Axie Infinity, one of the world’s most popular non-fungible token (NFT) games, tweeted that it is “looking forward to working with physical nations” and called for its digital users to abide by the laws of their home countries, presumably a reference to local tax laws.
Fast facts
- The tweet came just days after the Philippines government stated its intention to tax play-to-earn crypto games like Axie Infinity and players’ earnings.
- Axie’s market performance has surged since July. Earlier this month, the founder of Axie Infinity announced its token market transaction volume reached $1 billion. Meanwhile, daily active players exceeded 1 million.
- Players in the Philippines make up 40% of Axie’s user group, which is much higher than second-place Venezuela at 6.31% and the third-place United States at 5.72%.
- Axie Infinity is not only a game but also a way to make money for some players. A documentary published in May shows some Filipinos play the game to sustain a daily living amid the pandemic’s economic downturn. Some players said they can earn US$300 per month, nearly double the minimum wage of US$170 in the Philippines.