BITCOIN AND AXIE'S IMPACT ON THE ECONOMY

BITCOIN AND AXIE'S IMPACT ON THE ECONOMY
Bitcoin has had massive income in the world, AXIE Infinity is emerging as one of biggest play to earn games in the world. How big will Bitcoin and Axie be and will it have a massive impact on the Philippine economy?
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Axie Infinity, the most popular crypto-based game and blockchain-using metaverse project, hit a $30 billion valuation. Its native token AXS rose past $110 this weekend, and it is currently trading at $29.5 billion.
In regions like Southeast Asia, specifically in the Philippines and Vietnam, Axie Infinity is fueling a digital economy based on crypto assets.
People are playing Axie Infinity as their main source of income in areas where banking services are hard to access and often expensive.
Axie Infinity’s gameplay works like this: users purchase Axie characters as NFTs and once they have a set of three Axies, they can play against other users.
The AXS token is the native token of Axie Infinity. It is used to as the main in-game currency. Hence, if the revenue of the game is high, the utility of the AXS token increases, boosting its value.
According to Token Terminal, AXS is driving about $28.9 million in weekly revenue.
Annualized, this is equivalent to $1.5 billion in revenue, which is comparable to blockbuster games in the traditional gaming sector.
It’s Expensive To Buy NFTs And In-Game Tokens: What’s Driving The Adoption?
Since users need to buy NFTs, like Axies, to play games such as Axie Infinity, one could argue that there is a high barrier of entry.
The main reason why the user activity of Axie Infinity continues to increase despite the increase in the price of AXS and Axie NFTs is the rise of guilds.
Guilds, like YGG, Avocado Guild, and GuildFi, essentially allow users to borrow Axie NFTs to play Axie Infinity, with a revenue share system.
This way, users are able to play games like Axie Infinity without spending significant sums of money in the beginning, and at the same time, support their guilds that provide them with the opportunity to play the game.