There are many ways to invest your money. You could open a business. You could invest in stocks. Or like many people are discovering now, you can play Axie Infinity in the Philippines.
Axie Infinity has exploded in popularity, especially in the Philippines, where a large majority of its player base is made of the youth and people who are looking for a way to earn more during the pandemic. Gaming, in general, has become a go-to escape amidst the pandemic as a stress reliever and as a fun way to pass the time—but it’s a different ball game altogether when you have to invest actual money.
If you’ve played Pokémon or Hearthstone, the idea of this game is similar. It is a strategic platform that requires you to plan ways to choose, breed, and battle. You enter the universe after investing in 3 digital pets called Axies, which you strategically choose based on your budget and how capable the Axie is. Your SLP grows as you battle the Axies of other players and experience adventures inside the universe. Earnings are based on your performance – you can choose to exchange your SLPs for cash, which you can strategize based on its rate for the day.
Why is the game so popular?
Investing in Axie Infinity is not cheap. Less valuable Axies cost around Php 10,000 each, and you need to buy a team of 3 to join. So a ballpark investment would be Php 70,000 to really make serious bank. With so much money on the line, why would anyone want to start playing this game, let alone risk losing that kind of money?
The short answer is the potential ROI and the ease of earning back the money you invest. It’s a way to earn money without having to leave your home, and it also doesn’t hurt that there are already numerous success stories of players who have made that initial investment back and then some. Take Aaron Ramos for instance – he was able to buy houses from his Axie earnings. Yes, you read that right – he earned enough from playing a game that he was able to buy two houses. Houses – plural.
So…do you invest in Axie or do you invest elsewhere? In the end, investing in anything is a risk. It’s also worth mentioning that the game does have bugs that cause people to accidentally get banned or have trouble logging in, which is obviously a problem if you’ve already invested close to Php 100K into the game. Just think of Axie Infinity as investing in a volatile stock option. The risk is there, and the barrier to entry is high, and there’s a good chance that you won’t be able to recoup your investment right away. But for people who have a high tolerance for risk or who desperately need to make money fast, it’s a tantalizing get-rich method that has already benefitted other people lucky enough to get in at the ground floor when it was taking off.
So is investing a good idea? You be the judge, as long as you are careful with how you manage your money.
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Curious about how Axie Infinity works? Check out this video by Carlo below:
