BTC365: Earn from Playing Games like Axie Infinity
The BTC365 Team – 9th Sept 2021: If you’ve ever wanted to relive your childhood days by breeding and battling fantastical digital beasts, you’re in luck. Axie Infinity is the newest digital game to ride the NFT wave, offering players the opportunity to indulge in nostalgia and paying them for the pleasure. According to a […]
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Blockchain-based games that allow players to earn cryptocurrencies as they play are paving the way for a new era in gaming. The online gaming industry has been on the rise for the past few years and for a good reason. From a global pandemic pushing an online revolution to the ever-increasing mobile and internet penetration, more people are spending more time online. It is no wonder the industry is big money, raking in over $20 billion in revenue for 2020 alone. With an estimated 1 billion online gamers currently active worldwide, experts forecast growth in numbers reaching a whopping 1.3....
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....
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....
One way to earn money on the platform is to breed in-game creatures called Axies using crypto, mint them as NFTs, and sell them to other players. It's no secret that video-game streaming platforms, such as Twitch, have made it possible for players to earn money by broadcasting their gaming experience to an audience of gaming enthusiasts. But now, the tokenomics of blockchain-powered digital games like Axie Infinity have made it possible for users to make money by simply playing the game. At the time of publication, Axie Infinity has over 360,000 concurrent players.Based on data from....
Play-to-earn games like Axie Infinity exploded in popularity during the COVID-19 pandemic, giving thousands of video games enthusiasts in low-income countries like the Philippines a chance to earn a living. The rise of P2E was a godsend for many, because in the Philippines its gross domestic product declined 9.6% in 2020, its biggest drop in more than 70 years, according to a study by IHS Markit. With so many Filipinos finding themselves out of work, thousands flocked to P2E games. Axie Infinity’s team reported in March 2020 that more than 29,000 new players from the Philippines signed up....