The Perception of Filipinos on the Advent of Cryptocurrency and Non-Fungible Token (NFT) Games

TL;DR

This study explores Filipino gamers' perceptions of crypto and NFT games, focusing on their experiences, risks, and trust issues, to inform potential government regulation of play-to-earn gaming in the Philippines.

Contribution

It provides empirical insights into Filipino players' behaviors, perceptions, and concerns regarding crypto and NFT gaming, highlighting the need for regulatory considerations.

Findings

Most players spend 1-4 hours daily on Axie Infinity.

Investment returns are typically realized within 1-3 months.

Players express concerns about financial instability and trust issues.

Abstract

This study aims to shed light on the rise of play-to-earn games in the Philippines alongside cryptocurrency. The lack of research and public understanding of its benefits and drawbacks prompted the researchers to investigate its market. As such, the study tried to look into the risks and benefits of crypto gaming if it would be regulated by the government, and how market volatility influences the churn rate of crypto games. The research used a descriptive study to determine the perception of people who are engaged in playing a crypto-game named as Axie Infinity. The results showed that most players spend their time playing Axie Infinity for about 1 to 4 hours a day. Predominantly, the return of investments for playing the game will take about 1 to 3 months. It also showed that these players agreed that there is a possible financial instability in a volatile market. With this, they have a high trust issue in terms of price manipulation, privacy and security, and its design and usability. Understanding the cryptocurrency market requires comprehending the perspective of the people who are engaged in a play-to-earn game, and their concerns are critical for any government actions aimed at regulating self-employed income earners playing (Non-fungible Tokens) NFT games in the Philippines.