Axie Infinity has left Filipino gamers despondent and in debt
when his friend told him he could make way more money playing a new video game.—Japanese octopus balls. His friend told him he and others were pocketing up to $600 a month playingOrias, now 26, desperately needed an escape hatch from his financial woes: his mother had had a stroke and required medication, and electricity and grocery bills were stacking up. So he plunged intodoing battle with cartoon monsters for hours deep into the night.
Sky Mavis takes a cut of in-game transactions and sits on a large stash of tokens. By last October, the company had raised more than $150 million from investors including the venture-capital firm Andreessen Horowitz. Owen Convocar, a Rizal-based gamer, heard murmurs about Axie’s earning potential for months in early 2020 before he decided to enter the game as a scholar. In 15 days, he earned $487. He soon invested $1,200 to buy his own Axie monsters, splitting the total cost 60/40 with his mom.
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