Summary
✓Reviewed by Emma ThompsonThe question of when and where Axie Infinity started in the Philippines is not just the history of a game — it is a story of hope, disappointment, and lessons learned by thousands of Filipino players amidst...
Table of contents
- 1 The Beginning of Axie Infinity: A Game from Vietnam
- 2 How Axie Infinity Reached the Philippines
- 2.1 The Role of the Scholarship System
- 2.2 The Smooth Love Potion (SLP): The Heart of Earnings
- 3 The Peak: November 2021
- 4 Government Warnings: The Central Bank and BIR
- 5 Chronology of Axie Infinity in the Philippines
- 6 The Fall: From Hope to Debt
- 7 Comparison of SLP Value: Peak vs Fall
- 8 Lessons Learned from Axie Infinity
- 9 Axie Infinity Today: What’s Left (2026)
- 10 Frequently Asked Questions about Axie Infinity in the Philippines
- 10.1 When did Axie Infinity start in the Philippines?
- 10.2 Who created Axie Infinity?
- 10.3 How much does an Axie Infinity player earn?
- 10.4 Is Axie Infinity legal in the Philippines?
- 10.5 Do earnings from Axie Infinity require taxes?
- 10.6 What is the Axie Infinity scholarship system?
- 11 References
The question of when and where Axie Infinity started in the Philippines is not just the history of a game — it is a story of hope, disappointment, and lessons learned by thousands of Filipino players amidst a global crisis. In 2021, at the height of the COVID-19 pandemic, the Philippines became the strongest center of play-to-earn gaming in the world, with Axie Infinity at the center of it all.
The Beginning of Axie Infinity: A Game from Vietnam
Before we discuss when and where Axie Infinity started in the Philippines, it’s important to first understand where the game itself originated. According to Wikipedia, Axie Infinity is a blockchain game developed by the Vietnamese studio Sky Mavis in 2018. It was designed as a game where players could battle, collect, and breed creatures called “Axies” — and these are on the Ethereum blockchain, giving each a real monetary value.
In its early years, Axie Infinity had a limited number of players. The game required the purchase of at least three Axie characters to start — a barrier that kept most players away. But everything changed when 2021 arrived.
How Axie Infinity Reached the Philippines
The when and where Axie Infinity started in the Philippines is directly connected to the COVID-19 pandemic. In 2020 and 2021, millions of Filipinos lost their jobs due to lockdowns and business closures. Amidst the lack of opportunities, many discovered a possibility they had never experienced before — earning through gaming.
According to a report by CoinDesk in May 2021, the Philippines became number one in the world as a source of traffic for Axie Infinity. From approximately 10,000 players in March 2021, the number jumped to over 29,000 in just a few weeks. This growth did not happen in any other country — it was a uniquely Filipino phenomenon.
“For Filipinos, Axie Infinity was more than just a crypto game — it became a family’s livelihood during the crisis.”
The Role of the Scholarship System
One of the reasons why Axie Infinity spread so quickly in the Philippines was the “scholarship” system. Since buying three Axies cost around $300, many Filipinos could not afford such an expense. Thus, “managers” emerged — people who owned Axies and rented out their accounts to “scholars” who had no capital.
In this system, scholars played without their own capital, and the earnings were split: according to a report by TIME Magazine, Axie owners took 30% to 50% of the scholars’ earnings. This model allowed more Filipinos to participate even without a large investment.
The Smooth Love Potion (SLP): The Heart of Earnings
The main way to earn in Axie Infinity was through Smooth Love Potion or SLP — an in-game cryptocurrency that could be converted to Philippine Pesos. At the peak of its popularity in July 2021, the value of SLP reached $0.34 per token. For players generating hundreds of SLP daily, this meant significant income. According to data from Rest of World, the average income of a player in 2021 was over $400 per month.
The Peak: November 2021
November 2021 was the peak of Axie Infinity in the Philippines and worldwide. At that time, according to data provided by TIME Magazine, the game had over 2.7 million daily active users globally — with the Philippines having the largest share. Success stories spread on social media: people paying off debts, building houses, and sending money to family in the provinces, all thanks to playing Axie.
If you’re interested in the broader picture of the mobile gaming scene in the Philippines, check out our list of Top 5 Most Downloaded Mobile Games in the Philippines (2026) to see how Filipino gaming favorites have evolved.
Government Warnings: The Central Bank and BIR
As Axie Infinity grew, so did the concerns of government agencies. The Presidential Communications Operations Office (PCOO) was surprised when the Securities and Exchange Commission (SEC) stated in September 2021 that they were still studying the legal status of play-to-earn platforms under current law — they were not illegal, but they were not officially recognized either.
Similarly, the Bangko Sentral ng Pilipinas (BSP) issued a clear warning that cryptocurrency, including tokens used in Axie Infinity, is not legal tender, not a savings instrument, and not recommended as an investment vehicle. For many Filipinos storing a large portion of their income in SLP and AXS tokens, this was a sign that was not given enough attention.
