The number of people marching “towards starvation” surged from 135 million to 270 million as a result of the COVID-19 lockdowns.
In most low- and middle-income nations, NFT games are kindling a new monetary revolution to help ameliorate the effects of local economic instability. Food prices are up over 34% year on year, according to the United Nations Food and Agriculture Organization, and have hit their highest level since July 2014.
The IMF coined the moniker “Great Lockdown” to describe the government shutdowns that began in early 2020. When supply systems were disrupted, food availability and affordability were impacted.
Bitcoin, Ethereum, and other cryptocurrencies have already had an influence on people’s lives. Play-to-earn games can now accomplish the same thing. Play-to-earn is a gaming model in which users can earn real money or other rewards by participating in games.
Players can earn in-game tokens, which can then be converted into liquid cryptocurrency and traded on open marketplaces. This might be life-changing in low-wage economies. Due to the Great Lockdown, the Philippines had an official unemployment rate of 8.7 percent in February 2021.
Furthermore, nearly 10% of the employed population was looking for a new job. The unemployment rate in January 2020 was only 5.3 percent. In the 2020 Global Hunger Index, the Philippines ranks 69th out of 107 countries ranked by the Global Health Index.
Countries such as Vietnam and the Philippines, among others, are benefiting from Southeast Asia’s play-to-earn schemes.