Cryptocurrencies doing what the state is not capable of, makes us think, does the state think of the greater good, or is it so incompetent that a game currency can give more prosperity and freedom to people?
This applies to Brazil as well.
Merchants within the Philippines are accepting Axie's SLP token as a payment method. With nearly half 1,000,000 daily active users and around 60% of these coming from the Philippines, Axie Infinity has metamorphosed, and today, additionally to making sure entertainment for players, it's used because of the hottest payment method within the Asian country.
Just scroll through the social media feed and see the number of ads for all types of belongings you can purchase within the Philippines with SLP. that is what Coindesk's international columnist Leah Callon-Butler did. She is additionally a director of Emfarsis, a consultancy in Southeast Asia that represents clients within the “play-to-earn” sector. Therefore, she interviewed businessmen within the sector, allowing us a far better perspective of the impact of Axie Infinity on the local economy.
Have you ever heard about the game that pays those who achieve mission goals?
Exactly that; You get paid to play. And very well paid, by the way!
There is already a billion-dollar market involved. The game has a series of missions, and when you complete it, you get x number of cryptocurrencies. There are people making beautiful money just playing or investing in the game.
The online game market is free. It has no government regulation.
Of course, the government will rob you through taxes, that's undeniable, but there's no gaming ministry saying how games should be run.
It's free! And such freedom makes it create a demand for remuneration for those who play. Incredible!
Can you imagine an education system where the student is paid in cryptocurrency for passing the grade?
Can you imagine a health system in which the doctor is paid in cryptocurrency for each patient he will cure?
Can you imagine a security system where the police officer is paid in cryptocurrency for each criminal or case that he solves?
Can you imagine a security system where the judge is paid in cryptocurrency for every case he judges?
Of course not?
Do you know why?
These areas are regulated by the government. There is no market freedom to create such solutions!
To develop an education system based on student pay, for example, that completing the tasks would have to be accepted by the MEC, the ministry of education, controlled by politicians.
That is; NEVER!
Do you want to solve the demands of health, education and safety?
Very simple; get the government out of the picture!
These sectors are too important to be controlled by politicians.
The market has proven, thousands of times, that free can satisfy society's demands much more efficiently and cheaply. Or even instead of paying; pay!
The market is awesome, my friends and my friends. The market is awesome!
And it didn't take a president to open a gaming ministry to make a game that pays that achieves its goals. The free market created this!
I repeat; THE MARKET IS FUCK!
The country's Nextperience Group, in mid-July, began accepting the SLP token for payments. Since then, it's processed 50 online bookings, totaling PHP 150,000 ($2,980) in revenue. But it isn't the sole company that has taken this step either.
“The minting and acquisition of SLP have become an everyday task for several people, so it's helpful to be ready to spend it like an everyday currency,” said Joseph Moore, Business Partner of Nextperience Group.
Living within the Philippines, journalist Leah Callon-Butler has seen this trend of appreciation of the SLP in reference to real-world items firsthand. “It looks like the gaming community cares less about what proportion SLP is worth in terms of PHP or USD. a lover of mine, on his first day as Axie, told me excitedly that he won three Chicken Joys in only a couple of hours.”
Axie Infinity Currency Begins to exchange State Money within the Philippines
In some countries, the trading volume for SLP is so high that innovative platforms are allowing users to exchange the token for local currency. However, within the case of the Philippines, a growing number of local merchants have gone a step further as merchants within the country are willing to simply accept SLP tokens as payment for goods and services.
Transactions happen through a fanatical wallet, Ronin, which allows users to hold out up to 100 free transactions a day.
“There are more Filipinos with a Ronin wallet than Filipinos with a MasterCard ,” Nikko Que, co-founder, and CEO of Experience Group told Coindesk journalist.
Also read: the way to assemble an Axie Infinity team investing little
In his Cryptoday newsletter, Luis Buenaventura, co-founder of BloomX, a brokerage that gives an immediate trading pair between the Philippine peso and therefore the SLP, noted the following:
“The average player can earn $4,500 SLP per month, so if we assume that a few thirds of Pinoy players are playing at the optimum level, they're going to collectively earn $222,750,000 SLP this month. what proportion is $SLP in terms of weight? Well, as of in the week, it's over 9 pesos each, which suggests these kids are getting to accumulate about 2 BILLION pesos this month.
To put this in perspective: 2 billion pesos is that the average amount of remittances that each one OFWs [Filipino Worker Overseas] living in Hong Kong remit home to the Philippines monthly .”
Axie has value to Filipinos. Unlike a paper bill, or maybe a bitcoin, SLP exhibits inherent usefulness because it can always be wont to generate more Axies, making it almost like other payment tools that are used over time, like gold, rice, rum, and cigarettes.
Clearly, the usefulness of the SLP won't make it honest leverage if you are not playing the sport, but it just reiterates the authenticity of this community and therefore the real, organic demand for the token.
As Axie's SLP takes on a lifetime of its own, the country's monetary authorities have already sensed the demand for digital SLP payments and have figured out how to tax them.
The Philippines' financial institution, in response to the currency phenomenon, said this was an enormous step towards the bank's goal of creating the Philippines a “heavy and cash-strapped digital society”, with 50% of all transactions being digital by now 2023.
For Filipino metaverse workers, the SLP is that the elixir of community development, demonstrating that the definition of cash is fluid and value is within the eyes of the beholder.