Why Axie Infinity Caught Fire in the Philippines


This episode is sponsored by Quantstamp and Nexo.io.

Joining “Money Reimagined” hosts Michael Casey and Sheila Warren are Maoi Arroyo, serial entrepreneur and founding father of Ignite Impact Fund, the first fund targeted on eradicating revenue and entry poverty in the Philippines, and Leah Callon-Butler, director of Emfarsis and screenwriter of the latest “Play to Earn” documentary. Maoi and Callon-Butler carry a depth of understanding of the financial, political and social context of the Philippines and the latest Axie Infinity phenomenon that swept the nation.

The island nation is closely depending on its Overseas Filipino Workers, whose U.S.-based employees despatched a mixed $12 billion {dollars} in money remittances again in 2020 alone. The nation additionally faces intensive corruption relationship again to the Spanish colonial administration. The low belief of Filipinos in the nationwide economic system have pushed them to innovate new methods to work together with cash.

Over the summer season, the play-to-earn sport Axie Infinity exploded in recognition, with a good portion of its consumer base hailing from the Philippines. Many Filipinos acknowledged the alternatives abound inside the play to earn economic system, and extra broadly with digital cost options and blockchain know-how. What will this formidable, mobile-native inhabitants undertake subsequent?

This episode was produced by Michele Musso and Adam B. Levine, with modifying by Jonas. This episode was introduced by Adam B. Levine with extra help by Eleanor Pahl. Our theme tune is “Shepard.”