Philippine National Police Anti-Cybercrime Group (PNP ACG) evaluated several models in crypto games, thereby warning Filipinos on various schemes used to defraud players.
While warning against the risks of these schemes, the Philippine police highlighted the Axie Infinity’s play-to-earn model, a GameFi project which was once so popular.
In order to play Axie Infinity, players need to buy at least one Axie character, which is considered an entry fee. Philippine police didn’t support this model since it forces users to spend $300 before they can start playing the game and earn money. PNP ACG sided with the traditional gaming industry, in which players spent only about $100 to play games.
PNP ACG said that crypto games with play-to-earn schemes like Axie infinity carries a higher risk than investing in cryptocurrencies. The reason given is because gamers can easily lose tokens and NFTs. From moving token to an unsupported wallet to market volatility and online scams, the play-to-community is always at risk of losing their investment, Philippine police said.
The Philippines is an important market for Axie Infinity. According to data of Playercounter, Filipinos accounted for around 40% of the game’s players.