Axie Infinity is a blockchain game developed by Vietnamese studio Sky Mavis,[1] known for its in-game economy[2] which uses Ethereum-based cryptocurrencies.

[9] In March 2022, hackers compromised the Ronin Network, stealing approximately US$620 million worth of cryptocurrency from the project.

[19] As of June 2021, some people in the Philippines had begun to treat the game as their main source of income,[20] although earning rates from playing Axie Infinity fell below the national minimum wage by September 2021.

The Philippine Department of Finance also clarified that income from playing Axie Infinity is taxable, and suggested that the SEC and BSP may classify its cryptocurrency as a currency or a security.

[23][4] Development of Axie Infinity started in 2017, led by its co-founder and CEO, Nguyen Thanh Trung, alongside Tu Doan, Aleksander Larsen, Jeffrey Zirlin, and Andy Ho.

The low exchange value of SLP has caused a massive exodus of players, leaving guild leaders without their cheap third-world labor force to grind on their behalf.

[38] The game's popularity in the country stemmed from the economic hardship caused by the pandemic, during which many residents lost their original source of income.

[39] The main motivation behind playing the game was primarily to receive approximately the same amount of income within a few hours a day as with full-time employment.

[40][6] In the Philippines, the prohibitive cost of entry led to both individuals and gaming guilds renting out assets to allow new players to meet the minimum requirements.

[19] These new players, known as "scholars", are often required to meet a quota of in-game earning to continue using the rented assets, and must pay the owners a commission.

[6] The Philippine Department of Finance clarified that income from playing Axie Infinity is taxable, and suggested that the SEC and BSP may classify its cryptocurrency as a currency or a security.

[43] Researchers have questioned the game's longevity,[43] as there have been repeated accusations that Axie Infinity is a Ponzi or pyramid scheme.

Per this accusation, Axie Infinity lacks long-term economic durability since it has to rely on players continuing to invest in the game.

[45] According to critics,[neutrality is disputed] this leads to a sunk-cost-fallacy where players primarily play the game due to the fact that they have already invested a lot of money and time into it.