The idea behind GameFi is that in-game items and virtual currencies can be earned without spending any money on the game itself; thus, it is also called “play-to-earn” or “P2E.” This means players need to play the game and earn the items and digital assets. The most common way of earning is through grinding; however, you can also participate in tournaments and events, complete quests, and do other daily activities inside the game.
Asian parents to Gen X (born between 1965-1980) and Gen Y (1980–1985) have always quarreled with their kids for time-wasting and doing nothing but play games.
However, the narrative is slowly changing in 2022. Thanks to the monetization of blockchain through GameFi, most of these “idle children” are making a living for themselves.
Games are a Source of Livelihood
GameFi is undoubtedly a critical game-changer for Southeast Asia. With the current economic situation and the proliferation of the fast-growing digital world, Southeast Asia could become an international center for P2E models.
Asian countries were isolated from the rest of the world for political reasons and a lack of communication infrastructure. However, with the advent of the Internet and mobile applications, the Southeast Asian market has emerged as one of the world’s leading markets. Blockchain and cryptocurrencies seem to be the answer to many problems plaguing our society today; hence. Hence safe to say that a combination of both is set to revolutionize the global industry.
Recent studies indicate that less than 30% of Filipino adults own a traditional bank account. The study further showed that neighboring Asian countries were completely the opposite. Countries like Japan, Korea, and Taiwan showed that 99.9% of their adult population owned a bank account.
According to the ranking among the top 15 countries that quickly embraced crypto asset wallet MetaMask, the Philippines emerged with the highest number of users.
While some may question why the Philippines is high in terms of total digital wallets compared to other nations, the reality is that they have had strong support from government agencies towards cryptocurrency adoption in the country.
Not only does this include having the first-ever Digital Currency Exchange in the country, but the Philippine Securities Commission (SEC) also issued a statement encouraging more companies to adopt blockchain and cryptocurrency-based platforms, citing significant benefits of using them. With the SEC’s positive outlook towards emerging technologies, it would not surprise me if the Philippines soon becomes the next South Korea or Japan when it comes to technology adoption.
This, coupled with the rise of P2E blockchain apps, is likely to change the face of Southeast Asia forever.
The future of play-to-earn (P2E) is bright, but we must keep in mind that it is still in its infancy stage even though this is happening now. As with any other technological innovation, progress will be slow and steady. Nevertheless, despite all these problems, the world is moving forward, and it seems like time is on our side. We can see that Southeast Asia is already embracing the concept of decentralization and blockchain technology, which will eventually lead us to a decentralized finance (DeFi) ecosystem where everyone will be able to earn money while playing games.