Argentines Prefer “Play-to-Earn” Crypto Games Over Regular Jobs Amid Record Inflation

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Argentina’s struggle with inflation is driving people to turn to crypto games to earn as record inflation is pushing the value of fiat salaries down.

The country, which is the second largest economy in South America, now ranks fifth in the world in terms of users on so-called “play-to-earn” crypto gaming platforms. Visits in Argentina to Decentral Games, which has the largest user base in the world, have reached 9,400 since early 2022, compared to just a few hundred visits in all of 2021.

About 2,400 Argentines visited Decentral Games platforms between March 1 and March 15 this year

Meanwhile, Brazil has also risen in the rankings and now ranks seventh in terms of users on these platforms.

Inflation at full steam ahead

Both Argentina and Brazil face high inflation and are overshadowed only by Venezuela, which has been in a state of hyperinflation for several years. People are looking for

Inflation in Argentina is above 50% year on year and salaries have not kept pace, while in Brazil inflation doubled to 10% a year in 2021.

Inflation rates over the past four years

Decentral Games believes that inflation will continue to rise in these countries and that the trend of people turning to play-to-earn games will continue for the foreseeable future. Gabriel Mellace, the company’s head of Investor Relations, said:

“Young people are not only looking for profitability. They are also looking for fun.”

How does play to earn work?

Most major metaverse gaming platforms require people to buy an NFT, which is their “character”, before they can participate in the ecosystem. The cost of a single NFT often runs into the thousands of dollars, making it unaffordable for the vast majority of people in the world.

However, these platforms offer “NFT Delegations” which is basically a system that allows owners to lend their NFT character to another user. The user can then join the ecosystem and participate in things like crypto games which you can earn through the “rented” NFT.

Franco Villaflor, a 28-year-old DJ, told Bloomberg News that he earns about $1500 a month playing poker in the metaverse, which is basically what he would earn in a month from his regular job as a DJ. He hires an NFT that costs him 40% of what he earns during the session.

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