In the evolving landscape of digital finance and entertainment, the Philippines has re-emerged as a vibrant hub for cryptocurrency gaming. Two years after a significant market downturn, innovative play-to-earn models are once again providing viable income streams for many Filipinos, from farmers to urban gamers.
A New Wave of Crypto Gaming
On a typical evening in Quezon City, just miles from Manila, Joniel Bon’s internet café buzzes with activity. Around twenty people gather around high-performance computers, playing games like Heroes of Mavia and Nifty Island. For many, this isn’t just leisure—it’s a livelihood.
These games reward players with cryptocurrency tokens for completing in-game tasks and daily challenges. Many participants convert these tokens into Philippine pesos, often earning twice the country’s minimum daily wage of $11. This model has reignited interest in crypto-based games and created new economic opportunities.
Bon, a former IT professional, opened his café after the crypto market collapse. Despite initial setbacks, his belief in the potential of blockchain gaming never wavered. “I had to keep hoping,” he recalls. “We survived.”
Economic Impact and Growth
The revival of crypto gaming has had a measurable economic impact. According to data from Chainalysis, cryptocurrency transaction volumes in the Philippines grew by 70% between the last two quarters of the previous year, reaching $7.3 billion.
One game leading this resurgence is Pixels, a farming simulation title that rewards players with crypto for harvesting virtual crops. Since November, the number of Filipino players has surged from 80,000 to over 830,000. Today, nearly a third of all global crypto gamers are from the Philippines.
This growth reflects both increased accessibility and the practicality of crypto earnings in a country where over 40% of the population remains unbanked, yet internet access is widespread.
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Regulatory Challenges and Opportunities
With rapid growth comes increased scrutiny. Philippine regulators are evaluating how to oversee this expanding industry while ensuring consumer safety. Kelvin Lee, former commissioner of the Securities and Exchange Commission, highlighted these concerns at a recent crypto conference in Manila.
Lee emphasized the need for a secure and well-regulated environment, noting that a stable crypto sector could benefit a country already experienced in outsourcing and IT services. “If the industry appears lawless or unmanageable, it cannot thrive,” he stated.
The Bangko Sentral ng Pilipinas (BSP), the country’s central bank, has also announced plans to introduce a central bank digital currency (CBDC) within the next two years.
Learning from the Past: The Axie Infinity Phenomenon
The current revival is reminiscent of the 2021 boom, when Axie Infinity gained massive popularity during COVID-19 lockdowns. Players earned Smooth Love Potion (SLP) tokens, which were accepted by some local businesses as payment.
However, the subsequent crypto crash wiped out savings and devalued digital assets, leaving many Filipinos financially vulnerable. Ian Dela Cruz, a farmer and former Axie player from Pampanga, recalls the rapid rise and fall: “When everyone joined, it was beautiful. When everyone left, it was over.”
Despite these challenges, some former players transitioned into entrepreneurship. Teresa Pia, an ex-preschool teacher, now manages a crypto gaming guild with 54,000 members on Discord. She educates members—many of whom are overseas Filipino workers—on trading and investing. For them, even modest crypto earnings can make a significant difference when converted into pesos.
The Role of Guilds and Community
Guilds like Pia’s Real Deal have become essential support networks, offering resources and education. However, the industry has also faced issues such as phishing scams and exploitative practices by some guild leaders.
Bon sees his role not only as a service provider but also as a protector, offering fair access and security for gamers in his community.
Looking Ahead: Sustainability and Diversification
While crypto gaming offers new revenue streams, many participants remain cautious. Dela Cruz, now a streamer and esports team captain, dreams of expanding his family’s farm independent of digital earnings. “The fresh air, the sound of chickens—that’s something you can’t find online,” he says.
The resilience of Filipino crypto gamers lies in their adaptability. Whether through gaming, farming, or entrepreneurship, they continue to explore opportunities within and beyond the digital economy.
Frequently Asked Questions
What is crypto gaming?
Crypto gaming involves video games that integrate blockchain technology, allowing players to earn, trade, or use cryptocurrencies or NFTs within the game. These assets often have real-world value.
How do players convert crypto earnings to local currency?
Players typically use cryptocurrency exchanges or peer-to-peer platforms to convert tokens like Ethereum or in-game rewards into Philippine pesos. These can then be withdrawn via bank transfer or e-wallet.
Is crypto gaming legal in the Philippines?
Yes, but it is subject to regulations by agencies like the BSP and SEC. Users should comply with tax and reporting requirements and use licensed platforms.
What are the risks of crypto gaming?
Volatility, fraud, and cybersecurity threats are common risks. It’s important to use secure wallets, avoid sharing private keys, and only engage with reputable games and guilds.
Can crypto gaming replace a full-time job?
While some earn significantly, income can be unstable. Most successful players treat it as a supplemental income source rather than a primary livelihood.
What’s the future of crypto gaming in the Philippines?
With continued interest and improving technology, the sector is likely to keep growing. Regulatory clarity and better-designed games may lead to more sustainable models.