There is also momentum in NFT online gaming spurred by Axie Infinity which attracted 2.5 million players worldwide and sales in 2021 of US $2.3 billion. Video game NFTs are growing in Southeast Asia with players keen to find a way to earn an income.
According to statistics, the Philippines is the fourth NFT gaming country in the world. A survey conducted to identify NFT gaming adoption found that 25 percent of players from the Philippines said that they play NFT games. The number is expected to grow to 40 percent by year end 2023.
NFT games gain hype in Philippines
The top three play-to-earn (P2E) gaming countries in the world are India, Hong Kong and the United Arab Emirates. In fourth place is the Philippines beating even the US. In the Philippines NFT gaming is popular with all age groups from 18 to over 55 years. Even with the older players, more than 20 percent clain that they earned money while playing.
During the pandemic, the NFT game Axie Infinity made headlines for its large user base of Filipinos who turned to P2E gaming as a stable source of income.
Boom of NFT gaming
The concept of NFT P2E gaming centres around the astronomical prices that NFTs can fetch on the market. Game developers receive a lot of funding from crypto companies to create games such as Battle Pets, a BNB Smart Chain-based blockchain game about adorable pets, where each pet is an NFT that can be collected, nurtured, and used for pet battles where players face each other. The demand for NFT gaming is on the rise. Currently 80 percent of all traffic on the Ethereum network is attributed to decentralized betting and gaming transactions. The Binance Smart Chain is also catching up and making major investments in NFT game projects such as Battle Pets.
Crypto gaming and NFT gaming are different with crypto gaming more focused on spending cryptocurrencies to earn and transact with other players while NFT gaming focuses on the use of native currencies for generating or collecting unique NFTs that can be used in-game or held and sold or bartered later. Gaming NFTs can also be sold on the NFT marketplaces.