Profiling the Potential Risks and Benefits of Emerging “Play to Earn” Games: a Qualitative Analysis of Players’ Experiences with Axie Infinity

Abstract

The invention of blockchain technology, coupled with the growing interest in cryptocurrencies, has given rise to a new form of monetised gaming known as “Play to Earn” (PTE). “Axie Infinity” (AI) is currently the most popular PTE game, occupying a large portion of the online gaming market. In this paper, we profile the risks and benefits of PTE gaming, with a specific focus on AI. Qualitative data in the form of online chat threads was evaluated via a Thematic Analysis (TA) approach. The analysis revealed a number of themes including the dominance of extrinsically motivated gameplay in conjunction with negative appraisals of game quality, the benefits and costs of play, and the potential for PTE scholarship models to be associated with exploitation. The results did, however, indicate awareness of potential consumer risks. The findings have implications for informing consumer education, regulation, as well as areas of focus in future quantitative research.