Is Playing Crypto Games Really a Livelihood in the Philippines?

Bittime – In the heart of Quezon City, afast-growingcrypto

The business of Joniel Bon, a prominent figure in the crypto world, is more than just an ordinary venture; it represents the unyielding spirit and adaptability of the Filipino people.

Crypto Gaming as a Source of Living

For many of Joniel's customers, gaming platforms like Heroes of Mavia and Nifty Island are more than just virtual worlds. The platform is a field full of earning opportunities, thanks to the innovative integration of crypto tokens as rewards.

These tokens can be exchanged for local money and generate stable income, well above the national minimum wage.

This business model is unique because it not only supports livelihoods, but also fuels dreams, proving that passion and perseverance can pave the way to prosperity.

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Adapting After the Crypto Crash

Two years ago, the collapse of crypto values ​​destroyed Joniel's hopes of building a thriving gaming community. But now, at the age of 40, he sees extraordinary activity in his business.

In Manila, advertisements for crypto companies are popping up. People are now earning income by farming virtual crops in a crypto game called “Pixels”.

Meanwhile, overseas Filipino workers (OFW) are also returning to the country to earn crypto as MFW (metaverse Filipino workers).

According to data from research firm Chainalysis, the value of crypto transactions in the Philippines jumped 70% from September and October to $7.3 billion in November and December.

As of November, the number of Pixels players in the Philippines was recorded at 80,000 people. That number jumped to more than 830,000 people in March, according to the game's developers. They also mentioned that around 30% of the world's gamers who earn crypto income come from the Philippines.

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Welcoming Crypto as a Lifestyle

Crypto has become very popular in the Philippines, especially during the pandemic lockdown. Although more than 40 percent of the country's population does not have a bank account, the majority of Filipino households have internet access. This allows crypto to reach even rural areas.

During the lockdown, many played the crypto game Axie Infinity, developed by Vietnamese company Sky Mavis. This game allows players to fight with Pokemon-like characters to get crypto called Smooth Love Potion (SLP).

At the peak of Axie's popularity in 2021, SLP was accepted as an alternative to the peso by renters, gas stations, and even some restaurants in the Philippines.

Unfortunately, when crypto crashed a year later, thousands of Filipinos lost their savings in the form of SLP. The game's tokens, which players once traded for thousands of dollars, became worthless.

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The Future of Digital Finance in the Philippines

However, given the potential for fraud and the volatile nature of cryptocurrencies, Philippine officials are wary of a resurgence in this activity.

At a crypto conference in Manila last November, Kelvin Lee, a former commissioner of the Philippine Securities and Exchange Commission, explained that the government is grappling with how to regulate the technology as it regains popularity.

Previously, crypto was often the center of fraud and schemes. The tokens distributed by crypto games are even more volatile than Bitcoin and Ether. This means that the current boom could plummet again.

Lee acknowledged that a booming crypto industry could benefit the Philippines, a country that relies heavily on outsourced customer service and information technology jobs.

Also Read: Cryptocurrency Regulations in Asia, Which Countries Legalize Crypto?

Philippines to Launch Its Own Digital Currency

The Bangko Sentral ng Pilipinas (BSP), the Philippines' central bank, announced to local media last month its plans to launch a Central Bank Digital Currency (CBDC) in the next two years.

According to BSP officials, they aim to complete the development and launch of the digital peso by 2024.

By launching CBDC, the Philippines will be one of the early adopters of this new digital currency model among Southeast Asian countries.

Threats and Opportunities: Weighing the Future of Crypto Gaming in the Philippines

The Philippines is at an interesting crossroads. The economic potential of crypto gaming cannot be ignored, but the dangers also need to be seriously considered.

1. Threat

• High Volatility : As we have seen with Axie Infinity, the value of in-game crypto tokens can be highly volatile. Players risk losing their investment if the token price plummets.
• Fraud: The crypto world is prone to fraud and “pump and dump” schemes. Gamers need to be wary of projects that promise huge profits with little effort.
• Unclear Regulations : The lack of clear regulations in the Philippines can leave players vulnerable to unethical business practices.

2. Opportunity

• New Source of Income : Crypto gaming offers opportunities for Filipinos to generate additional income, especially in rural areas with few employment opportunities.
• Economic Growth : A rapidly growing crypto gaming industry could attract investment and create new jobs in the Philippines.
• Financial Empowerment : Crypto gaming can help increase financial inclusion in the Philippines, as many people do not have access to traditional banking.

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Conclusion: A Bright Future with the Right Approach

The future of crypto gaming in the Philippines depends on the government's ability to balance innovation with consumer protection.

Proper regulation is necessary to combat fraud and protect players from large price fluctuations.

On the other hand, the government also needs to support the healthy and sustainable development of the crypto gaming industry. This can be done by providing incentives to local game developers and creating a conducive environment for investment.

With the right approach, crypto gaming has the potential to become a source of economic growth and financial empowerment for the Philippines. However, it is important to remember that investing in crypto always carries risks.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.