![]() He plans to turn them into Axie Infinity scholars. He recently bought two teams of Axies for his girlfriend and one of his sisters. In Manila, Lumabi's monthly earnings have more than halved since he started playing, but he is unfazed by the volatility. You do have to understand how to play this game well," said YGG's Buenaventura.Īdding to the woes of players in the Philippines, the country's tax authority said last year that players should pay tax on their winnings from the game. "People are starting to understand that it's not free money falling out of the sky. The currency has since recovered slightly to around $0.03 (€0.026), but still far from the 2021 gold rush peak. Sky Mavis has made some tweaks to the game to limit how many SLPs a player can generate, acknowledging concerns about inflation and unsustainability. Last year, as the game upgraded to allow easier and cheaper trading, the value of SLP rocketed from around $0.03 (€.026) on April 26 to nearly $0.32 (€.28) on May 2 - more than 900 per cent in less than a week, according to crypto data provider CoinGecko.īut by the end of January this year, it had plunged to just a cent which had a huge impact on how much fiat currency players could earn. It had been clear for months, however, that the game was facing an issue with its economy, and the SLP and the AXS have experienced the kind of volatility seen in many other crypto assets. Order your McDonald’s in the metaverse? The company applies for NFT and virtual trademarks."There are a lot of things other than monetary value that people can get from the game," he said. Sky Mavis co-founder and chief executive Trung Nguyen told AFP that Axie Infinity, which is partly owned by players, was "not a zero sum game". "If Axie wants to survive the next market crash, they will need to build some real-world utility into their game that does not depend on the mood of the markets". "This entire system works well while the Axie company is flush with cash and willing to fuel a massive marketing machine," he said. Jonathan Teplitsky of blockchain firm Horizon Labs warned most play-to-earn games were a "house of cards" fuelled by "hype and price speculation". It has also attracted deep-pocketed backers, including US billionaire Mark Cuban.īut some gaming industry analysts say its business model is unsustainable, pointing to the need for new players to keep money coming in. Sky Mavis earns revenue from the game mainly through breeding and marketplace fees, and Axie Infinity has generated over a billion euro in revenue. The price of virtual land NFTs in the metaverse is skyrocketing but is the market overheating?Īs the number of daily active players skyrocketed in 2021, the price of Axies and SLPs also soared, raising questions about the game's sustainability.
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