Top Rising NFT Game Axie Infinity, to be Regulated in the PH
Axie Infinity has been showing off with significant adoptions in the NFT gaming space across the globe. Axie Infinity, a play-to-earn online game that integrates with NFT, has invited massive numbers of players who believe that this game is an excellent way to earn money, particularly players in Asian countries like the Philippines.
Axie Infinity is an NFT game in which players earn cryptocurrencies and non-fungible tokens (NFTs) by breeding and trading “Pokemon-like” creatures called Axies. As of August 6, the official Axie Infinity Twitter account puts the number of active daily users on all platforms at 1 million. Some of the individuals who have downloaded the game haven’t funded it yet, which means there could be less than 1M Axie owners.
Token Terminal platform, which keeps track of crypto assets, shows the growth in transaction volume in Axie Infinity. It started around May 2021, before making a huge jump in late June to early July. A $7.6 million funding round by well-established investors, including billionaire entrepreneur Mark Cuban, has helped Axie Infinity’s cause.
The Government of the Philippines takes on the hype
This uncontrollable hype has caught the attention of the Securities and Exchange Commission, the DOF and the BIR in the Philippines. The DOF and the BIR report that earnings from Axie Infinity are taxable and subject to income tax. The SEC confirms that the game was developed by a Vietnamese studio, Sky Mavis; it is therefore not registered in the Philippines. Further regulatory guidelines are expected, in order to protect the financial security of the Filipinos.
Final Note
In the last 30 days, the total number of NFT monsters or Axies sold is around 1.65 million, and trades on the Axie Infinity marketplace are at $1.02 billion. The GameFi sector is growing quickly, and more blockchain games are being created. This is going to boost the crypto market, as more people trade coins to continue playing the game. The AXS is currently trading at $75.42.
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