How to Cash Out Earnings from Play-to-earn Metaverse Games

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Currently, guilds are expanding to different play-to-earn games available in the Metaverse. Last year, Axie Infinity was dominant across the country. Now, managers are investing in Pegaxy and other games that have the capability to let scholars use their manager’s accounts and have a share in the earnings.

The Metaverse is a term first coined in 1992 in a science fiction book by Neal Stephenson to describe an alternative reality where other people can socialize using avatars. Now, it is used to describe the Web3 technology, where individuals benefit from the services or products available instead of big companies. Hence, when one individual owns a NFT (non-fungible token) he has complete ownership of this asset not the developers or platform.

Below are different ways to cash out your earnings from different media available in the Philippines like Coins.ph, Metamask, Binance, XLD Finance, PDAX, BloomX and Ronin. Sooner or later UnionDigital will be available in the Philippines.

MetaMask

Metamask

Metamask is the common software electronic wallet used by those who are involved with cryptocurrency. Especially in the early months of the Ronin blockchain, Metamask served as the middle man for both Ronin and Binance.

You can download this app from their website, metamask.io, and install it on your phone and computer internet browser like Chrome or Brave browser. And, please, secure your seed phrase on a piece of paper to avoid hackers getting your seed phrase online or on your computer. Your seed phrase is very important especially if you have a new device or did a reformat on your device so you can still have access to your assets.

On your Metamask wallet, by default it is on the Ethereum Mainnet.

If your game is on a different blockchain like for instance Pegaxy is in the Polygon Mainnet. For games in the Binance Smart Chain it should be configured for Binance Mainnet. You can refer to this article for Polygon, and this article for Binance. (Note: These hyperlinks are linked to previous BitPinas articles only.)

Assuming your SLP or Smooth Love Potion from your earnings from Axie Infinity are in your Metamask and you need to cash it out and you choose to transfer it to Binance.

Login to your Binance account.

Go to “Deposit” or “Crypto Deposit” and look for “SLP” under Coins.

Then, under Network, if your SLP is under Ethereum Mainnet on your Metamask, choose “ETH Ethereum ERC20 ” or if on Binance Smart Chain, “BSC Binance Smart Chain BEP20 ”. Make sure that the network is correct to avoid losing your asset in the process.

Once you have selected your network, your address will appear and copy the whole address that starts from “0x”. Return to your Metamask and click on “SLP”. You will see this page after:

Click “Send”. Then, on the box, paste your Binance address. Below the box, you will be able to type in the desired amount you will send to Binance. Then, click “Next” below the window. Note: You will be informed if you have insufficient funds to transfer the SLP and you will need to add ETH for the gas fee in the Ethereum Network.

If funds are sufficient enough to have it on a fast or faster transaction, proceed by confirming the transaction and wait for the funds to be deposited to your Binance. Choosing a slow transaction may take minutes to be verified by verifiers and has a tendency to fail when gas fees suddenly go higher than the price selected. Worst scenario, your assets will be lost in transition.

Ronin

This electronic wallet was introduced to the Axie community around the middle of 2021. And late 2021, the Ronin wallet for mobile phones was released. You can download this app on https://welcome.skymavis.com/create-wallet/.

Ronin Wallet is where your SLP, AXS, WETH, BUSD and RON are stored. Transactions within the network used to have 100 free transaction fees per day but with the recent update, only 20 free transactions are given to each wallet and when depleted, transactions will be charged with RON as gas fees.

For transacting SLP from Ronin wallet to Binance, please refer to this BitPinas article for your guide.

Note: If you encounter an error stating that you have zero (0) free transaction fee, either you have consumed all 20 free transaction fees or you haven’t verified your email address on your Axie Infinity account. Verify your email first then return to your Ronin wallet to complete your transaction.

Binance

Binance is a cryptocurrency exchange platform which was founded in 2017 and now has the largest volume of trades worldwide.

Your cryptocurrency that you earn can be traded to help you increase your asset but you need to learn trading before engaging in Spot, Margin and Future trade. You can also convert them directly with other listed cryptocurrency.

But there are two ways you can cash out your earnings using Binance: Peer-to-Peer (P2P) trading and withdrawing XRP to your Coins.ph account.

P2P Transaction

Proceed to “Wallet”, which can be found at the top portion of the page, then click “Fiat and Spot”. 

Across your SLP, you will find “Convert”. Use “Convert” if you want to convert your SLP to USDT. USDT can be used for Peer to Peer (P2P) transactions and/or if you intend to hold on to the same or near the current value of your SLP to avoid any loss in its value when the market goes down.

But if you want to sell your SLP directly to P2P, click “Transfer” found on top of the page.

Transfer your SLP from Spot to “Funding” as seen below. Confirm when finished.

You can now sell your SLP on P2P and get paid either through Gcash or to your desired Bank account. To go to P2P, toggle over “Trade” found on top of the site, then click “P2P”.

