Title: Crypto Gaming Booms in the Philippines, Bringing New Opportunities and Risks
On a recent Tuesday night in Quezon City, just 10 miles from Manila, around 20 people gathered at Joniel Bon’s newly opened internet cafe. Equipped with top-of-the-line computers and curved monitors, they immersed themselves in popular video games like Heroes of Mavia and Nifty Island, all while earning cryptocurrency tokens as rewards.
For some of Mr. Bon’s customers, playing these games has become a full-time job, with earnings surpassing the country’s minimum wage. The resurgence of crypto in the Philippines has brought about a wave of new opportunities, with billboards for crypto companies popping up around Manila and virtual farming games like Pixels becoming a source of income for many.
The value of crypto transactions in the Philippines has surged in recent months, signaling a renewed interest in the industry. However, with this boom comes the risk of fraud and scams, prompting officials to consider how to regulate the technology responsibly.
Despite the potential pitfalls, many Filipinos have found success in the crypto gaming industry. Former Axie players have transitioned into entrepreneurs, building gaming collectives and guilds that are thriving in the current market.
Teresa Pia, a former preschool teacher turned crypto gaming guild leader, has seen her members earn enough to return home to their families. Similarly, Ian Dela Cruz, a farmer turned e-sports team captain, has found success as a video game streamer and crypto earner.
While the industry in the Philippines is not without its challenges, the opportunities it presents have been life-changing for many. As the crypto market continues to evolve, Filipinos are navigating the risks and rewards, with some already looking towards new opportunities beyond the digital realm.