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<ul><li><keyword id="11919548" type="General" weightage="20" keywordseo="axie-infinity" source="Orion">Axie Infinity</keyword> reportedly become a way for people in the Philippines to earn money after losing their jobs during the COVID-19 pandemic.</li><li>The NFT-based game works on the play-to-earn model, which means players can convert their tokens in real-life money and provide for their families.</li><li>The Philippines is home to the largest number of Axie Infinity players, and the local government now wants to tax their income.</li></ul>Axie Infinity, a game where players can trade, train and battle their ‘pets’ — and earn some money along the way — has come on the radar of the Philippines' government. The regulators now want to tax the gains made by gamers. “Cryptocurrency is an asset, so it’s already taxable in the Philippines… Whoever earns currency from it [Axie Infinity], it’s income you should report it [sic],” Philippine’s Finance Undersecreatte Antonette Tionko told the <a href="https://business.inquirer.net/329458/dof-axie-infinity-players-must-pay-income-tax-from-trading-pets">Inquirer.</a> Axie Infinity has <a href="https://www.cnbc.com/2021/05/14/people-in-philippines-earn-cryptocurrency-playing-nft-video-game-axie-infinity.html">reportedly</a> emerged as a popular way to pass the time for the citizens of the Philippines amid the COVID-19 pandemic. Its ‘<keyword id="11943807" type="General" weightage="20" keywordseo="play-to-earn" source="Orion">play to earn</keyword>’ model allowed people to pay the bills and put food on the table after losing their jobs as the economy came to a standstill — there’s even an 18 minute documentary about it called <a href="https://www.youtube.com/watch?v=Yo-BrASMHU4">Play-to-Earn</a>. The largest swath of gamers on the platform come from the island nation — <a href="https://playercounter.com/axie-infinity/">a little more than 40%</a> — according to the powerhouse behind <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">Axie Infinity</a>, a Vietnamese startup called Sky Mavis. <div type="image" title="Axies Creatures" msid="85618934" hostid="261" caption="&amp;lt;p&amp;gt;Axies are creatures in the game that players can breed, acquire, train, use to complete challenges, and do battle with online akin to Pokemon to Neopets&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="What will the new tax mean for gamers in the Philippines?" comment="subhead" text="What will the new tax mean for gamers in the Philippines?">What will the new tax mean for gamers in the Philippines?</cmsannotation> Nobody really knows what the new tax will mean for Axie Infinity gamers. On the one hand, a tax seems justified wherever any income is being made. On the other hand, regulators don’t really know ‘what’ to tax — does one tax the actual <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">NFTs</a> or the in-game <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> tokens? For those who aren’t familiar with the game, the NFTs are the adorable Pokemon-like ‘pets’ - called Axies — in the game. Users can train them, upgrade them, and have them battle other pets. The tokens are a whole other deal and there are two — Axie Infinity Shards (AXS) and Small Love Potion (SLP). AXS is sold on crypto exchanges like Coinbase. Users can buy AXS using normal currency or exchanging other cryptocurrencies. According to Sky Mavis, the native token will serve as a governance token in the future, allowing holders to have a say in the game’s development. <div type="image" title="NFT game Axie Infinity clocks highest-ever $1 billion in trade with its crypto-based virtual economy" height="900" width="1200" msid="85618946" hostid="261" caption="&amp;lt;p&amp;gt;Screenshot of Axies Infinity gameplay.&amp;lt;br /&amp;gt;&amp;lt;/p&amp;gt;"></div> SLP, on the other hand, is given to players for spending time in the game. A player can earn these tokens by completing in-game quests and battling other Axies. The more a person plays the game, the more SLP they’re likely to have in the bank. The two cryptocurrencies are important because they can be used to ‘breed’ new Axies — the only way to create new pets. The decision on whether it will be the ‘pets’ getting taxed or in-game token will most likely be determined by the central bank or the country’s Securities and Exchange Commission (SEC), according to Tionko. And, it doesn’t make things easier that the game’s developer, Sky Mavis, is not currently registered with the Bureau of Revenue despite generating income from Filipino people. “Is it a security? Is it a currency? So those are the things that will help us define the rules on how it should be taxed. But regardless of how it is characterized, it’s taxable — subject to income tax,” he told the Inquirer. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-mining-in-iran-easing-but-china-maintain-strict-stance/articleshow/85588848.cms">Iran is bringing back cryptocurrency mining, but China shows no signs of changing its mind</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/after-ethereum-cardano-update-alonzo-hard-fork-will-create-new-use-cases/articleshow/85592973.cms">After Ethereum, Cardano is set to get an update — and here's how that will change things for the cryptocurrency</a>

