Cryptocurrency’s Play-to-Earn (P2E) ecosystem has seen its massive boom in popularity over the past two years. Within two years, it changed preconceived notions regarding “gaming” and its potential for earning a living. Before, it used to be only “Professional Gamers” sponsored by Brands and the particular game itself who have, for the most part, the opportunity to make a decent living playing a game they enjoy.

The Need for An Alternative

An NFT Blockchain Game, Axie Infinity, has been at the forefront and the Pioneer of the new ecosystem. Axie Infinity is based on Ethereum Blockchain. It flips the revenue model of most video games. Instead of charging players money for in-game commodities, normal players can earn while playing. The game rewards players through the game’s commodity, the Smooth Love Potion (SLP) token, which players farm when their team of three “Axies” wins a battle. SLP can then be exchanged for Ethereum and eventually US Dollars, thus providing a real income for the players.

The game came into popularity during the COVID-19 pandemic, the time when most people around the world were on lockdown. As a result, a significant portion of the population was laid off from their jobs and had only their mobile phones and computers to connect to other people and the outside world. As a result, many people, especially in developing countries, have been forced to rely on their mobile devices and computers since it puts enormous pressure on them to provide for their families, which are dependent on their income to get by.

The Craze on Developing Countries

The game became a hit in developing countries, including the Philippines, a country with a more than 100 million population. It remains the biggest market for Play-to-Earn games to this day. Many players in the Philippines consider it a full-time job; they earn a monthly income that, in some cases, is above the average monthly salary in the Philippines.

In a documentary about Play-to-Earn in the Philippines, one man shares his story of how he was one of the first in his street to play Axie Infinity during the Pandemic-induced lockdown, “I found it hard to believe at first, a game that lets you make money. But I tried it.” he said. He bought the required three Axies to make a starting team. Soon enough, more than a hundred people on his street were playing the game. The documentary also features an elderly couple who lived on the income of their small store. During the lockdown, their revenue from the store has been dramatically reduced. Thus, they said they started to play the game to supplement their business revenue. The couple also mentioned that playing the game has been their way of distracting themselves from the harsh reality brought by the Pandemic.

The Future of Play-to-Earn

The future remains volatile for the new industry. Nevertheless, it shows that it is a viable economic model; however, being a new and untested system, the sustainability of such a model has to stand the test of time, especially in the bearish financial market we have right now. Ultimately, even if this breakthrough does not last, it will still serve as a benchmark and a practical manual for both the Gaming and Cryptocurrency industries moving forward.