Chronology of Axie Infinity in the Philippines
| Year / Period | Event | Source |
|---|---|---|
| 2018 | Axie Infinity created by Sky Mavis in Vietnam | Wikipedia |
| Early 2021 | Axie exploded in the Philippines; from ~10,000 jumped to 29,000+ players | CoinDesk |
| July 2021 | SLP reached a high of $0.34; Sky Mavis revenue: $485M | TIME, Rest of World |
| November 2021 | Peak: 2.7 million daily active users; start of income decline | TIME Magazine |
| August 2021 | BIR announced players’ duty to pay taxes | Rest of World |
| September 2021 | SEC said studying legal status of play-to-earn | PCOO |
| Spring 2022 | Crypto market crashed; SLP fell to less than half a cent | TIME Magazine |
| 2022–2023 | PNP Anti-Cybercrime Group warned against crypto gaming scams | NFTEvening |
The Fall: From Hope to Debt
The story of when and where Axie Infinity started in the Philippines is not complete without discussing its fall. In the spring of 2022, the bottom fell out of the crypto market. The SLP, once valued at $0.34 per token, plummeted to nearly nothing — dropping to less than half a cent, according to a report by TIME Magazine.
For thousands of Filipino scholars relying on their Axie earnings as their primary livelihood, this was a disaster. Those who went into debt to invest in Axie NFTs found themselves with assets worth almost nothing. The narrative from TIME Magazine painted a clear picture: the once-happy players became “despondent and in debt.”
“The play-to-earn model of Axie Infinity was a risky economic experiment in the Philippines — many had their hopes raised, but many also sank into debt.”
Comparison of SLP Value: Peak vs Fall
| Metric | Peak (July 2021) | After the Fall (2022) |
|---|---|---|
| SLP value per token | $0.34 | Less than $0.005 |
| Average player income | ~$400/month | Equivalent to minimum wage or less |
| Daily active users | 2.7 million | Dropped to ~760,000 |
| Sky Mavis revenue (one month) | $485 million | Significant decrease |
Lessons Learned from Axie Infinity
The experience of the Philippines with Axie Infinity provided valuable lessons for every player and the gaming industry as a whole. First, any game or income system based on the continuous addition of new players to maintain asset value has inherent weaknesses. This is what some economists call a pyramid-like structure.
Second, digital assets like SLP and AXS are highly volatile in value and are not suitable as a primary source of livelihood for families without other income. For those seeking more stable entertainment and gaming content, it’s crucial to stay updated on new developments in the industry — like our coverage of the MLBB Meta 2026 and other games focused on enjoyment rather than speculative income.
Axie Infinity Today: What’s Left (2026)
As of today, July 14, 2026, Axie Infinity is far from its peak popularity in the Philippines. The game continues to exist and update, but the play-to-earn model that once attracted millions of Filipinos is no longer as appealing as it was in 2021. The decisions of regulators, the crash of the crypto market, and the warnings from the Bangko Sentral ng Pilipinas and PNP Anti-Cybercrime Group have changed the perspective of many Filipino players.
The brighter future of gaming in the Philippines can be seen in safe and sustainable fields — from competitive esports to mobile gaming. Events like local esports tournaments provide a healthier path for Filipinos who want to make gaming a profession. For those looking to enter the world of competitive gaming, check out our article about Philippine teams qualifying for the Esports World Cup 2026.
Frequently Asked Questions about Axie Infinity in the Philippines
When did Axie Infinity start in the Philippines?
According to data from CoinDesk, Axie Infinity began spreading in the Philippines in early 2021 — particularly from March 2021 onwards. The COVID-19 pandemic and unemployment were the main reasons for the rapid increase in the number of players.
Who created Axie Infinity?
Axie Infinity was created by Sky Mavis, a Vietnamese startup. According to Wikipedia, the company was founded in 2018 and is headquartered in Ho Chi Minh City, Vietnam. It is not a Filipino company, but the Philippines became its strongest market in the world.
How much does an Axie Infinity player earn?
During the game’s peak in 2021, the average income was approximately $400 per month according to data from Rest of World. However, by November 2021, the income had already decreased to the equivalent of the Philippine minimum wage. After the crypto market crash in 2022, the income was almost nothing.
Is Axie Infinity legal in the Philippines?
According to an official statement from the PCOO in September 2021, which relayed the SEC’s statement, Axie Infinity is not illegal, but it is also not officially registered as an investment vehicle. The SEC stated that they are still studying the legal status of play-to-earn platforms under current Philippine law.
Do earnings from Axie Infinity require taxes?
Yes. According to a report by Rest of World, the Bureau of Internal Revenue (BIR) announced in August 2021 that Axie Infinity players must register and pay taxes on their earnings. However, most scholars earn less than $5,000 per year, so many of them are below the tax threshold.
What is the Axie Infinity scholarship system?
The scholarship system is a way of renting Axie NFTs to players without capital to buy their own Axie. Owners (managers) provide access to their accounts to scholars, and the earnings are split between them — usually 50-70% for the scholar and 30-50% for the manager, according to data from TIME Magazine.
References
- TIME Magazine: Axie Infinity Has Left Filipino Gamers Despondent and In Debt — accessed on July 14, 2026
- Wikipedia: Axie Infinity — accessed on July 14, 2026
- CoinDesk: For Filipinos, Axie Infinity is More Than a Crypto Game — accessed on July 14, 2026
- Rest of World: Philippine Government Wants Axie Player Earnings — accessed on July 14, 2026
- Presidential Communications Operations Office (PCOO): Public Briefing on Play-to-Earn — accessed on July 14, 2026
- Gulf News: Life-Changing or Scam? Axie Infinity Helps Philippines’ Poor Earn — accessed on July 14, 2026
