• How Axie Infinity Helped Unemployed Gamers Become Bitcoin Traders

  • Gallarte, 25, had no previous interest in the bitcoin space, like many newcomers to the so-called game to make money.

    Gallarte made more than 37,000 pesos ($732) in his first two weeks of Pokémon-style exploration and battles.

    Axie Infinity’s daily active users increased from 30,000 in April to more than 1 million in August.

    When Vincent Gallarte was fired in July, he discovered an unusual source of income: an online game that paid in cryptocurrency.Gallarte earned more than 37,000 pesos ($732) in his first two weeks of Pokémon-style exploration and battles, more than three times what he earned at his regular job. The 25-year-old Gallarte, like many so-called beginners in the game to make money, has no particular interest in the bitcoin, ethereum and other cryptocurrency space. He now envisions a successful second career. My boss cancelled my contract the same day he started playing Axie, he stated. He was very grateful.

    Axie has become a gateway for investors

    Axie Infinity is one of the most popular – and divisive – of these new games that allow players to collect tradable cryptocurrencies. It’s a gateway to cryptocurrency for individuals around the world, according to investors like billionaire Mark Cuban and Reddit co-founder Alexis Ohanian, who were part of a $7.5 million fundraising round for Vietnamese game maker Sky Mavis in May. Others see signs that the Axie Infinity model is unsustainable, citing a high buy-in cost of $600-plus and a surge of new people working for low-value tokens.

    Axie Infinity’s daily active user base increased from 30,000 in April to more than 1 million in August, with most users coming from developing countries heavily affected by Covid, such as the Philippines, Brazil and Venezuela. Axie was originally developed on the Etherscan network, and in the past month it has been transferring about $30 million worth of ethereum per day, according to Etherscan. That’s not much in the $2.2 trillion cryptocurrency space, but it’s significant for players and governments of poorer countries. The Philippine Department of Finance and the Internal Revenue Service notified players on Monday that their Axie Infinity profits are subject to income tax, according to local media reports.

    Leonard Larson sees himself as the architect of the gaming universe

    Aleksander Leonard Larsen, SkyCity’s chief operating officer, and co-founders said they take their responsibilities seriously, monitoring the in-game currency and modifying the marketplace as appropriate. Some people compare us to the Federal Reserve, he said in an interview. They are the ultimate architects of this universe, and it is up to them to ensure that it continues to exist. They constantly monitor the economy to ensure that it remains stable.

    Players lead colorful creatures known as Axies in the virtual environment Lunacia in Axie Infinity, collecting two types of currency. Smooth Love Potions (SLPs) are earned in battle and can be cashed in or used to breed new Axies in the game.Seasonal tournaments and selling Axies on the game’s marketplace can earn you Axie Infinity Shards (AXS).AXS can also be cashed in, though they’re supposed to work like stocks, just like other governance tokens: according to Sky Mavis, holders will eventually be able to vote on new game features or corporate spending requests.

    A cousin introduced the game to Gallaert. To get started, however, players need three Axies, which cost about $200 each. This was simply too much for Galalter, who had recently lost his job. He got a sponsor, someone who would lend his Axies to new players in exchange for their share of the game’s revenue, which could be as high as 90 percent. Any money the player earns with the borrowed Axie goes to the owner, who remits his share of the money to the player.

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