The Rise of Play-to-Earn in the Philippines
Two years after the cryptocurrency market crash, Filipino farmers are finding new income streams through Pixels, a play-to-earn (P2E) crypto game.
On a typical Tuesday night in Quezon City, just 10 miles from Manila, Joniel Bon’s newly opened internet café buzzes with activity. Around 20 gamers crowd the second floor, glued to 34-inch curved monitors playing Heroes of Mavia and Nifty Island. The air hums with Taylor Swift and Maroon 5 as players complete in-game challenges to earn cryptocurrency tokens—often converting them to pesos at twice the country’s minimum wage ($11/day).
From Crash to Comeback
Bon, a 40-year-old former IT professional, once feared his entrepreneurial dreams were dashed after the 2022 crypto collapse. But today, his café symbolizes the resurgence of crypto in the Philippines, long a hotspot for blockchain activity.
- Bitcoin’s rally to all-time highs in March 2024 reignited local interest.
- Pixels saw Filipino players surge from 80,000 (November 2023) to 830,000+ by March 2024.
- Chainalysis data: Crypto transactions in the Philippines jumped 70% to $7.3 billion in late 2023.
👉 How Pixels is revolutionizing virtual farming
The Axie Infinity Legacy and Lessons Learned
During COVID-19 lockdowns, Axie Infinity became a lifeline for unbanked Filipinos. Players earned Smooth Love Potion (SLP) tokens—accepted by landlords, gas stations, and even restaurants at its peak. But the 2022 crash wiped out savings overnight, leaving purchased game assets worthless.
Ian Dela Cruz, a 30-year-old farmer turned Twitch streamer, recalls:
"When everyone rushed to exit, the game was over. Now, farmers in my province earn side income harvesting virtual crops in Pixels."
Guilds and New Opportunities
Entrepreneurs like Teresa Pia (27) transitioned from teaching to running Real Deal, a 54,000-member Discord guild. She trains overseas Filipino workers (OFWs) in crypto trading—many now earn enough to return home.
Key Challenges:
- Regulatory uncertainty: Philippine officials grapple with balancing innovation and fraud prevention.
- Scams: Phishing attacks and exploitative guild fees remain rampant.
👉 Why guilds dominate crypto gaming
The Future: Beyond Crypto Dependence
While P2E games offer vital income, some like Dela Cruz dream of self-sustaining farms:
"Fresh air and rooster crows—what you can’t find online."
FAQ Section
1. How do Filipinos cash out crypto earnings?
Most convert tokens to pesos via local exchanges or peer-to-peer platforms.
2. What’s the average daily income from P2E games?
~$20–$25 (double the minimum wage).
3. Are crypto games regulated in the Philippines?
Not yet—the SEC is drafting frameworks to protect players.
4. Can P2E replace traditional jobs?
For some, yes. But diversification (e.g., streaming, farming) is key.
5. How secure are crypto wallets in the Philippines?
Use hardware wallets and avoid sharing seed phrases.
6. What’s next for MFWs (Metaverse Filipino Workers)?
Expect more hybrid virtual/physical income models.