Title: Crypto Gaming Booms in the Philippines, Bringing New Opportunities and Challenges
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. Seated at computers with large curved monitors, they immersed themselves in popular video games like Heroes of Mavia and Nifty Island, all while enjoying music from artists like Taylor Swift and Maroon 5.
What makes these gaming sessions unique is that players are rewarded with cryptocurrency tokens for completing challenges within the games. Some players have even turned this into a full-time job, earning double the country’s minimum wage by converting their tokens to pesos.
For Mr. Bon, the success of his internet cafe represents a resurgence of interest in cryptocurrencies in the Philippines. After a crash in the market two years ago, he held onto his belief in the technology and now sees his business thriving once again.
The renewed interest in crypto has not gone unnoticed by the government, with officials grappling with how to regulate the industry as it gains popularity. While cryptocurrencies offer new opportunities for earning income, they also come with risks, as the market can be volatile and prone to fraud.
Despite the challenges, many Filipinos have found success in the crypto gaming industry. Some former Axie Infinity players have become entrepreneurs, building gaming collectives and guilds that are now flourishing. Others have found new ways to earn income through crypto, such as streaming video games or harvesting virtual crops in games like Pixels.
While the future of crypto in the Philippines remains uncertain, many are hopeful for the opportunities it brings. As one former player expressed, there is a sense of freedom in being able to pursue other dreams if the industry were to fail again.
As the crypto gaming industry continues to grow, it is clear that Filipinos are embracing this new frontier of opportunity, even as they remain cautious of the risks involved.