Axie Infinity players in the Philippines may have to start paying tax on trading ‘pets’

NFT game Axie Infinity clocks highest-ever $1 billion in trade with its crypto-based virtual economy

<ul class="summary-list"><li><keyword id="11971138" type="UNKNOWN" weightage="60" keywordseo="axie-infinity" source="Orion">Axie Infinity</keyword>, an ethereum-based game, has seen a boom in popularity and revenue. </li><li>Sky Mavis, the game's creator, saw a jump in revenue to $485 million since July, according to a Bloomberg report. </li><li>The play-to-earn game is popular in emerging <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> that have been hit by the coronavirus pandemic. </li></ul>An ethereum-based game called Axie Infinity has pulled in millions of real-world dollars for the company that created it, with people mostly from developing countries playing with the game's colorful and competitive creatures to try to earn some cash for themselves. Inspired by Pokémon, the Axie Infinity game is experiencing a surge in players seeking to participate in its play-to-earn model. Its growing popularity is part of the reason Sky Mavis, the game's creator, has seen a jump in revenue. The Vietnam-based game studio has logged $485 million in revenue since July, dwarfing the $21 million it had made since launching in 2018, according to <a href="https://www.bloomberg.com/news/articles/2021-08-25/axie-infinity-how-game-is-turning-pandemic-jobless-into-crypto-nft-traders?sref=GUP2BhaG">a report this week by Bloomberg</a>. Daily active users reached more than 1 million in August. Two crypto analysts told Insider's Vicky Ge Huang <a href="https://www.businessinsider.com/crypto-game-axie-infinity-token-surge-nft-craze-opensea-altcoins-2021-8">about three ways to cash in Axie's growth</a>. Players can earn two types of tokens - Smooth Love Potions and Axie Infinity Shards - through breeding, raising and battling virtual creatures called Axies. The SLP and AXS tokens can be used in the game or can be sold on a crypto exchange. Axies are non-fungible tokens, or NFTs, that can be sold or purchased. The Bloomberg report said most players are based in developing countries whose economies were hit hard by the COVID-19 pandemic, including the Philippines, Brazil and Venezuela. In "the pursuit of a new income stream during the COVID pandemic," thousands of people from developing countries have been playing the game, according <a href="https://whitepaper.axieinfinity.com/">to a white paper</a> updated in December on Axie Infinity's website. A jump in the price of AXS has opened the door for people in struggling economies to earn some money. Demand from the Philippines climbed enough for crypto exchange Binance to <a href="https://www.binance.com/en/support/announcement/7c5f8346dcc240c99f79f55582f01e8f">offer an SLP-peso trade,</a> the report said, and there's also the lure of cryptocurrencies in places where local currencies are weak. Players need three Axies to get started but buy-in costs can be pricey, at around $200 for each creature. But sponsors can step in and allow people to play in exchange for a cut of their earnings. Such arrangements have also boosted revenue for Sky Mavis as it takes a cut every time an Axie changes hands and collects a fee when players breed new creatures, the report said. Bloomberg highlighted a player from Manila who in his first two weeks of playing Axie Infinity earned more than 37,000 pesos ($732), or three times what he would have earned at the IT job he was laid off from in July. The game has some detractors, however. Vanessa Cao, founder of venture-capital firm BTX Capital, told Bloomberg the Axie model is unhealthy and unsustainable, with people spending hundreds of dollars upfront to play.

A crypto game has generated $485 million in revenue since July and is drawing flocks of players from developing countries looking to make money

