🚨Do you remember the Axie Infinity era?
A 22-year-old young man had bought two houses with the money he earned from Axie Infinity's game.
This game even crashed the Philippine economy :D
In the game, players earned $SLP tokens by pitting creatures against each other in battles
Regular players could make $155 195 a month
That's almost a part-time salary in the Philippines
Those who formed teams and hired players could earn up to $20,000 a month (just with a phone).
Daily active players numbered 2.7 million, and most of them were in the Philippines.
People quit their jobs. Families pulled their kids out of school. Livelihoods became entirely dependent on game income.
Then everything changed.
The 22 year old young man shared a photo on Facebook in front of his two new houses.
The government took notice
And it acted immediately
In-game earnings were declared taxable income.
Players were required to register as taxpayers and report their earnings.
But it was too late.
SLP lost 99% of its value in 6 months.
The government was now drafting tax laws for an economy that no longer existed.
And people had nothing to return to.
A video game built an economy for millions of people, triggered a national tax crisis, and the system collapsed under its own weight
$AXS
AXS
1.201
-1.39%
SLP
0.000652
+1.55%