Argentina’s populace is flocking to play-to-earn cryptocurrency games to supplement their income and necessities, with the country’s gaming population increasing in recent years.
According to Bloomberg, Argentines frequently earn more money from these games than they do from their paychecks, as inflation has reached a 10-month high.
Argentina, the second-largest economy in South America, has ascended to the top rank in Latin America and fifth overall in terms of profit-oriented gambling.
According to recent statistics, nearly 10,000 Argentines visited Decentral Games this year. Decentral is the world’s largest metaverse company, with the greatest number of gamers.
Crypto Games To The Rescue
Argentina, Brazil’s neighbor, is also included on the list and is now ranked as the sixth most popular destination for play-to-earn cryptocurrency games, according to Bloomberg.
Both countries are suffering from hyperinflation, second only to Venezuela in Latin America.
Argentina’s basic commodity costs are increasing at a rate greater than 50% per year, yet basic salaries have increased at a slower rate than inflation for the last four years.
According to the data, inflation in Brazil surged to about 10% annually during the last year.
Earning Money While Having a Good Time
In simple terms, play-to-earn games are video games that allow players to earn real-world rewards.
While individuals have historically earned money from video games via methods such as “gold farming” and unlicensed marketplaces for in-game items, the arrival of blockchain technology and NFTs radically transformed the game.
Axie Infinity is one of Argentina’s most popular P2E games.
Axie Infinity is an online video game using non-fungible tokens developed by the Vietnamese studio Sky Mavis. The game is renowned for its in-game economy, which is built on the Ethereum blockchain.
Axie Infinity players collect and mint NFTs depicting Axies.
A Significant Investment Is Required To Participate
Citizens play on behalf of Americans and Germans, according to Mauricio Ramos, Axie Infinity’s Latin American chief executive officer, due to their incapacity to purchase their own accounts.
Numerous of games require a sizable initial payment, which can easily reach the hundreds of dollars, he explained.
Gabriel Mellace, Decentral Games’ director of investor relations, stated:
“Argentina and Brazil’s statistics indicate that the numbers will continue to rise… Young people are not solely motivated by financial gain. They’re also on the lookout for fun.”
Argentina was already a bitcoin hotspot previous to this surge in play-to-earn players.
Residents are increasingly becoming freelancers, owing in part to the potential of obtaining remuneration in cryptocurrencies. Around 90% of cryptocurrency transactions were conducted in either BTC or ETH.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.