Play-to-earn games gaining rapid popularity across South Asia <ul><li>The <keyword id="2440542" type="General" weightage="20" keywordseo="esports" source="Orion">Esports</keyword> gaming market in India is expected to reach a valuation of $5.7 billion by 2025. </li><li>GuardianLink with gaming partner IndiGG will initially have over 65k users. </li><li>Players have spent $4.9 billion on <keyword id="4668945" type="General" weightage="80" keywordseo="nft" source="Orion">NFT</keyword> games last year. </li><li>Asian leads the adoption of <keyword id="12497705" type="General" weightage="50" keywordseo="metamask" source="Orion">Metamask</keyword>, a <keyword id="7387190" type="General" weightage="20" keywordseo="Cryptocurrency-wallet" source="Orion">cryptocurrency wallet</keyword> used for many Web 3 apps and online gaming.</li><li></li></ul>GuardianLink, has joined forces with gaming hub IndiGG, the Sub-DAO of Yield Guild Games (YGG), to build and promote the Web3 gaming ecosystem in South Asia. Guardian Link has famously been associated with supporting artists like Stan Lee and Amitabh Bacchan by managing their NFT sales. GuardianLink, together with gaming partner IndiGG and its user base of 65,000 online gamers, is on a mission to help gamers monetize their virtual gaming skills. IndiGG has made a significant investment in purchasing NFTs from GuardianLink and will lease them out to its community members to encourage them to play the NFT cricket game, win matches, and stand a chance to earn exciting rewards. "Like <keyword id="14555695" type="General" weightage="20" keywordseo="Youtube-streamers" source="Orion">YouTube streamers</keyword> or TikTok/Instagram influencers, <keyword id="6355684" type="General" weightage="20" keywordseo="blockchain" source="Orion">blockchain</keyword> gaming has all the potential to become a dependable source of earning in the gig-economy era, if not for a full-time career. We strongly believe that NFT has the power to revolutionize the online gaming ecosystem in Asia," said Kameshwaran Elangovan, co-founder and COO of GuardianLink. Kameshwaran also adds, "Cricket is a religion in India, and even though Web2 games lack adoption for the sports genre, I believe Web3 cricket games would attract a lot of non-gamers in India as well. MCL is becoming one of the most popular live online cricket games thanks to its sustainable earnings potential," says Ayush Gupta, growth leader at IndiGG. Play-to-Earn games (P2E) have especially become popular post-pandemic. According to market tracker <a href="https://dappradar.com/blog/2021-dapp-industry-report">DappRadar</a>, gamers spent $$4.5 billion on NFTs last year. The amount one earns depends on the value of the game token which can be in the form of a cryptocurrency made on a blockchain. These blockchain games also provided a respite during the pandemic, where countries like Philippines and Thailand saw millions of users signing up for NFT game Axie Infinity due to rising unemployment. $500 in two hours Asian countries also lead the adoption of Metamask, a cryptocurrency wallet that is used during NFT online gaming. Vietnam, Thailand, India, China, Philippines and Indonesia occupy the <a href="https://consensys.net/blog/press-release/metamask-surpasses-10-million-maus-making-it-the-worlds-leading-non-custodial-crypto-wallet/">top 10</a>. According to a report by <a href="https://www.pwc.com/gx/en/industries/entertainment-media/outlook/downloads/pdf-global-gemo_take-a-tour.pdf">PWC</a>, global virtual gaming alone is projected to grow at 27.81% annually. Since the Indian subcontinent is a cricket fanatic, GuardianLink has also launched a first-of-its-kind NFT-powered play-and-earn cricket gaming app, <keyword id="13701309" type="General" weightage="50" keywordseo="meta-cricket-league" source="Orion">Meta Cricket League</keyword> (MCL), through its latest blockchain marketplace, 'Jump.trade'. MCL allows online game lovers to earn rewards worth $500 dollars in two hours. The esports gaming market in India is predicted to grow to be one of the largest in the world. A <a href="https://assets.kpmg/content/dam/kpmg/in/pdf/2021/06/digital-mobile-casual-gaming-in-india.pdf">KPMG study</a> claims that after five years of steady growth, it is anticipated to triple in value and reach from $1.7 billion in 2021 to $5.7 billion by 2025. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/how-to-find-the-best-smart-projector-for-your-home-a-buying-guide-by-expert/articleshow/93112644.cms">How to find the best smart projector for your home — a buying guide by expert</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/after-food-healthcare-expenses-are-becoming-a-bitter-pill-to-swallow-for-indian-consumers/articleshow/93115725.cms">After food, healthcare expenses are becoming a bitter pill to swallow for Indian consumers</a>

‘Blockchain gamers have the same potential as YouTube streamers, TikTok/Instagram influencers’

