A new gamefi phenomenon swept Southeast Asia during the summer of 2021. Its year-long stratospheric ascent was evident in the Philippines. Here the market was ripe for the play-to-earn NFT game Axie Infinity.
Online gaming is expected to reach US$1.52 billion in the Philippines by 2025, thanks to the country’s tech-savvy population.
Axie Infinity’s success demonstrates the benefits of combining real-world earning opportunities with casual gaming. Approximately US$36.9 million has been sent back to the Philippines by Axie Infinity players from abroad.
After a US$600 million breach by Axie Infinity, user confidence in play-to-earn games declined due to entrenched power structures and long-term economic sustainability (P2E).