The "Social Experiment"
With the increasing popularity of Axie Infinity, lots of people are now too eager to play the game (become a scholar) or even shell out a big sum of money to invest and buy a team to start playing. This Coinbase article describes how the game as given a lot of people, Filipinos especially, a means to cope up with the financial struggles brought about by the Covid19 pandemic just by playing the game.
Even the mainstream media in the Philippines have already caught wind of the game. Three days ago, GMA Public Affairs aired a video on Youtube sharing how Axie Infinity is changing the lives of people in the country. This just trained more eyes to the game. For sure, many more would want to hop onto the bandwagon.
So it hit me, what if I share a snippet in my stories that I am also playing the game? Would anyone care?
Most of them, "Crypto Virgins"
Oh, I'm no crypto expert, but I have been around the cryptoverse since 2017 to know how volatile the markets are -- one moment you're over the moon, the next you know your portfolio has been slashed to half or worse. I have somehow become attuned to that.
The first time I shared a story (refer to Gif at the right), I did not mention what game it was.
"Axie?" one asked.
"Pa-sponsor po." (Sponsor, please) another said.
They are the ones familiar with the game, want to play but do not have the starting capital to join the hype.
The next time, I shared a photo of my 5 year old son playing adventure mode, included #axieinfinity hashtag and a one-liner: "Looking for scholarship. Willing to grind 24/7". 😁
"Is this game legit?" said an ex-OFW (Overseas Filipino Worker) and a co-parent whose eldest child was my son's classmate in KG.
"I'm fed up with OT (overtime) I am thinking to just invest in this game." she is a call center agent losing sleep on overtime.
These were just a few of the responses I received upon sharing two stories on two separate days. The last two are fairly interested to enter the game at this point even though the prices have already reached the roof (or not?). But guess what, both of them also do not know how the tokenomics of the game works. They don't even know what Ethereum is, let alone have an account in a crypto exchange to buy it. Of course, that's not the last of what they need to do in order to buy their first team of Axies and start playing the game.
Scammed
So again it is not surprising that a lot are being scammed due to this "ignorance". They go the easy route of trusting people on the internet sharing "Axie Teams For Sale" ads on every facebook group, Twitter, etc. Instead of learning the ropes of getting their own wallets and buying their own Axies from the marketplace, they got lured to just send their monies expecting to receive their cute but powerful Axies in their accounts.
Because the game has gained a lot of popularity, there are also those who take advantage of the vulnerable and the gullible. Shame.
No, I am not saying that everyone takes advantage. There are also those who are patient enough to help and enlighten others. Seriously, I learn a lot reading through the conversations in these groups.
DOYR
"Do your own research" - we always hear this when someone wants to get into a new form of investment. For those who would enter the scene as a "scholar", there isn't much at stake, but instead, a huge potential to earn. However, those who would like to put some skin into the game especially at this point have lots to consider.
I have found value in the following articles of Luis Buenaventura, who have made intensive review and analysis about Axie Infinity in his blog, https://cryptoday.substack.com/.
- Investigating the Axie Phenomenon
- Is Axie Infinity a Ponzi Scheme?
- Building an Axie Portfolio (Investigating the Axie Phenomenon, Part 3)
Me not being an expert could only point those who contacted me and showed interest in investing, in these articles for a start. At least, they will have a fair idea of what they would be getting into and be ready for whatever may happen to their investments.
Some are willing to sell off their priced possessions, get a personal loan, or invest their life savings to get in.
Is it worth it?
This article is my contribution to the 🏆 Axie Buzz Content Creation Contest 🏆 Please check out the contest announcement to participate.
Find me on Twitter: https://twitter.com/arrliinn
Everything written in this article are from my own experience and personal observations and not in any way should be considered as any form of financial advice.
Cover Image Credit: Axie Infinity, Sky Mavis - edited through Canva
More on My Axie Infinity Journey
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