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How To Play Axie Infinity and Earn With GameFi in the Philippines

2021-11-02

The famous P2E, or "play to earn" game known as Axie Infinity has an extensive following in the Philippines. Enterprising Filipinos have developed an innovative way to rent NFTs to other players so both parties can earn. In this article, find out how you can earn passive income with Axie Infinity and SLP tokens using Binance.

Axie Infinity, an NFT (non-fungible token) play to earn game has spread like wildfire in the Philippines, climbing the charts to become one of the most popular games today. Many players are drawn to Axie Infinity for its play to earn mechanic, which allows everyday gamers to earn money while playing. While cashing out in-game earnings can be a complicated process, Binance makes it easy for new and veteran players alike. 

Last year, there was a small player-base in Cabanatuan City, Nueva Ecija, consisting of around 100 players. These individuals played Axie Infinity to pay for bills and expenses during the COVID-19 lockdown. The region, which is famous for its vast rice fields and “tuk-tuk”, or motorized tricycle vehicles, was in need of new economic opportunities before games like Axie Infinity came along.

How to Play Axie Infinity in the Philippines

Today, more people in the Philippines play Axie Infinity than anywhere in the world. This has allowed Axie to receive significant new rounds of funding. According to the game developer, Sky Mavis, the growth statistics of Axie Infinity last March indicated that more than 29K individuals downloaded Axie in the Philippines compared to the 70K global download figure. The next biggest traffic sources came from Venezuela and Indonesia, two countries where the local economies are still recovering from the economic impact of COVID-19.

In the emerging play to earn space, the leading game is Axie Infinity because it allows people who play blockchain games to earn yield that comes in the form of various rewards like tokens. People can use those tokens in-game or trade on the open market, depending on the player’s wants. The latter option represents a vital shift in the world of gaming as assets that are traditionally in-game have been confined to in-game worlds, without the ability to be moved off the platform.

For certain individuals, the play to earn concept is attractive, as players can generate some passive income simply by playing and having fun. For some in the Philippines, games like Axie Infinity are considered a legitimate way to earn income that can pay the bills and even serve as a primary income stream.

There have been amazing stories of success. People who earned money from playing Axie were able to buy everything they needed to cover their daily expenses. It allowed families to pay for the school fees of the kids and buy digital devices, which are needed for homeschooling. Others have even bought motorcycles for personal travel or for use as delivery service vehicles. Many more were able to upgrade their mobile devices. Some used the money to renovate their homes. A man was able to buy a block of land, and a 22-year-old was able to buy two homes. Because of NFT gaming, an overseas Filipino worker earned enough that he quit his job in South Korea so he could spend time with his family here in the Philippines.

Since the in-game reward token of Axie Infinity, SLP, has a significant trading volume, the well-known cryptocurrency exchange Binance P2P now offers a direct swap between the Philippine Peso and SLP.

However, since the game increased in popularity and the Ethereum network's transaction fees increased, there has been a significant increase in the price to get into Axie. Last 2020, buying a team of three Axies only cost $5. These NFT pets inspired by Pokémon can be in battles with other Axies so they can win SLP as a prize. Nowadays, to get a decent team, you need to spend $1,000.

Because of this new price point, it is beyond the reach of a lot of people who want to get into play-to-earn games. If you want to get into this permissionless dApp, you may have to go through a long waiting list.

How To Use Scholarships To Get Access To Axies Without High Expenses

If you want to get around the really high expenses, try applying for a scholarship, a program developed by the Axie community. In this model of profit-sharing, people who own Axies can have their NFTs rented out to new players. This will allow them to play the game and start earning SLP without the need to invest upfront money or buy NFTs.

The earnings will be split between the owner of the NFT, the community manager and the player. The community manager is the person responsible for the recruitment, training and mentoring of the new player. The only requirement for the new player is enthusiasm, time and the willingness to learn.

These scholarship programs were not officially offered by Sky Mavis. They came from the Axie community members who own more Axies than they can feasibly battle with. Because of that, they have some of their Axies rented out so that unused Axies will have a greater utility.

The idea of renting out assets is among the oldest business models in history. While this is a new model for the NFTs space, it only became possible in Axie Infinity because the username and password of a player are stored separately in the crypto wallet. It is unlike most of the other dApps wherein the identity of the user is tied to the wallet. In Axie, the owner of the NFT can allow other players to use, borrow, and have fun with their assets without the need to share their private keys.

Yet, this may still not be the best arrangement as it may not be trustless. A fraudulent Axie proprietor may decide to keep all of the SLP earnings they got in their wallet and not give the player their cut. Aside from that, players can have more than one pseudonymous account, so they can simultaneously reap the rewards all across different scholarship programs. That is why community leaders actively monitor and strictly prohibit this.

Even if there may be KYC or know-your-customer challenges, the phenomenon has continuously gained momentum, and programs are becoming highly sophisticated. The initial models came among friends, where a good Axie owner has offered to share their NFT with their friend, enabling that individual to keep it as long as he or she will pay back the asset value when they earn SLP.

Conclusion

In contemporary models, Excel spreadsheets have been used for the manual management of a lot of scholarship recipients, including their accrued payouts. Some have even leveraged bots and smart contracts so that payouts for hundreds to thousands of Axie lessees will be automated.

Because of that, underserved players can benefit from local innovations like the leasing model found on Axie Infinity. In this case, communities for marginalized gaming have shown the whole world what they can actually do with the NFTs.