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An Axie Infinity player from the Philippines appears to have used proceeds from the crypto-powered play-to-earn game to buy two homes.
An Axie Infinity player from the Philippines used his earnings from the famous crypto-powered play-to-earn game to purchase two homes.
Earlier this month, 22-year-old John Aaron Ramos, who goes by the alias “Magnus TV,” announced on social media that he had bought two houses in the Philippines with money raised from playing Axie Infinity.
Ramos credits the sales in the article to the skyrocketing price of Axie’s in-game token Smooth Love Potion (SLP), which has risen 940 percent from $0.035 on April 24 to more than $0.364 on May 2. SLP has since retraced 45 percent and was last traded for about $0.20.
“I believed in AXIE’s ability to lift us up, I held an SLP, paid attention to the trend of AXIE Community and did some research […] then I played with the price of SLP to have enough funds to buy two houses and one team.”
Axie Infinity players can win SLP by battling their Axies — Pokemon-inspired creatures bred in the game and depicted as nonfungible tokens — in the game’s PVP fighting region.
SLP is currently the 428th-largest crypto asset by capitalisation, with $81 million, and has produced more than $45 million in trading in the last 24 hours.
Axie players can also win AXS, the game’s governance token, in addition to SLP. The AXS token has also recently seen meteoric gains, rising 5,114 percent from $0.14 to $7.30 in the six months since it first traded.
Ramos took part in Yield Guild Games’ “Sponsor-A-Scholar” scheme, which allows donors to donate SLP to Axie players in countries where the set-up costs for playing Axie infinity will be prohibitive for many prospective users.
Axie Infinity is said to have gained popularity in the Philippines near the end of 2020, when people looked for new ways to make money after losing their jobs due to the pandemic.