To sell your SLP or USDT in P2P, select “Sell”, then select the cryptocurrency you are using. Enter the amount in Peso (PHP). The top merchant has the lowest rate. Verify first if the merchant has a better trade success rate than other merchants. Proceed with your transaction.

Best practice is to chat with the merchant before doing any transaction with them to know if they are online. 

Binance will notify you when the seller has sent their payment. Check first your GCash or Bank account if the amount sent is correct. If it is correct, tag the transaction as received payment to release your cryptocurrency and close the order.

Withdrawing XRP

Note: For this transaction, you need a Coins.ph account to convert your XRP to Philippine Peso (PHP).

Assuming you have your SLP already on Spot wallet in Binance.

Select Trade, which is found at the top portion of the website. Then, click “Convert”.

Then, select SLP and XRP as currency. Enter the amount of SLP you wanted to convert.

Confirm the quotation.

Login to your Coins.ph account to get your XRP address.

Select XRP on your wallet Then look for your address.

Your address is composed of the Institutional wallet address and destination tag. Copy this information.

Return to your Binance account.

Go to Withdraw and select XRP. Enter your XRP address on the first box.

Confirm the pop up window.

Paste your tag from Coins.ph to MEMO. Then, enter the amount you want to withdraw.

Enter your 2-Factor Authentication (2FA) and submit.

Wait for your XRP to be deposited on your Coins.ph account.

Coins.ph

As of their website, “Coins is a Southeast Asian fintech company that enables anyone, including those without a bank account, to easily access financial services directly from their phone.

Founded in 2014 in the Philippines and serving over 10 million customers, Coins.ph is one of the first blockchain-backed platforms to reach significant mainstream consumer adoption. The company’s mobile app provides consumers with direct access to banking and digital payment services, including local and international remittances, mobile air-time, bill payments, game credits, and online shopping.

The company has also built one of the country’s largest cash distribution networks, operating through over 33,000 partner locations domestically and over 500,000 locations worldwide.

Coins.ph is regulated by the Bangko Sentral ng Pilipinas (BSP) and is the first ever blockchain-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank”. 

How to cash out?

To Login, go to https://app.coins.ph/welcome/login or if you are using your phone, use their app.

If you have your XRP in your coins.ph wallet, Click on “Crypto” (for mobile app, Click “Convert”) and select “XRP”.

Click Convert.

Choose PHP or Philippine Peso, Click “Convert”. Confirm the quotation. Then check your PHP wallet.

Note: This also works for SLP and AXS if you transferred these assets from Metamask or Binance. Ronin may not support direct transactions and may lose your asset in the process.

Now that the asset is converted to Peso, Click “Cash Out”. Choose the method you want to use. Normally, Gcash and Bank accounts are used. There are corresponding fees for each method. Wait for the fund to be transferred to your account.

XLD Finance

This financial app will be available in the Philippines by February and will be fully available by April of this year. The website (https://xld.finance/) is operational but majority in the BitPinas team has not yet tried the app

You can connect your Metamask and Ronin wallet to the website if using your computer. But if you are using your mobile phone, use your Metamask app’s browser to connect it to your Metamask account.

The amazing feature of this website is that you can purchase mobile loads and pay your utility bills with your cryptocurrency like SLP, similarly to Paymaya and GCash except you can use your cryptocurrency as a form of payment.

PDAX

Just a brief background of what Philippine Digital Asset Exchange (PDAX) is. It is an order-book exchange that offers Filipinos fair access to the top cryptocurrencies and other digital assets for the first time. Committed to ensuring security and liquidity, PDAX allows investors to trade with the Philippine Peso at globally competitive prices in real-time. PDAX was founded in 2018.

Transferring from Metamask to PDAX

Before you could transfer your asset in the Ethereum network (ERC20), like SLP, the asset needs to be swapped to ETH either within Metamask, or Decentralized Exchanges like Uniswap and Sushiswap.

Note: In swapping assets to ETH, there are corresponding gas fees.

After converting to ETH, login to your PDAX account at https://trade.pdax.ph/ by entering your email address and password. Verify Captcha and enter your Google Authenticator. If it’s your first time, register first to be able to use the app.

Click “Funds” and then “Payment In”. Select “ETH” under Payment In. Copy your address, afterwards.

Return to your Metamask and send your ETH to the address given by PDAX.

Confirm the transaction with quotation including gas fees. Wait for the transaction to be completed on your PDAX account. PDAX will send an email notification.

To convert your ETH to Peso, go to “Trade”. Select “ETH/PHP” and Click “Sell”. For faster conversion, select Market Order to convert your ETH to the current market value. Enter the quantity of the crypto that you would like to sell. Lastly, select, “Place Sell Order”. Wait for the email confirmation of the completion of the order.

Note: Trading fee for “Market” is 0.5%. For “Limit” and “FAK”, it is 0.4%.

