Axie Infinity Has Left Filipino Gamers Despondent and in Debt

Andrew R Chow and Chad De Guzman, reporting for Time: Samerson Orias was working as a line cook last year in the rural Philippines when his friend told him he could make way more money playing a new video game. Orias was earning about 4,000 pesos a month (about $80, a little less than half the national minimum wage) making takoyaki -- Japanese octopus balls. His friend told him he and others were pocketing up to $600 a month playing Axie Infinity, a game fueled by cryptocurrency and NFTs. Orias, now 26, desperately needed an escape hatch from his financial woes: his mother had had a stroke and required medication, and electricity and grocery bills were stacking up. So he plunged into Axie, doing battle with cartoon monsters for hours deep into the night. He soon began earning cryptocurrency, which he converted into pesos, allowing him to take better care of his mother and his home. At the same time, thousands of young people in the Philippines were jumping headlong into the game. For a brief moment at the peak of crypto's astonishing 2021 boom, these young Filipino players were fulfilling a longtime dream of crypto's most ardent evangelists: that "play-to-earn" blockchain games like Axie could lead the way to a more equitable, opportunity-rich global economy. Fourteen months later, most Filipino players, including Orias, have exited the game nursing anger and anxiety -- and, in some cases, thousands of dollars down. Orias grew to hate playing the game. It was boring and stressful, he says, a common refrain among the dozen players TIME interviewed for this story. "I felt fatigued all the time. I became more aggressive in every aspect of my life," he says. The story of Orias and Axie Infinity serves as a cautionary tale for crypto and its bombastic rhetoric about changing the world. Many crypto thought leaders, when rebutting criticism about the unsavory aspects of the space, point to its impact in developing countries. But Orias and others say that Axie Infinity reinforced predatory systems and gave them false hope. Innovative metaverse ideas like Axie Infinity offer immense promise -- but also tangible peril for those who feel they have no other option but to take the plunge into the digital unknown. The game initially made a huge impact in the Philippines. At one point, players there made up 40% of the game's user base.

Read more of this story at Slashdot.

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