Geoff White

But what was really interesting around the discussion boards around Axie Infinity is you start to see this change where people are discussing the game and then they start to discuss crypto investments and crypto speculation. So suddenly people who are into crypto and the speculative side of it started to see this game as an opportunity, a money-making opportunity.

But what was really interesting around the discussion boards around Axie Infinity is you start to see this change where people are discussing the game and then they start to discuss crypto investments and crypto speculation. So suddenly people who are into crypto and the speculative side of it started to see this game as an opportunity, a money-making opportunity.

So you've got this incredible whirlwind of sort of obsessive gamers and also obsessive cryptocurrency speculators coming in. And this game just went up and up in value. I think at one point it was valued at $2 billion, I think I might say. It's astonishing values. And the other thing that fed into this was COVID, it was lockdown.

So you've got this incredible whirlwind of sort of obsessive gamers and also obsessive cryptocurrency speculators coming in. And this game just went up and up in value. I think at one point it was valued at $2 billion, I think I might say. It's astonishing values. And the other thing that fed into this was COVID, it was lockdown.

So during that period, the game was big in Southeast Asia, particularly big in Southeast Asia, because that's where the company was headquartered. And it absolutely took off, particularly the Philippines. I think 40% of the players apparently were in the Philippines. And during lockdown... A lot of people lost work, weren't able to go to work, were looking around for alternative sources of income.

So during that period, the game was big in Southeast Asia, particularly big in Southeast Asia, because that's where the company was headquartered. And it absolutely took off, particularly the Philippines. I think 40% of the players apparently were in the Philippines. And during lockdown... A lot of people lost work, weren't able to go to work, were looking around for alternative sources of income.

And they started to see that actually they could potentially play this video game and make money at it. So you put all these factors together and you just get this explosive combination that just launched Axie Infinity into the stratosphere. Much to the surprise, I think it's fair to say, of the guys at Sky Mavis who made it. I don't think they were expecting it to be such a big of a hit.

And they started to see that actually they could potentially play this video game and make money at it. So you put all these factors together and you just get this explosive combination that just launched Axie Infinity into the stratosphere. Much to the surprise, I think it's fair to say, of the guys at Sky Mavis who made it. I don't think they were expecting it to be such a big of a hit.

No. The way it would work, as I understand it, is your axes would become more and more valuable the more fights they won. And you could actually sell them to other people in the game. So you could say, you know, I've got this team of Axies. Look, they've got a fantastic track record of killing lots of other Axies. I don't know actually whether killing was part of it, but winning the battles.

No. The way it would work, as I understand it, is your axes would become more and more valuable the more fights they won. And you could actually sell them to other people in the game. So you could say, you know, I've got this team of Axies. Look, they've got a fantastic track record of killing lots of other Axies. I don't know actually whether killing was part of it, but winning the battles.

You know, would you like to buy them off me? Also, there's a trade in smooth love potions. So as you played the game, you got more smooth love potion. You could sell the smooth love potion to people. You could buy and sell plots of land on Lunacia, which is the virtual... environment in which the game is played. So almost everything was for sale.

You know, would you like to buy them off me? Also, there's a trade in smooth love potions. So as you played the game, you got more smooth love potion. You could sell the smooth love potion to people. You could buy and sell plots of land on Lunacia, which is the virtual... environment in which the game is played. So almost everything was for sale.

So the money was being shared around by trading within the game.

So the money was being shared around by trading within the game.

You can play on a browser. I think most people playing on a phone. It got so popular there were reports in the Philippines of people giving up their jobs just to play this game full time. Now, of course, as soon as that happens and hits the headlines, you get this rush of people who all think, oh, I'll do that. And of course, it became a pile on.

You can play on a browser. I think most people playing on a phone. It got so popular there were reports in the Philippines of people giving up their jobs just to play this game full time. Now, of course, as soon as that happens and hits the headlines, you get this rush of people who all think, oh, I'll do that. And of course, it became a pile on.

People just went for this game, particularly in Southeast Asia.

People just went for this game, particularly in Southeast Asia.

Inevitably, as soon as you start to make scads of money as a video game, somebody tries to hack you. And that's exactly what happened with Axie Infinity.

Inevitably, as soon as you start to make scads of money as a video game, somebody tries to hack you. And that's exactly what happened with Axie Infinity.