To Cash Out your Peso, Click on “$FUNDS” and select “Payment Out”. On the next screen, click “PHP” and “Cash Out”. A pop up window will appear after.

There are three ways you can cash out: online bank transfer (InstaPay, PesoNet, Union Bank), e-wallet (Paymaya and GCash) and over-the-counter (ML Lhuillier and Cebuana Lhuillier).

Enter the desired amount you want to cash out. Then select which method to use. Follow further instructions and await for the funds to be transferred completely.

Note: Service charges may vary depending on which method you use. An email notification will be send for completed transaction.

For more guides on the other functions in PDAX, you can refer to: https://learn.pdax.ph/start-with-pdax/ 

To know about the ScholarPay feature of PDAX you can go to https://bitpinas.com/play-to-earn/pdax-scholarpay-axie-infinity/ 

BloomX

BloomX is a Manila-based financial technology startup providing modern blockchain solutions to money transfer businesses around the world. It was incorporated in October 2015 and has seen exciting growth in its first year of operation, attracting both investors and business customers alike with its cost-saving platform.

Facebook transactions are discontinued and advised to register for the BloomX application.

To register to BloomX refer to https://bloomx.app/x#waitlist. Once registered, go to https://www.facebook.com/bloomxorg/ and message them with your email address and waitlist number.

For those who have access to the BloomX app. Login at https://bloomx.app/login using your email and password.

Click “Make a deposit” or “Deposit”.

Select the Asset or Fiat you want to deposit.

Click “Exchange”. Select which asset to convert. Click “View Quote”. Then confirm the quotation.

Click “Withdraw”.

Provide the required information for your PHP withdrawal. Take note of the withdrawal fees that will be deducted from your BloomX account.

Check the box confirming that you own the account receiving the PHP.

Note: You may also activate second factor authentication (2FA) to reduce waiting times for your withdrawals.

If you have previously set up your 2FA, you will be asked to enter your 2FA code before clicking Review. Double check your details and click confirm when you’ve ensured all information is in order. You’ll receive an SMS alert when your PHP withdrawal has been completed.

For further questions, refer to their FAQ page: https://bloomx.app/help 

For Axie guild managers, you can apply for easy cash transfers with BloomX. If you’re interested, kindly email robin@bloom.solutions.

Moneybees

Moneybees Forex Corporation is registered with the Bangko Sentral ng Pilipinas (BSP) and with the Anti Money Laundering Council (AMLC) as a Virtual Asset Service Provider (VASP) with MSB Registration No. 60-00816-0-00000. 

Moneybees offer their services to guild managers and Axie players of buying and selling cryptocurrencies through their over-the-counter (OTC) services or online trading desk through their webpage: https://www.moneybees.ph/. They are offering competitive rates and zero fees for buying and selling cryptocurrencies.

Moneybees supports most crypto wallets like Ronin Wallet, Trust Wallet, Coinbase and Metamask and crypto exchange wallets like Coins.ph.

How to use the Online Trading Desk?

An automated message will ask for you to send your email address. Type in your email address at the bottom portion of the window. The chat support will respond to you as confirmation.

For first time users, the purpose of the email is for KYC or Know Your Customer. Where they will ask for your details and ask for a copy of your valid id and billing statement (optional). As soon as your account is verified, you can proceed to transact with Moneybees.

For Selling your SLP

From your Ronin wallet, you can send your SLP to their wallet. You have the option to let them send the Peso cash out either to your e-wallet like Gcash or bank account. Note: You will not be charged for fees.

For Buying cryptocurrency

You can use your e-wallet like Gcash or bank account to buy cryptocurrency and they will send it to your preferred crypto wallet. Note: You will not be charged for fees. Note: You may transact with them from 1000 Php to 5.0M Php per day.

How to use their OTC?

You can go to the following licensed Money changers:

  • Psulit Money Changer at Eastwood QC
  • Monteal Money Changer at McKinley Hill Taguig
  • Willyn Villarica Jewelry at Market Market BGC
  • Tivoli Money Exchange Glorietta, Trinoma and Okada

If OTC the KYC will be at their partner money changers. Therefore, you need to bring your valid id for verification.

For other available outlets, please, refer to their website.

How to know their rates?

On the floating window, click “Crypto Rates”.

To receive a copy of their rates, send your mobile number or Telegram username or click on the message seen below and it will divert you to another website:

Open their website: https://www.moneybees.ph/ and click “Buy and Sell via Chat” found either on the website or “Buy and Sell Now” on the floating window.

This article is published on BitPinas: How to Cash Out Earnings from Play-to-earn Metaverse Games

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Julian Barcega

Julian Barcega is a missionary by vocation and freelance writer. He got into crypto because of Axie Infinity and now exploring the vast metaverse. He is also a live streamer on his Facebook page, Julian Barcega, and blogger on Peakd. You can contact him on Twitter and Facebook if you have any questions.