For the past several weeks, the Insider reporters Kari McMahon and Lisa Kailai Han have been attending concerts with some of the hottest stars in the music industry, visiting stunning temples, skateboarding on the streets of California, and fighting undead villagers in Dracula's castle.This is all happening in the <keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword>, of course.The "metaverse," a term coined by Neal Stephenson in his 1992 science-fiction dystopian novel "Snow Crash," is defined today as a 3D virtual-reality world that's supposed to be the next, <a href="https://www.businessinsider.com/what-is-the-metaverse-crypto-blockchain-gaming-vr-real-estate-2022-2">more physical evolution of the internet</a>.Last year, the concept shot into the global spotlight when Facebook <a href="https://www.businessinsider.com/facebook-meta-rebrand-damaged-reputation-study-finds-2021-11">rebranded to Meta</a>, kicking off a Gold Rush-esque sprint into the space by companies far and wide.Following in Meta's footsteps, tech titans like <a href="https://www.businessinsider.com/why-did-microsoft-buy-activision-2022-1">Microsoft</a> and <a href="https://www.businessinsider.com/inside-google-labs-ar-vr-iris-blockchain-crypto-metaverse-web3-2022-2">Google</a> announced their intentions to pioneer the new frontier, investors poured <a href="https://markets.businessinsider.com/news/currencies/metaverse-virtual-land-sales-record-last-week-sandbox-decentraland-2021-12">$106 million</a> into virtual real estate in a single week last November, and brands including Gucci, JPMorgan, and <a href="https://medium.com/sandbox-game/the-sandbox-launches-nft-collection-to-celebrate-care-bears-40th-anniversary-450fba279619">the Care Bears</a> swooped in to launch virtual <a href="https://www.pcgamer.com/someone-spent-over-dollar4000-on-this-gucci-bag-in-roblox/">clothing lines</a>, <a href="https://markets.businessinsider.com/news/currencies/jpmorgan-decentraland-onyx-lounge-metaverse-virtual-real-estate-crypto-dao-2022-2">corporate lounges</a>, and games.With all that hype, it's easy to think that the metaverse has arrived.But has it?Having never set foot inside the metaverse before, we explored seven of the hottest virtual worlds to find out what the metaverse is really all about, whether it's ready for mainstream adoption, and what's still holding it back.We also went behind the scenes to interview the founders and creators of the worlds we explored to get their perspective on what the future holds for the metaverse.Insider hopes to serve as your guide to the metaverse, providing unbiased and frank opinions on the good, the bad, and the ugly of these virtual worlds from the ground up. The metaverse promises a lot, and in this series we wanted to find out whether it's living up to its potential.Click on any of the virtual worlds below to find out more, or, if you've still got any lingering questions about the metaverse, check out our original <a href="https://www.businessinsider.com/what-is-the-metaverse-crypto-blockchain-gaming-vr-real-estate-2022-2">guide to the metaverse</a>.<h2><a href="https://www.businessinsider.com/axie-infinity-review-walkthrough-metaverse-how-to-play-earn-strategy-2022-4" target="_blank" rel="noopener"><div type="image" title="Illustration of the Axis Infinity metaverse" height="1800" width="2400" msid="91076190" hostid="261"></div></a><a href="https://www.businessinsider.com/axie-infinity-review-walkthrough-metaverse-how-to-play-earn-strategy-2022-4" target="_blank" rel="noopener">Axie Infinity</a> </h2>In a throwback to the early aughts, the <a href="https://www.businessinsider.com/axie-infinity-review-walkthrough-metaverse-how-to-play-earn-strategy-2022-4" target="_blank" rel="noopener">2D game Axie Infinity</a> consists of cute creatures battling against one another in a turn-based card game — think Pokémon crossed with Neopets. What makes Axie Infinity stand out is the fact that players can earn real money by playing the game. During the pandemic, the platform became hugely popular in the Philippines when some players earned more from the game than in some minimum-wage jobs there. While Axie today is more of a gaming platform than a complete virtual world, the developers' ultimate goal is to build Axie into a wider universe of games.<a href="https://www.businessinsider.com/axie-infinity-review-walkthrough-metaverse-how-to-play-earn-strategy-2022-4" target="_blank" rel="noopener">Click here to read the full story.