How cautious gamers survived GameFi collapse in Philippines

Once oversaturated in the local media, Axie Infinity was pivotal in introducing GameFi to the Philippines. Stories of life-changing success painted the game as a savior during the pandemic, with headlines celebrating individuals who had seemingly escaped poverty by playing. However, for every triumphant tale, there were those who lost everything in the game’s volatile economy.

Axie Infinity’s pandemic surge saw Filipinos earning by playing, and as more players joined, in-game character prices soared. Yet the influx of players selling off reward tokens steadily devalued them, turning enthusiasm into doubt. With rewards dropping, players began selling their characters, which drove prices down further, setting the stage for a steep decline.

do you read the comments? Do you really think people are happy with Axie Infinity crap? Very few earn money while the majority lost everything. @Jihoz_Axie

— Adrian (@Adrian75arg) January 1, 2022

In between lies the middle ground—players who navigated the hype, cashed in, and moved on. These individuals saw Axie Infinity as a temporary chapter, one that offered opportunities during uncertain times but also came with hard lessons about risk, timing, and sustainability.

The hype and the promise

During the pandemic, when financial opportunities were scarce, Axie Infinity arrived like a beacon of hope. A blockchain-based play-to-earn game, it allowed players to collect, breed, and battle digital creatures called Axies, earning crypto rewards they could trade, sell, or reinvest. 

For many Filipinos, this was more than just a game—it was a lifeline.

As a Manager with 10 Scholars & growing, this is 100% true. My scholars have used their SLP earnings to pay for a bike to travel to school, medicine for family, general expenses to support their family, etc. I’m proud and humbled to be in a position to provide the opportunity.

— Matt Morris (@mattdubyamorris) November 6, 2021

Ray, a college student at the time, recalls being drawn to Axie Infinity through Facebook and the excitement of streamers. “I was hesitant at first, but it was very profitable,” he told The Crypto Radio. 

In a country where the monthly minimum wage is less than 13,000 pesos ($222), Ray began his Axie Infinity journey with an 80,000-peso investment—equivalent to six months' wages—borrowed from his parents. Within a month, he recouped his investment as the value of Smooth Love Potion (SLP), an in-game reward currency, soared to 15 pesos. 

For three months, his earnings remained steady, funding hobbies like table tennis and upgrades to his PC.

On the other hand, JC, a former accountant in the UAE, approached the game with caution. "When I started, the team cost around 40,000 pesos, but the prices quickly rose. I saw the potential and reinvested some profits while saving the rest. In less than a month, I saw my ROI,” he explains. JC used his earnings to purchase a condo and a new phone but avoided overextending himself.

The downturn

The bubble burst as the game’s popularity surged, leading to an influx of new players—diluting rewards and causing the value of SLP to plummet. For Ray, the warning signs became evident when SLP dropped to five pesos. “I realized I had to let go,” he admits. 

“The most affected were those who invested too late or too much, chasing the hype without understanding the risks,” JC reflects.

Ray sold his Axies and transitioned to being a scholar—a player who uses a manager's Axie team in exchange for sharing the in-game earnings—before eventually moving on to a stable job as a call center agent.

JC, however, was better prepared. “I was already aware it wouldn’t last long,” he shares. Having set aside his earnings, the decline in SLP didn’t hit him as hard. Instead, he shifted focus to other crypto games while enjoying Axie Infinity as a competitive outlet rather than just a source of income.

Both Ray and JC agree that GameFi requires a balanced approach. “The people most affected were those who were overly invested or came in too late,” JC reflects. Ray, meanwhile, emphasizes the importance of adaptability, recalling how he shifted to competitive play when the game’s earning potential dwindled.

As for the future of GameFi, JC sees it as a passing trend, while Ray holds onto hope for a resurgence, albeit in a more competitive and sustainable form.

For the survivors of Axie Infinity, the game was a stepping stone, not a destination. It offered temporary relief in a challenging time but also underscored the volatility of speculative ventures. Their stories serve as a reminder: in the high-stakes world of GameFi, timing is everything—and knowing when to walk away is just as important as knowing when to dive in.