NFT Gamings Case To Alleviate Extreme Poverty
NFT and Games Can Have Huge Potential on Socio-Economic Outcomes
Hundreds Of Thousands Of People Are Quitting Their Jobs To Play Videogames In The Philippines
The entire world felt the monumental impact that was the Covid-19 pandemic, the Philippines were no exception. With an estimated million Filipinos out of work and the nation’s GDP shrinking by almost 10%, innovative and creative solutions were needed by the people to maintain their economic livelihood. This creative solution saw the light of day through the rapid spread of an NFT (Non-Fungible-Token) based video game called Axie Infinity. Through a play-to-earn system, players are rewarded for the time they spend on the game in the form of NFTs that can be exchanged from cryptocurrency and finally into their local currency. For many, this play-to-earn model is far more secure and often times far more profitable than their counterpart occupation. With many users reporting incomes of 500 to up to 2000 dollars a month, the trend has swept the nation picking up almost 900 thousand concurrent users with the number rising by the day.
Afghanistan Joins The Crypto-Gaming Community
The Philippines’ ingenious use of the play-to-earn model into poverty alleviation has been recognized by many people within the international community inspiring never before seen business models. American-based company Dragon Lord has established a precedent of utilizing the benefits of blockchain to be both profitable and decentralized. As Axie Infinity has continued to rise in popularity, so has the overhead cost of entry for the game. averaging around 300 dollars to get all the necessary components to make an income, this is not a feasible expenditure for many people living in the undeveloped regions of the world. Dragon Lord, an American-based company aimed at providing economic opportunity for those in Afghanistan. Seized both an investment and humanitarian opportunity by offering to cover the overhead costs for those seeking opportunity upon agreement of a 20% royalty fee. Meaning that 20% of the money generated from the play-to-earn model is continuously directed back to Dragon Lord creating long-term profit as well as an unprecedented opportunity for many Afghanis to sustainably make an income from the safety of their homes. While this model has only recently been implemented, stories have already come back of parents being able to put food on the table reliably for the first time or even fathers that could receive treatment for cancer due to the relief in economic hardship a video game provided.
Radical Disruption To Global Trade
as Web3 becomes increasingly more popular and adopted throughout the world it raises some incredibly thought-provoking questions about the future. Corporate Powerhouses like Nike and Hershey have parabolic profits for those in the highest positions while subjugating those at the lowest levels of the supply chain to inhumane conditions. As communities across the world continue to be introduced to NFT gaming as an alternative means of economic viability, what will come of the sweatshops run by organizations seeking the lowest possible cost of production in foreign markets. With entire industries built upon the exploitation of workers compensated with insufficient wages and inhumane conditions. Blockchains’ revolutionary mechanisms of economic facilitation suggest major changes in the road to come.
References
24, France. “‘Life-Changing’ or Scam? Axie Infinity Helps Philippines’ Poor Earn.” France 24, France 24, 15 Feb. 2022, www.france24.com/en/live-news/20220215-life-changing-or-scam-axie-infinity-helps-philippines-poor-earn. Accessed 9 Mar. 2022.
“Axie Infinity.” Axie Infinity, 2022, axieinfinity.com/.
Amir Meshkin. “ALLEVIATING POVERTY in AFGHANISTAN with PLAY to EARN GAMES.” EIN News, EIN Presswire, 7 Dec. 2021, www.einnews.com/pr_news/557824779/alleviating-poverty-in-afghanistan-with-play-to-earn-games. Accessed 9 Mar. 2022.
PLAY-TO-EARN. “PLAY-TO-EARN | NFT Gaming in the Philippines | Subtitles.” YouTube, 13 May 2021, www.youtube.com/watch?v=Lg5C2EbYueo. Accessed 9 Mar. 2022.
VENZON, CLIFF. “Philippines GDP Shrinks 9.5% in 2020, Worst since 1947.” Nikkei Asia, Nikkei Asia, 28 Jan. 2021, asia.nikkei.com/Economy/Philippines-GDP-shrinks-9.5-in-2020-worst-since-1947. Accessed 9 Mar. 2022.
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