, he earns between 8,000 and 10,000 pesos (approximately $155 to $195) per month by playing for two hours a day in the small house he shares with his parents and four sisters. This is nearly half of what he makes when he is at his regular job. His father’s electrical repair business is struggling, so he has used the money he made from Axie Infinity to pay for his sister’s university fees, groceries, and bills. His father’s business is unable to cover these costs.

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