Axie Infinity player buys two houses in the Philippines from in-game profits
An Axie Infinity player from the Philippines claims to have purchased two houses with profits earned through playing the crypto-powered play-to-earn game. An Axie Infinity player from the Philippines bought two houses with his earnings from the popular crypto-powered play-to-earn game. Earlier this month, 22-year-old John Aaron Ramos, who plays under the pseudonym “Magnus TV,” took to social media to announce that he had purchased two houses in the Philippines from profits earned playing Axie Infinity. In the post, Ramos attributes the purchases to the surging price of Axie’s in-game token....
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The government of the Philippines is not yet certain on whether to classify Axie infinity-game NFTs as currency or securities. The Axie Infinity is one of the Philippine games powered by cryptocurrency that has recorded enormous success since its creation. However, amid this, the local Finance Department revealed their intention to short-cut profits emanating from […]
According to a regional report, the Philippines Bureau of Internal Revenue (BIR) is focusing on the blockchain-powered game Axie Infinity over tax concerns. Finance Undersecretary Antonette Tionko explained to the press that BIR is looking into methods aimed at capturing Axie Infinity players failing to pay their income taxes. Philippines Bureau of Internal Revenue Wants Its Cut From Axie Infinity Earners The Ethereum-game “Axie Infinity” has made waves not only in the crypto realm but also in terms of mainstream media attention. The game has gathered a lot of popularity and....
The Philippine government is yet to determine whether Axie’s in-game NFTs should be classified as securities or currency. Amid the enormous success of crypto-powered game Axie Infinity in the Philippines, the local Department of Finance has made clear that it wants a cut of profits generated by playing Axie and other play-to-earn games.An August 23 report from Inquirer cites Philippine Finance Undersecretary Antonette Tionko as clarifying that any profits gleaned through play-to-earn games are subject to income tax. “Cryptocurrency is an asset, so it’s already taxable in the Philippines....
While it may seem like an expensive game, it is actually a relatively cheap way to get involved in NFT investing. The Pokemon-inspired Axie Infinity has grown to become the number one nonfungible token, or NFT, game on the Ethereum blockchain, with over 7,000 on-chain active monthly users.This week saw the launch of its $2.97 million Axie Infinity Shards (AXS) governance token sale on Binance Launchpad, so Cointelegraph got deep down and dirty with the game to see what all the fuss was about.Picking your Alpha AxiesTo get started you need at least three Axies. These are the creatures that....
This year, the Sky Mavis-crafted blockchain game Axie Infinity has seen incredible growth and has recently surpassed $3 billion in all-time sales. However, researchers at Naavik explain in a recent study that Axie Infinity players called ‘scholars’ are seeing daily earnings drop, and many have seen earnings dip below the minimum wage line of countries like the Philippines.
Naavik Researchers Take a Deep Dive Into Axie Infinity — ‘Scholar’ Earnings Have Been Dropping Since August
The Ethereum-based blockchain game Axie Infinity is one of the....