Thursday, July 25, 2024

Latin America turns to P2E crypto games to boost income

Play-to-earn (P2E) crypto games are gaining momentum in Latin America because inflation is eating away salaries and the economy. People in Argentina have taken to P2E games to boost their income. As such, Argentina has emerged as the top country in the Latin American region in play-to-earn game usage.

Gabriel Mellace, Decentral Games head of investor relations, said trends in Argentina show that numbers will keep rising. He believes that besides profitability, young people are also looking for fun. Argentina, Brazil, and Venezuela are the top three countries with the most users in Axie Infinity. On this platform, users earn tokens by winning battles.

Mauricio Ramos, Axie’s head of Latin America, highlighted that Latin Americans participate through a type of account wherein they play on behalf of Americans. Ramos said they cannot afford to open their own accounts. Gaming platforms such as Axie Infinity, Decentral Games, and Sandbox require users to have an NFT to play. But users turn to NFT delegations, which are NFT rental, and they don’t need to buy a costly non-fungible token to play a game.

Users in Decentral Games need to have an NFT worth about $5,200 to play. Mellace pointed out that this is very much expensive for Brazilians and Argentinians. Because of this, they opt to play on behalf of Americans and Germans.

Yat Siu, the founder of Animoca Brands, said the growth in Axie Infinity is fastest in Asia but Latin America has climbed quickly, representing 25% of users globally. He said Latin America is now the second-fastest growth area. Latin Americans are reaping the benefits of crypto through P2E games. They can negotiate capital controls and control as money is paid through crypto assets in accounts abroad.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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