The Philippines is experiencing a resurgence in the “play-to-earn” trend, thanks to a new internet cafe. GameFi, a blockchain game that allows users to earn money while playing, gained popularity in 2021. However, it faded away due to factors such as the bear market and poor gaming experience. The “play-to-earn” trend has recently made a quiet comeback in Quezon City, Manila, with the opening of an NFT-themed internet cafe called NFT X Street. This cafe attracts blockchain game enthusiasts who are able to earn additional income while playing games.
NFT X Street was established by Joniel Bon, a former IT worker. Many of Bon’s customers are able to earn twice the minimum wage in the Philippines (USD 11 per day) simply by playing games. According to The New York Times, Bon’s internet cafe represents the resurgence of cryptocurrency in the Philippines. One of the most popular blockchain games played at NFT X Street is Pixels, a farm-themed game. Players can earn cryptocurrency rewards by planting crops in Pixels and exchange them for fiat currency.
The game developer stated that the number of Filipino players on Pixels increased dramatically from 80,000 in November to over 830,000 in March. Furthermore, approximately 30% of global cryptocurrency game players are from the Philippines. With Bitcoin’s record-breaking price surge in March, the Philippine crypto market has also experienced growth. Nichel Gaba, the founder and CEO of PDAX, one of the largest cryptocurrency exchanges in the country, reported a three to four-fold increase in trading activity in recent months.
Gaba also observed that some financial institutions have started allocating a small portion of Bitcoin. PDAX currently has over 2 million users, several times the size of the largest stock brokerage firm in the country, indicating the growing popularity of the industry in the Philippines. Gaba stated that PDAX’s monthly trading volume has reached over 100 million USD.
The success of the game Axie Infinity has also led to the emergence of new opportunities in the Philippines. With over 40% of the population lacking bank accounts but having widespread access to mobile internet and smartphones, many people in remote rural areas have started using and engaging with cryptocurrency and related financial services. During the COVID-19 pandemic, many Filipinos started playing Axie Infinity, a blockchain game developed by Vietnamese company Sky Mavis.
In the game, players can battle characters and earn an encrypted currency called “Smooth Love Potio (SLP).” During the game’s popularity in 2021, some landlords, gas stations, and restaurants in the Philippines even accepted SLP as a payment method. However, when the cryptocurrency market crashed in 2022, SLP became worthless, resulting in many players losing their investments in the game.
Some Filipinos who earned money through Axie Infinity have started their own businesses or founded gaming guilds. With the return of the bull market, these individuals are now establishing larger-scale businesses and communities. Ian Dela Cruz, a former Axie Infinity player and farmer, is now a game streamer on the platform Twitch. He revealed to The New York Times that many farmers in Pampanga are now playing Pixels and earning cryptocurrency by growing virtual crops.
Sources:
New York Times, Bitperfect, Inquirer
Editor: Gao Jingyuan