The burgeoning world of crypto games has recently drawn the scrutiny of law enforcement agencies. Of particular concern to the Philippine National Police Anti-Cybercrime Group (PNP ACG) is the play-to-earn model used by the Pokemon-inspired universe, Axie Infinity. Created on the Ethereum blockchain, Axie Infinity necessitates an initial purchase of characters before players can start earning, costing gamers typically around $300. This has alarmed the PNP ACG, who perceive the traditional gaming industry’s average user cost to be considerably less at about $100.
This alarm, however, should not eclipse the other side of the coin. Crypto games can present an exciting and potentially lucrative venture for their participants, especially if the gamers navigate the market with prudence. Nevertheless, as per the Filipino ACG, these ventures do carry a certain risk profile, potentially higher than that associated with investing in cryptocurrencies directly. This owe chiefly to the various ways gamers may lose the digital tokens and nonfungible tokens (NFTs) they earn.
The potential pitfalls range from mistakenly sending tokens to an unsupported wallet address, all the way to fluctuating market conditions, and even online scams. With a fine line drawn between caution and paranoia, the advice is simply for gamers to conduct extensive research before making any investments. Furthermore, caution is urged when interacting with unknown entities or phishing links.
On the background note, the Philippine Department of Information and Communications Technology (DICT) has partnered with the Blockchain Council of the Philippines (BCP). This partnership aims to fast-track Web3 adoption in the country, underlining the region’s willingness to embrace the future by facilitating blockchain projects and startups. The PNP ACG’s warning and the collaborations between industry stakeholders underscore the dual nature of the crypto world: potential benefits and the need for diligent and knowledgeable navigation. The fine balance, therefore, rests on the gamer’s shoulders: to delve into this increasingly popular universe but with their eyes wide open and their senses keen.
Drawing a definitive verdict on whether the risks outweigh the potential rewards seems to be a premature exercise – after all, this is a technology still in its infancy. Instead, what appears more productive at this stage is transparent and balanced discussions around these games and similar developments, enlightening potential participants about the need for caution and diligence, while also shedding light on the inherent opportunities. Indeed, the crypto landscape seems simultaneously to be a minefield and a goldmine – the difference lying in the experience and strategy of the user.