Playing crypto games for a living: Filipinos seek to escape poverty • FRANCE 24 English

Summary

The video script explores the rise of professional gaming in the Philippines, where young players earn a living through cryptocurrency rewards in online games. Gamers gather at cybercafes, spending over 12 hours daily to earn twice the minimum wage. Despite risks from scams and cryptocurrency volatility, the allure of digital earnings has drawn many away from traditional jobs, especially during the COVID-19 pandemic. The script also highlights the use of stablecoins to mitigate risks and the potential challenges of regulating this booming digital economy.

Takeaways

• 🕹️ Video games in the Philippines are a source of income for some young people, who play to earn tokens or rewards that can be converted into pesos.
• 💻 Online gaming has become a full-time occupation where players can earn more than the country's minimum wage, sometimes even twice as much.
• 🏆 Players gather at cyber cafes, such as Janal Bronze Cyber Cafe, where the winner of each game earns cryptocurrency that can be exchanged for real cash.
• 🍽️ Cyber cafes provide support to players, including free food, and act as a community and company that takes care of the players.
• 🌐 The cryptocurrency craze has spread across the Philippines, with Filipinos making up nearly a third of the global community playing these types of games.
• 🚜 Some individuals, like the 22-year-old who chose to cultivate virtual farms instead of taking over his family's farm, make more money online than they would have in traditional jobs.
• 💰 The digital economy offers lucrative work, attracting a new generation away from traditional jobs like farming.
• 🌐 During the COVID-19 pandemic, online gaming offered opportunities for people to make money from home when they were not allowed to go outside.
• 🔒 Cyber cafe owners act as mentors, protecting young players from scammers and hackers in a market worth billions.
• 📉 The volatility of cryptocurrencies poses a risk, as seen in 2022 when many players were ruined after the global collapse of Bitcoin.
• 💡 Some game developers use stablecoins, which are less volatile and linked to traditional currencies, to mitigate the risks associated with cryptocurrency fluctuations.

Q & A

What is the main motivation for young Filipinos to play video games at the cyber cafe?

The main motivation is to make money. They play games to earn tokens or rewards that can be converted into pesos, which is a viable full-time occupation for them.

How much can a player earn in a month by playing games at the cyber cafe?

A player can earn more than €300 a month, which is twice the country's minimum wage.

What is the relationship between the cyber cafe and the players?

The cyber cafe provides a place for the players to play games and in return, they give a portion of their earnings to the cyber cafe. It's like a company that takes care of its players.

What is the significance of cryptocurrency in the gaming community mentioned in the script?

Cryptocurrency is significant as it is the virtual money earned by players which can be exchanged for real cash, and it has gripped the entire country.

Why did the 22-year-old choose to cultivate virtual farms instead of taking over his family's farm?

He chose to cultivate virtual farms because it's similar to farming but online, and he makes more money doing it digitally than he would have on his parents' farm.

How has the COVID-19 pandemic affected the gaming and cryptocurrency industry in the Philippines?

The pandemic has led to an increase in people turning to online gaming as a way to make money from home, as traditional jobs were not accessible during lockdowns.

What role does the cyber cafe owner play in the gaming community?

The cyber cafe owner acts as a mentor, keeping an eye on the youngest players and educating them about potential scammers and how to protect their digital assets.

What are the potential dangers associated with the volatility of cryptocurrencies?

The volatility of cryptocurrencies poses a danger as it can lead to significant financial losses, as seen in 2022 when Bitcoin lost over 60% of its value, forcing many Filipinos to abandon gaming.

What measures are being taken to protect players from the volatility of cryptocurrencies?

Some developers are using less volatile cryptocurrencies that are indexed or linked to traditional currencies, such as the US dollar and the Euro, to provide more stability.

How does the game 'kryptos Shish' work, and what are the potential earnings for players?

In 'kryptos Shish', players compete by being the last clicker to win. After paying a $1 fee, the winner gets $7, and the remaining $3 goes to the developer. It's simple and can be very profitable for some.

What is the stance of the Philippine authorities on the cryptocurrency boom?

The authorities are keeping a nervous eye on the cryptocurrency boom and may take steps to regulate the large and growing market, although the global value of cryptocurrencies makes it potentially difficult to control.