Title: Crypto Gaming Booms in the Philippines, Offering New Opportunities for Players
On a recent Tuesday night in Quezon City, just 10 miles from Manila, a bustling scene unfolded at Joniel Bon’s newly opened internet cafe. Around 20 people gathered on the second floor, engrossed in playing video games like Heroes of Mavia and Nifty Island, while music from popular artists filled the air.
What makes this gaming experience unique is that players are rewarded with cryptocurrency tokens for completing challenges, which can be converted into pesos, the country’s currency. Some players have even been able to earn double the Philippines’ minimum wage of $11 a day through these games.
For Mr. Bon, the success of his internet cafe represents a resurgence of crypto activity in the Philippines. After a crash in the crypto market two years ago, he held onto his belief in the industry and has now seen it come back stronger than ever. Bitcoin recently reached a record high, signaling a comeback for digital currencies across the board.
The popularity of crypto gaming has soared in the Philippines, with the value of crypto transactions increasing by 70 percent in November and December. Games like Pixels have seen a massive spike in players, with over 830,000 users in March alone. The country has become a hub for crypto-earning gamers, with around 30 percent of the global player base located in the Philippines.
While the renewed interest in crypto has brought new opportunities for Filipinos, it has also raised concerns among officials about regulation and potential risks. The government is grappling with how to oversee the industry as it grows in popularity and impact.
Despite the potential pitfalls, many Filipinos have found success in the crypto gaming world. Former Axie players have become entrepreneurs, building gaming collectives and guilds that are thriving in the current market. Players like Teresa Pia have even been able to help others learn about crypto trading and investing, creating new opportunities for Filipino women working overseas.
As the crypto industry continues to evolve in the Philippines, players like Ian Dela Cruz are exploring new avenues within the space. Some are even returning to more traditional pursuits, like farming, as they seek a balance between the digital world and real-life experiences.
While the future of crypto gaming in the Philippines remains uncertain, one thing is clear: it has opened up a world of possibilities for players looking to earn income and explore new opportunities in the ever-changing landscape of digital currencies.
