Samerson Orias was working as a line cook last year in the rural Philippines when his friend told him he could make way more money playing a new video game.
Orias was earning about 4,000 pesos a month (about $80, a little less than half the national minimum wage) making takoyaki—Japanese octopus balls. His friend told him he and others were pocketing up to $600 a month playing Axie Infinity, a game fueled by cryptocurrency and NFTs.
Orias, now 26, desperately needed an escape hatch from his financial woes: his mother had had a stroke and required medication, and electricity and grocery bills were stacking up. So he plunged into Axie, doing battle with cartoon monsters for hours deep into the night. He soon began earning cryptocurrency, which he converted into pesos, allowing him to take better care of his mother and his home. At the same time, thousands of young people in the Philippines were jumping headlong into the game. For a brief moment at the peak of crypto’s astonishing 2021 boom, these young Filipino players were fulfilling a longtime dream of crypto’s most ardent evangelists: that “play-to-earn” blockchain games like Axie could lead the way to a more equitable, opportunity-rich global economy.
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