The effects of blockchain technology are far-reaching, facilitating the development of new features for different industries. For instance, supply chains benefit from blockchain technology in improved tracking, reduced profitability of counterfeit markets, proffering visibility to the manufacturing sector, incorporating better storage features, and increased trust.
In the automotive industry, blockchain is helping with the proper recall of vehicles, self-driving cars, warranty management, tracking counterfeits, vehicular servicing, transferring of ownership, and much more.
In the manufacturing industry, blockchain is crucial in injection traceability and transparency, regulatory compliance, data storage and accessibility, incorporating smart contracts, and reducing product recalls.
Some countries and regions are also benefiting from the advent of blockchain technology. For instance, some central banks are experimenting with creating their Central Bank Digital Currency on the blockchain. In its Sango Project, the Central African Republic is constructing a city centered on Bitcoin.
Some Philippines residents earn income through Play-to-Earn games like Axie Infinity. The concept of earning returns by playing blockchain games has amassed quite a large following in the Philippines.
Play-to-Earn games are highly sought after in the Philippines, especially Axie Infinity. According to reports, Axie Infinity has around 2.5 million daily active users, “with 40–50% of them in the Philippines.”
This is one of several Play-to-Earn games that have piqued the interest of some Filipino residents.
Statistics show that several Filipinos are interested in cryptocurrencies. According to statistics, “the volume of cryptocurrency transactions in the Philippines reached 7.2 million in 2020, reflecting a 36 percent increase from the previous year.”
This article examines how blockchain technology is changing the face of the Philippine economy.
The Play-to-Earn Gaming Craze
Gaming Guilds
Play-to-Earn (P2E) games are another aspect of blockchain technology that has become quite common in the Philippines. This type of technology has given rise to blockchain-based games such as Axie Infinity and gaming guilds such as Yield Guild Games.
Crypto gaming guilds are “platforms that allow both new and experienced gamers to interact with one another. Usually, this type of gaming guild supports new gamers with scholarships, tutorials, and much more for multiple play-to-earn games. An example is Yield Guild Games (YGG). ”
Blockchain gaming guilds in the Philippines serve as a community for gamers who share similar interests.
It is a safe haven for gamers all over the world to interact and share tips and collectibles.
Guilds also provide scholarship programs for Filipinos who want to play Play-to-Earn games but do not meet the minimum requirements.
Gaming guilds hold these NFTs and crypto assets in their portfolios and make them available to community members interested in playing various games.
Scholarship managers are typically employed by gaming guilds to source potential gamers, train them, provide them with tips on how to maximize their benefits, and manage the assets in the scholarship program.
Managers typically ensure that assets are used for their intended purposes.
The main aim of a gaming guild in the Philippines is to offer earning opportunities to gamers or community members. By participating in a gaming guild’s scholarship program, the user earns rewards that are shared in a percentage with the guild.
Not every member of a gaming guild may be an active gamer. Some offer their in-game assets to the guild to earn returns. Some act as scholarship managers, while the rest may hold the native token of the guild to enjoy other perks attached to it.
Axie Infinity
The Play-to-Earn (P2E) gaming craze is another aspect of the blockchain gaming industry in the Philippines. Participation in P2E games such as Axie Infinity has increased exponentially. P2E games are blockchain games that reward users for participating in the gameplay.
The reward could take the form of cryptocurrency or NFTs.
Typically, P2E games necessitate the use of in-game assets in order to play and navigate the terrain. Every P2E game has its own unique gameplay.
Some may entail breeding creatures and using them to increase their resource base. Others’ gameplay may be combative. In some cases, the gameplay may revolve around liquidity farming.
In the case of Axie Infinity, one of the most popular Play-to-Earn games in the Philippines, players are expected to breed Axie creatures.
Axie Infinity is similar to the Pokemon series in that users collect adorable creatures and use them to battle opponents. Players will be expected to breed their Axies in order to increase their strength and quality. Starting the game is expensive because players are expected to own their Axies, which are in-game NFTs.
Holders of the Axies can decide to use them in the game or sell them for money in the marketplace. Those who breed their Axies can create powerful teams and earn higher rewards than other Axies. The market price of an Axie is determined by its quality. In addition to selling their Axies in the marketplace, users can use their NFTs to earn rewards in the game, such as Smooth Love Potion (SLP).
The Philippines accounts for roughly half of those who use Axie Infinity. The initial investment required to gain access to the game is out of reach for the average Filipino. Filipino gamers join gaming guilds such as Yield Guild Games (YGG) to ensure they can access the necessary in-game assets.
Typically, guilds provide the necessary assets, and these in-game assets are controlled by smart contracts to ensure that they are not stolen or misused. These Filipino gamers are given instructions on how to play the game and earn rewards.
The rewards are shared between the players and the guild. Some gamers have taken on this role as a full-time job or an additional income source. The bearish market conditions have impacted the monthly returns that some Filipino gamers earn.
Training Program
The Philippines government is interested in blockchain technology and what it has to offer. This prompted the government to launch a training program to research the potential use cases of blockchain in the country. Members of the government’s Department of Science and Technology (DOST) are spearheading the training program.
According to a DOST official, Enrico Paringit, “the aim of the training was to see how blockchain could play a role in areas such as healthcare, financial support, and emergency relief.”
He also disclosed that “the department is also looking at how blockchain can be used in passport and visa issuance, trademark registration, and government records.”
The training program seeks to unearth non-crypto applications for blockchain technology.
In Conclusion,
- Blockchain technology has several intriguing use cases.
- Blockchain games that reward users for participating in gameplay are known as “Play-to-Earn (P2E)” games.
- Some residents of the Philippines are earning income by participating in Play-to-Earn games like Axie Infinity.
- Crypto gaming guilds are platforms that allow both new and experienced gamers to interact with one another and earn returns.
- There has been a significant increase in interest in Play-to-Earn games such as Axie Infinity.
- The Philippine government is interested in blockchain technology and the benefits it can provide. This prompted the government to launch a training program to research the potential use cases of blockchain in the country.
- The primary goal of the training program is to discover non-crypto use cases for blockchain technology.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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