The first time I saw bitcoin was in 2009. I thought it was token for video games. Following a gold bug like Gary North, though I saw it soar few years after, I never bother to dig into the crypto market except just having a superficial information about it. However, two weeks ago when I went home to Quezon City, my eldest son asked me 7,000.00 for his Axie Infinity account. I told him that I don't have the amount and besides I don't want to risk money into something I do not understand. And then he talked about SLP (Smooth Love Potion). I didn't know that time how the two connect.
Being a stock trader, my instinct was to search for both Axie Infinity and Smooth Love Potion in crypto market. Observing their charts, I told my son that if ever he was considering to enter either of the two, I would suggest SLP instead for at that time, 03 July, the price of Axie Infinity was already high and as for SLP, it was just starting to rise after a two month consolidation. I only realized later that what I was telling my son about trading Axie and SLP didn't make sense to him, for he was talking about a different way to earn from these names, and that is by playing the game.
And so I started searching the web only to find our later that the two names were actually joined in one game. And what surprises me is that this game is connected to crypto market. And so we have two trending things here combined into one, gaming and crypto currency.
In the following days, many of my friends were asking me question about Axie Infinity. I just shared with them my initial understanding, but I also told them that I still didn't know many things about this phenomenon.
And so as I researched on the subject, these are the things I found out:
1. It went viral first in the Philippines in Cabanatuan due to COVID-19 and the lockdown. People were desperate looking for alternative source of income. It so happened that one guy stumbled with this game and shared it to his relatives and friends.
2. Among 300,000 players all over the world, half of it are Filipinos. It was even reported that gamers are raking 2B just in one month. That is equivalent to average total remittances of all OFWs living in Hong Kong.
As I dig deeper into crypto currency, the name Ethereum came out. I was reminded early in 2012 when a master trader in one FB group was promoting it, but I dismissed it. And then came DeFi, Polkadot, Caradano, Solana, CryptoPunk, Sorare, Hashmasks, and among them Axie Inifnity. And so I decided to study these names and post my findings on this blog. From this time on, my trading focus will no longer be just on the Philippine stock market, but the crypto market.
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