</a><h2 style="text-align: left;"><a href="https://www.businessinsider.com/cryptovoxels-review-walkthrough-token-crypto-real-estate-nft-metaverse-opensea-2022-4" target="_blank" rel="noopener">Cryptovoxels</a> <a href="https://www.businessinsider.com/cryptovoxels-review-walkthrough-token-crypto-real-estate-nft-metaverse-opensea-2022-4" target="_blank" rel="noopener"><div type="image" title="Illustration of the cryptovoxels metaverse" height="1800" width="2400" msid="91076193" hostid="261"></div></a></h2>The online world <a href="https://www.businessinsider.com/cryptovoxels-review-walkthrough-token-crypto-real-estate-nft-metaverse-opensea-2022-4" target="_blank" rel="noopener">Cryptovoxels</a> is one of the smaller, lower-key metaverses on this list, since its creators haven't really focused on big brand partnerships thus far — though that may change this year. Rather than aimed toward gaming or questing, the platform is used primarily for social events like digital concerts and fashion shows. The mostly older user base includes a huge community of artists and creators, with a large emphasis on NFT wearables modeling. The world itself has a pixelated feel and is crammed with eclectic, user-built structures, spanning from bizarre Doge temples to funky jungle gyms that are a ton of fun to explore.<a href="https://www.businessinsider.com/cryptovoxels-review-walkthrough-token-crypto-real-estate-nft-metaverse-opensea-2022-4" target="_blank" rel="noopener">Click here to read the full story.</a><h2><a href="https://www.businessinsider.com/decentraland-review-walkthrough-coin-mana-price-crypto-metaverse-real-estate-2022-4" target="_blank" rel="noopener"><div type="image" title="Illustration of the decentraland metaverse" height="1000" width="1333" msid="91076196" hostid="261"></div></a><a href="https://www.businessinsider.com/decentraland-review-walkthrough-coin-mana-price-crypto-metaverse-real-estate-2022-4" target="_blank" rel="noopener">Decentraland</a> </h2>The 3D virtual world <a href="https://www.businessinsider.com/decentraland-review-walkthrough-coin-mana-price-crypto-metaverse-real-estate-2022-4" target="_blank" rel="noopener">Decentraland</a>, one of the more predominant metaverses to make headlines in recent months, recently hosted a digitized Australian Open and has also worked with other prominent companies like Sotheby's and Samsung to build virtual replicas of their real-life headquarters and stores on the platform. The open world, which features neon, cartoon-like graphics, is divided into more than 90,000 parcels of land for users to buy and build on. While some smaller minigames and quests exist, they're often glitchy, and the major draw of Decentraland seems to be the platform it provides for its community to attend virtual events together.<a href="https://www.businessinsider.com/decentraland-review-walkthrough-coin-mana-price-crypto-metaverse-real-estate-2022-4" target="_blank" rel="noopener">Click here to read the full story.</a><h2 style="text-align: left;"><a href="https://www.businessinsider.com/roblox-review-walkthrough-metaverse-games-stock-creators-marketplace-nft-crypto-2022-4" target="_blank" rel="noopener">Roblox</a> <a href="https://www.businessinsider.com/roblox-review-walkthrough-metaverse-games-stock-creators-marketplace-nft-crypto-2022-4" target="_blank" rel="noopener"><div type="image" title="Illustration of the Roblox metaverse" height="1800" width="2400" msid="91076198" hostid="261"></div></a></h2>Founded in 2006, the seasoned gaming platform <a href="https://www.businessinsider.com/roblox-review-walkthrough-metaverse-games-stock-creators-marketplace-nft-crypto-2022-4" target="_blank" rel="noopener">Roblox</a> enables people to interact, build, and play together. The company, which went public last year, is much more commercial than the other virtual worlds and is also the only one not built on blockchain technology. While the platform originally catered to a younger audience, Roblox is now actively trying to target an older demographic. The user experience, which was more advanced than some of the other worlds we visited, is a testament to Roblox's existing immense popularity. Famous DJs have played sets on the platform, and key brands like Nike and Vans are also prominently featured, with each having its own themed game. At the same time, the central ownership and commercialization has led to <a href="https://www.theguardian.com/games/2022/jan/09/the-trouble-with-roblox-the-video-game-empire-built-on-child-labour" target="_blank" rel="noopener">the exploitation of creators, many of whom are startlingly young</a>.