Most people love adorable little ‘pets’ that they can trade online. The trend has been a constant since Tamagotchi to Neopets.
Now, players are able to make money off of these pets by playing games like Axie Infinity.
In the Philippines, the concept has become especially popular with the locals turning to the NFT-based game as a means to provide for their families after losing their jobs during the COVID-19 pandemic.
Nearly half of Axie Infinity’s users come from the island nation. But, the government now wants to tax these gains.
The question is – does it tax the NFTs/‘pets’ or the tokens that run the virtual economy?
Do you think it’s fair that trading ‘pets’ may be end up being a taxable activity? It is generating income after all.