Crypto game promising to overcome from poverty itself in debt
July 25, 2022
Filipino game that promised to lift people out of poverty seems to fail in its objective.
Thousands of Filipino players entered the crypto game Axie Infinity last year.
However, the game’s economy crashed.
After 14 months, most Filipino players had to quit the game,some with a financial loss of several thousand dollars.
The tokens used for in-game purchases are held in Sky Mavis’s large hoard. More than $150 million had been raised by the company by last October from investors like Andreessen Horowitz, a venture capital firm.
Since last summer’s SLP price increase, many new players have been unable to afford their first monsters due to financial constraints.
By early spring of 2022, the cryptocurrency market had hit rock bottom, generating almost useless participation.