<a href="https://www.businessinsider.com/roblox-review-walkthrough-metaverse-games-stock-creators-marketplace-nft-crypto-2022-4" target="_blank" rel="noopener">Click here to read the full story.</a><h2><a href="https://www.businessinsider.com/the-sandbox-review-walkthrough-alpha-metaverse-crypto-game-make-money-2022-4" target="_blank" rel="noopener"><div type="image" title="Illustration of the sandbox metaverse" height="1000" width="1333" msid="91076200" hostid="261"></div></a><a href="https://www.businessinsider.com/the-sandbox-review-walkthrough-alpha-metaverse-crypto-game-make-money-2022-4" target="_blank" rel="noopener">The Sandbox</a> </h2>The voxel-style gaming world <a href="https://www.businessinsider.com/the-sandbox-review-walkthrough-alpha-metaverse-crypto-game-make-money-2022-4" target="_blank" rel="noopener">The Sandbox</a> has jumped to public attention for its large number of expensive real-estate sales, particularly after the clamor over the re-creation of Snoop Dogg's mansion. The platform, which is still in the alpha testing stage and hasn't been widely released yet, also counts brands like the Smurfs, the Care Bears, "The Walking Dead," and Adidas in its wheelhouse of partnerships. Compared with the other featured platforms, The Sandbox stands out because it emphasizes a mix of quest-style gameplay and events like clubbing. The platform is also unique because it actively seeks outside game developers to create diverse quests in return for funding, marketing, and guidance.<a href="https://www.businessinsider.com/the-sandbox-review-walkthrough-alpha-metaverse-crypto-game-make-money-2022-4" target="_blank" rel="noopener">Click here to read the full story.</a><h2 style="text-align: left;"><a href="https://www.businessinsider.com/somnium-space-review-walkthrough-metaverse-crypto-token-review-vr-nft-2022-4" target="_blank" rel="noopener">Somnium Space</a> <a href="https://www.businessinsider.com/somnium-space-review-walkthrough-metaverse-crypto-token-review-vr-nft-2022-4" target="_blank" rel="noopener"><div type="image" title="Illustration of the Somnium Space metaverse" height="1000" width="1333" msid="91076202" hostid="261"></div></a></h2><a href="https://www.businessinsider.com/somnium-space-review-walkthrough-metaverse-crypto-token-review-vr-nft-2022-4" target="_blank" rel="noopener">Somnium Space</a> is one of the few virtual worlds that primarily focus on the virtual-reality component of the metaverse, with the company developing its own proprietary headsets and haptic Teslasuits for complete sensory immersion. While Somnium Space has been under development for years, the platform has managed to stay relatively under the radar — with its founders seeming to prefer it that way. Somnium Space focuses on highlighting art, housing both the Beeple and Dogecoin museums, and on providing its users with a social experience, hosting daily events for new members to meet up. While the virtual-reality visuals look fantastic in the tutorials, this platform also has the highest barrier to entry.<a href="https://www.businessinsider.com/somnium-space-review-walkthrough-metaverse-crypto-token-review-vr-nft-2022-4" target="_blank" rel="noopener">Click here to read the full story.</a><h2><a href="https://www.businessinsider.com/star-atlas-review-walkthrough-crypto-solana-game-token-metaverse-nft-marketplace-2022-4" target="_blank" rel="noopener"><div type="image" title="Illustration of the Star Atlas metaverse" height="1800" width="2400" msid="91076203" hostid="261"></div></a><a href="https://www.businessinsider.com/star-atlas-review-walkthrough-crypto-solana-game-token-metaverse-nft-marketplace-2022-4" target="_blank" rel="noopener">Star Atlas</a> </h2>As the name implies, <a href="https://www.businessinsider.com/star-atlas-review-walkthrough-crypto-solana-game-token-metaverse-nft-marketplace-2022-4" target="_blank" rel="noopener">Star Atlas</a> is a space-focused game offered in an immersive virtual world with sophisticated graphics. Because of its proposed visual and gameplay complexities, Star Atlas targets more-experienced gamers than the other metaverses. Users are able to earn income from the game, though we've found that it involves quite an outlay on the player's side to get involved. This virtual world is still in the early innings, with development starting in 2020, but it's already gained a lot of attention as one of the biggest games on the solana blockchain.<a href="https://www.businessinsider.com/star-atlas-review-walkthrough-crypto-solana-game-token-metaverse-nft-marketplace-2022-4" target="_blank" rel="noopener">Click here to read the full story.</a>

