But once it caught on in the Philippines, Axie’s user base increased exponentially—exactly the kind of growth venture capitalists are looking for. The game signed up 61,000 new players in May 2021, 139,000 in June, and 475,000 in July. By that October, about two million people were playing the game every day, most of them in the Philippines. Sky

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Play-To-Earn then turns into Play-To-Zero.