Comment by pezzana

> In a crypto economy crowded with vapourware and alpha-stage software, Axie Infinity stands out. Not only has it amassed a large base of users, the in-game economy has actually provided a real-world income stream to working-class Filipinos impacted by the pandemic. Some spend hours each day playing the game, and then sell the in-game currency they earn to pay their real-world bills. That’s obviously a good thing for them, but it also appears to be a near-Platonic example of Graeber’s definition of a bullshit job.

That part about the pandemic might be the most important thing in the article. Would something like this have taken off had pandemic restrictions not wrecked the Philippine economy?

A glance at the exchange rate for the Smooth Love Potion token shows a vertical surge right as lockdowns started to be imposed, followed by a 90% crash that started in around July of this year:

https://coinmarketcap.com/currencies/smooth-love-potion/

The start of the crash coincides with the start of noticeably higher CPI in the US and well-known product demand shock. That shock must have put higher upward pressure on demand for labor in the developing world, making Axie less appealing.

I can't help but think of this as a preview into a future world in which automation and economic stagnation renders ever larger parts of the real economy ineffective at supporting a living wage.

This kind of bullshit job offers a wealth transfer mechanism from those who have it to those who don't, with financial speculation being the conduit. Universal Basic Income is another path. Revolution is a third option.