Insider's Guide to the Metaverse: How to play, make money, and party in 7 of the most popular virtual worlds right now

<ul><li><keyword id="3650784" type="General" weightage="20" keywordseo="drone-racing-league" source="Orion">Drone Racing League</keyword> (DRL) landed a $100 million sponsorship agreement with the <keyword id="12053767" type="General" weightage="20" keywordseo="algorand" source="Orion">Algorand</keyword> blockchain in September 2021.</li><li>The international <keyword id="2913897" type="General" weightage="20" keywordseo="drone-racing" source="Orion">drone racing</keyword> league wants players to “race DRL drones” in the metaverse game that it’s creating.</li><li>So far, DRL hasn’t yet announced what it’s metaverse game will be like.</li></ul>Fans of racing games like <keyword id="989621" type="General" weightage="20" keywordseo="need-for-speed" source="Orion">Need For Speed</keyword> (NFS), Mario Kart, Asphalt 8 and others now have something to look forward to with the Drone Racing League (<a href="https://www.prnewswire.com/news-releases/the-drone-racing-league-and-hiveminds-playground-labs-partner-to-launch-first-play-to-earn-crypto-sports-game-on-algorand-blockchain-301454190.html">DRL</a>) launching its own blockchain-based play-to-earn (P2E) game for the <a href="https://www.businessinsider.in/cryptocurrency/news/facebook-and-microsoft-arent-the-only-ones-creating-a-metaverse-here-are-five-popular-coins-looking-to-create-digital-worlds/articleshow/87931051.cms">metaverse</a>. The international racing league has not announced specific details so far, but the plan — as with all P2E games — is to give players ownership of their assets, or drones in this case, and their winnings with tokenomics coming into play. Partnering with web3 game developer Playground Labs, DRL wants to bring drone racing to the metaverse, and alternatively to bring the P2E concept to drone racing. <div type="twitter" handle="DroneRaceLeague" handlename="Drone Racing League" image="http://pbs.twimg.com/profile_images/1314562565155028992/KCiV7RbG_normal.jpg" favoritecount="1235" retweetcount="103" status="Watch Drone Racing in @FedExForum - the hardest course in DRL history 👀🎮 Fly along! Download Drone Racing Arcade… https://t.co/0paH5L4iVk" createdat="1640878780000" id="1476578741224677389"></div> <cmsannotation type="cmsannotation" annotationid="Play-to-earn is the next-generation of gaming" comment="subhead" text="Play-to-earn is the next-generation of gaming">Play-to-earn is the next-generation of gaming</cmsannotation> P2E is a quickly growing concept that rewards gamers with cryptocurrencies for spending time in a game. Games like Axie Infinity, Decentraland and many others are built around this concept. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> In fact, Axie Infinity was touted as a way that gamers in the Philippines were able to support their families during the COVID-19 pandemic when inflation was high and employment was uncertain. However, this claim has come into question with respect to whether the revenue model is sustainable and players can continue to earn enough to cover day-to-day expenses. The DRL is looking to use the <a href="https://www.businessinsider.in/cryptocurrency/news/algorand-heres-why-crypto-lovers-are-so-bullish-on-this-ethereum-killer/articleshow/88279055.cms">Algorand</a> blockchain, which is often said to be the fastest blockchain network available, which perhaps means that it will use the <keyword id="1468526" type="General" weightage="20" keywordseo="algo" source="Orion">ALGO</keyword> token to reward players. Non-fungible tokens (NFTs), too, will be involved. <cmsannotation type="cmsannotation" annotationid="What is DRL?" comment="subhead" text="What is DRL?">What is DRL?</cmsannotation> The DRL is a New York-based company that hosts large scale first person view (FPV) drone racing events. The company is valued at over $200 million, according to market data firm Pitchbook. In September 2021, CNBC also <a href="https://www.cnbc.com/2021/09/14/drone-racing-league-lands-100-million-deal-with-crypto-platform-algorand.html">reported</a> that it had landed a massive $100 million sponsorship agreement with the Algorand network. DRL has confirmed that “players will race DRL drones” in the game, according to Coindesk’s report. Algorand will also be the title sponsor for its world championship that is to be held at Las Vegas’ T-Mobile Arena. “As a technology-powered sport, DRL continues to authentically innovate and create real use-cases on Alogrand's fast, scalable and decentralized blockchain platform. We're excited to create a new thrilling digital drone racing game with DRL and Playground Labs that will enable fans everywhere to own and monetize their drone racing experiences," said Algorand COO W. Sean Ford. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/us-stock-futures-tread-water-after-fed-minutes-spark-a-sell-off-while-bitcoin-slumps-to-a-1-month-low/articleshow/88735054.cms">US stock futures tread water after Fed minutes spark a sell-off, while bitcoin slumps to a 1-month low</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/nascar-rejects-crypto-sponsorship-from-coin-spawned-from-a-chant-against-president-joe-biden-report/articleshow/88721270.cms">NASCAR rejects crypto sponsorship from coin spawned from a chant against President Joe Biden: report</a>

