Thousands of richer people Axie Infinity players leased their Axies to other players in exchange for a 30 or 40% cut in their income. NFT card game too Splinterlands‘the digital token, according to co-founder and COO Jesse Reich, uses both “altruistic and capitalist experiences… to enhance their financial standing and status”. Other players usually live in developing countries like Ecuador or the Philippines. (More than half of them Axie Infinity the player is Filipino, based on Sky Mavis). Many of them are part of a scholarship or “society”. Players lease their accounts to each other, sharing usernames and passwords, as part of a manager-staff relationship held on Discord. In Axie InfinityDiscord, dozens of workers “apply” for positions every 10 minutes, share why they should be hired, what their gaming experience is, and how good their internet connection is.
After noticing Axie Infinity players share their usernames and passwords in this way last year, Gabby Dizon, the Philippines-based Mobile Games CEO, decided to formalize the relationship with Yield Guild Games, a “money-making gaming association” spanning over 15 different titles. Siu was an early investor. Dizon laid out the guild’s business model in an interview with WIRED: “We come in, buy and breed Axies in bulk, then lend them to players.” Players receive 70 percent of the earnings, while the “community managers” who recruit and manage them daily on behalf of YGG receive 20 percent. YGG itself gets 10% and can reinvest those tokens to generate more Ax. Each party will automatically receive their share of profits through a self-executing blockchain software or smart contract developed by YGG.
“Currently, we have something like 5,400 Axies. Next year, this time, we want to have hundreds of thousands of people,” said Dizon. So far, his bet seems to have worked: YGG was the recipient of a funding round led by Andreessen Horowitz of $4.6 million in August. In a blog post agreement notice, the company merged the philosophy of what the actual definition of “work” is — and how the concept is evolving thanks to cryptocurrency and games. In Dizon’s opinion, Axie and similar titles that are not even in the same league as other video games. “These games are really competitive [for players] with other forms of gigs — like Uber, Grab, or Gojek, where you deliver food to someone and get paid a small amount for it,” he said. “Why not work from home, play this game and get paid in tokens?”
Rise of Axie Infinity happening as the line between investing and gaming becomes increasingly difficult. Apps like Robinhood have helped turn investing into entertainment while reducing barriers to entry by offering commission-free transactions. Cryptocurrency exchanges have also become more popular, providing improved accessibility for investors hoping to make a few bucks from the volatile prices of cryptocurrencies. Jill Carlson, founder of economic research, said the idea of investing is for everyone, including those with no experience with financial institutions, possibly due in part to Covid-19 and financial volatility that many people have experienced in the past two years. The nonprofit’s open money initiative: “That woke people up to the system,” she said. “You’re seeing this volatility and have questions like, ‘Why shouldn’t I have more control over my financial assets?'” WallStreetBets ‘GameStop Soars to the popularity of money meme like Dogecoin by Shiba Inu. The growing oddity in retail investment behavior has prompted the Chairman of the US Securities and Exchange Commission, Gary Gensler, to repeatedly denounce “investment game”.
