• Axie Infinity tweets willingness to work with Philippines on tax requirements

  • Axie Infinity, one of the world’s most popular non-fungible token (NFT) games, tweeted that it “looks forward to working with brick-and-mortar countries” and called on its digital users to comply with their own laws, presumably referring to local tax laws.

    The tweet comes just days after the Philippine government said it intends to tax the income of play-to-earn crypto games and players like Axie Infinity.

    Axie’s market performance has surged since July. Earlier this month, Axie Infinity’s founders announced that its token marketplace had reached $1 billion in trading volume. Meanwhile, there are over 1 million daily active players.

    Players in the Philippines make up 40 percent of Axie’s user base, which is much higher than second place Venezuela at 6.31 percent and third place the United States at 5.72 percent.

    Axie Infinity is not only a game, but also a way for some players to make money, and a documentary published in May shows some Filipinos making a daily living by playing the game in the midst of the pandemic recession. Some players say they can earn up to $300 a month, almost twice the minimum wage of $170 in the Philippines.

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