ProBit Global will continue its play to earn campaign and feature Axie Infinity’s SLP tokens at 50% off market price starting September 7. Axie infinity’s governance token AXS continues to be one of the top-performing ProBit Exclusives as it recently notched a new ATH of 92.856 USDT and over 45X for participants.
VC firms including Arca, Three Arrows, and Hashed among a handful of others have also captured a tremendous boost of 1,160X following an $0.08 seed round and a total of $860,00 for Axie Infinity in 2020.
While AXS has generated interest among traders due to price action, SLP is single-handedly changing the lives of gamers who can secure their economic livelihoods through the play-to-earn spark plug that has generated significant media headlines in the Philippines.
The popular Ethereum-based wallet Metamask eclipsed 10M users with over 2M Filipinos leading global adoption in large part due to the surging popularity of NFT along with the Philippines consistently ranking in the top 5 in remittances.
The establishment of over 600 guilds has further democratized SLP earning potential through the lending of Axies for newer gamers lacking the financial resources to get started. Essentially tapping into DeFi’s successful automated money market model, Axie Infinity gamers can generate passive income by lending their idle NFT to scholars who generally earn around 70% of total SLP accrued as part of the revenue sharing process.
Axie Infinity’s sidechain Ronin has played a critical component behind the trailblazing pace that has generated over 1.7BN in sales by vastly decreasing transaction fees with rapid processing times and a fiat onramp for ETH to purchase Axies.
The Axie Treasury currently holds $635M with the overwhelming concentration of capital generated by breeding Axies through a predetermined amount of both AXS and SLP depending on the specific Axie breed count.
According to Delphi Digital, the treasury could comprise roughly 24% of the total supply by EOY as demand for Axies augments the value of both SLP and AXS, which will provide governance and staking features in the future.
Following the Philippine government’s declaration of Axie revenue as taxable income, Sky Mavis encouraged users to adhere to local regulations, a move commended by Secretary of Finance Carlos G. Dominguez III.
Cryptocurrency taxation has proven to be a daunting challenge due to its decentralized nature, an impasse that was on full display during the recent infrastructure bill debate.
Similarly, a host of questions regarding how Axie Infinity earnings will be taxed will need to be addressed as play to earn continues to be an inflection point and demonstrate the legitimacy of global cryptocurrency adoption as an alternative, democratized source of income.
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