Manila (AFP) – Dominic Lumabi sits on the computer in his Manila bedroom pitting his puffer fish-like cartoon NFT characters against others. But this is not just a game — he is earning cryptocurrency to support his family during the pandemic.
The source of his income is Axie Infinity, a blockchain-based play-to-earn game that exploded in popularity in developing nations such as the Philippines as Covid-19 destroyed jobs and forced many to stay home.
Its fans, financial backers and creators — Vietnam-based Sky Mavis — say it is a revolutionary step towards the future of the internet.
Detractors warn the game is a “house of cards”, some likening it to a fraud scheme driven by hype and speculation.
“At first, I was sceptical because I thought it was a Ponzi scam,” said Lumabi, 26, who began playing last June after losing his job at an advertising firm and making a failed foray into online selling.
About 35 percent of Axie Infinity traffic — and the biggest share of its 2.5 million daily active users — comes from the Philippines, where high proficiency in English, strong gaming culture and widespread smartphone usage have fuelled its popularity, Sky Mavis said.
In Axie Infinity, players participate in battles using colourful blob-like Axies, and are mainly rewarded “Smooth Love Potion” (SLPs) that can be exchanged for cryptocurrency or cash — or invested back into the game’s virtual world Lunacia.