The first ever play-to-earn sports game for the metaverse will run on the Algorand blockchain

<ul><li>A new digital registry is being formed that will add unique identifiers to crypto tokens like <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword>, <keyword id="2810876" type="General" weightage="20" keywordseo="ethereum" source="Orion">Ethereum</keyword> and others.</li><li>These digital token identifiers (DITs) will launch in September.</li><li>The underlying aim of these tokens is to add legitimacy to cryptocurrencies using norms from the International Organization for Standardization (ISO).</li></ul>Come September, digital tokens like Bitcoin, Ethereum and others will be taking one of their biggest steps towards legitimacy. Digital token identifiers (<keyword id="7938692" type="General" weightage="20" keywordseo="dtis" source="Orion">DTIs</keyword>) are being launched to track the movement of cryptocurrencies as per the International Organisation for Standardisation (ISO). And, the hope that this will put into place one level of quality for all cryptocurrencies to follow. How successful this endeavour will be, however, is a different story and entirely uncertain. <cmsannotation type="cmsannotation" annotationid="DTIs — the origin story" comment="subhead" text="DTIs — the origin story">DTIs — the origin story</cmsannotation> A company called Etrading Software, which provides market infrastructure for <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto trading</a>, has formed a non-profit organisation called the DTI Foundation, is the one working on creating identification for cryptocurrencies. DTIs, or Digital Token Identifiers, will be akin to unique identifiers placed on assets on regular fiat currency-based trading markets — like stocks and derivatives. This allows regulators and others to track assets, identify them and quantify risks involved in trading. The DTI Foundation aims to do the same for the crypto market, which has often been criticised for its volatile nature and role in facilitating illicit transactions. According to a <a href="https://www.reuters.com/article/crypto-currency-markets/digital-identifiers-to-help-crypto-market-go-mainstream-idUSL8N2PQ2TX">report</a> by Reuters, the DTIs will be registered with the Foundation and it will use norms from the International Organization for Standardization (ISO), to be finalized by September this year. It will formally issue identifiers for the 100 most important crypto assets and tokens, aiming to cover over 80% of the market. This, of course, will include top coins like Ethereum, Bitcoin, Ripple, Dogecoin and more. <div type="ExtQuote" text="As the crypto assets sector grows in size, regulators and the market will need identifiers to track it better." auname="Sassan Danesh, managing partner at Etrading Software, told Reuters"></div> <cmsannotation type="cmsannotation" annotationid="How will DTIs work?" comment="subhead" text="How will DTIs work?">How will DTIs work?</cmsannotation> The DTI Foundation hasn’t really explained how these identifiers will work at the moment, which is something that will need clarification. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">Crypto transactions</a> are inherently trackable too, thanks to the nature of blockchains. However, using ISO standards could mean that it will be easier for organisations, regulators and legacy platforms to get into the space, since they already have technology for such tracking built into their systems. “Currently, the same digital token can have multiple identifiers. The DTI standard will work for industry to identify crypto asset trades to improve transparency and efficiency. It is expected standardisation could help investors that operate at scale and consequently manage large operations groups to process crypto-asset transactions without having to significantly rework their existing systems and processes,” the statement said. According to the company, the DTI initiative will be led by the Product Advisory Committee (<a href="https://etradingsoftware.com/digital-token-identifier-industry-forum-discuss-crypto-standards/">PAC</a>) which will meet once a month. One of the first areas of focus for this industry forum is stable-coins, a priority for the DTI Service upon launch in September. The PAC will also discuss such topics as how future regulatory changes will impact the crypto-market landscape. <cmsannotation type="cmsannotation" annotationid="Will crypto exchanges jump onboard?" comment="subhead" text="Will crypto exchanges jump onboard?">Will crypto exchanges jump onboard?</cmsannotation> Not only is the use case for DTI uncertain, it’s also difficult to say whether exchanges will jump on board with such a system. Having said that, crypto exchanges like WazirX, CoinDCX in India and many others globally, have often <a href="https://www.livemint.com/market/cryptocurrency/cryptocurrency-ban-may-have-collateral-impact-on-other-blockchain-firms-in-india-11616600647911.html">argued</a> that their existence gives the crypto space a level of accountability that it didn’t have earlier. The PAC — which will oversee the implementation of DTIs — consists of 20 members, who represent a ‘cross section’ of crypto market participants, global institutional investors, standards bodies, academics, market infra providers and more. Which means that at least some form of involvement from the industry can be expected. The presence of standards bodies could make DTIs an integral part of regulations that various governments are formulating right now, while market participants and infra providers could build them directly into their systems. “We absolutely see there will be a regulatory mandate for reporting of digital assets and that’s driven by just the size of the digital market, which now cannot be ignored by regulators,” Danesh told Reuters. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/axie-infinity-players-in-the-philippines-may-have-to-start-paying-tax-on-trading-pets/articleshow/85618940.cms">Axie Infinity players in the Philippines may have to start paying tax on trading ‘pets’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-mining-in-iran-easing-but-china-maintain-strict-stance/articleshow/85588848.cms">Iran is bringing back cryptocurrency mining, but China shows no signs of changing its mind</a> <cmsannotation type="cmsannotation" annotationid="DTIs — the origin story" comment="subhead" text="DTIs — the origin story"> </cmsannotation>

You Searched For "philippines axie infinity" and got 7 results

Axie Infinity players in the Philippines may have to start paying tax on trading ‘pets’

Prabhjote Gill

NFT game Axie Infinity clocks highest-ever $1 billion in trade with its crypto-based virtual economy

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A crypto game has generated $485 million in revenue since July and is drawing flocks of players from developing countries looking to make money

Carla Mozée

‘Blockchain gamers have the same potential as YouTube streamers, TikTok/Instagram influencers’

Eetika Kapoor

Insider's Guide to the Metaverse: How to play, make money, and party in 7 of the most popular virtual worlds right now

Lisa Kailai Han,Kari McMahon

The first ever play-to-earn sports game for the metaverse will run on the Algorand blockchain

BI India Bureau

Digital token identifiers want to set the benchmark for cryptocurrencies — but the picture is far from complete

BI India Bureau

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