The Philippine National Police Anti-Cybercrime Group (PNP ACG) scrutinized some of the models used by cryptocurrency games, warning Filipino citizens against the various schemes used to extort money from the gaming community.
While warning against the risks of cryptocurrency gaming schemes, the Phillippine police highlighted the play-to-earn model used by Axie Infinity, a Pokemon-inspired play-to-earn metaverse game created on the Ethereum blockchain.
A player needs to purchase at least three Axie characters to start playing the game, which the PNP ACG believes forces users to shell out $300 before they can start earning. On the other hand, the police department sided with the traditional gaming industry, which averages up to $100 per user.
Playing crypto games can be riskier than investing in cryptocurrencies, according to the PNP ACG, considering the ease with which gamers can lose their digital tokens and nonfungible tokens (NFTs).
From sending tokens to an unsupported wallet address to market volatility and online scammers, the crypto gaming community is under constant threat of losing their investments. The warning read:
“Just because a game’s underlying blockchain is secure does not mean its engine or…
