What Are NFTs and How Can Filipinos Use Them in Real-Life Settings?

Did you know? The Philippines placed second in the ranking of largest crypto users out of 146 countries. The main driver for this is web3 gaming (play-to-earn gaming) which peaked during the pandemic when Filipinos were looking for other sources of income.

But what is NFT?

Andrey Metelev Unsplash

Image: Andrey Metelev / Unsplash

NFTs or non-fungible tokens are unique and irreplicable tokens on the blockchain. They can be in any digital format, like drawings, music, contracts, and more, but can also represent real-world objects like art and music. They can also be used for the preservation of intellectual property, ensuring ownership is recognized globally.

The ownership and authenticity of NFTs are established once recorded on the blockchain—a process also known as minting.

Here are some ways NFTs can be used in real-life settings:

Web3 Gaming

Web3 games require players to purchase NFTs to participate and earn in-game rewards. These rewards can be converted to currencies like the Philippine Peso. The most popular play-to-earn game in the Philippines is Axie Infinity, which became a huge hit during the pandemic as it became an alternative source of income for Filipinos.

NFT art

NFT art opens up the possibility of preserving art, and even opening more doors for artists. Through NFT art, artists are not limited to local exposure. It allows them to share their works with anyone, anywhere in the world.

NFT art also helps ensure ownership and that royalties go back to the owner of an art piece or NFT.

PiggyBank Unsplash

Image: PiggyBank / Unsplash

NFT’s impact on Filipinos

There are a number of ways NFTs can benefit Filipinos. First is income opportunities. Online communities can evolve into guilds that operate as digitally-native businesses. These gaming guilds can manage assets and lend them to “scholars” who, in turn, can enjoy in-game rewards without upfront risks.

Axie Infinity Lunacian Scholarship League

Apart from being a scholar or owner of a guild, there are other posts to be filled, too. It takes many different roles to keep a guild running, such as managers, discord moderators, and more. Outside gaming guilds, people can invest in NFTs and play web3 games themselves.

As for other potential real-life uses of NFTs, there are NFT IDs (Palau recently kicked off NFT ID cards on Binance Chain). NFTs can also be used as real estate contracts, making operations faster. It can also log the history of ownership, helping further secure a contract.

The Philippine Web3 Festival

Organized by the most prominent Web3 entities Yield Guild Games (YGG) and BlockchainSpace (BSPC), the Philippine Web3 Festival is a week-long celebration of blockchain gaming, esports, NFTs, crypto, and more, right here in Metro Manila. It will be held this November 14-18, 2022 at Marquis Hotel, Bonifacio Global City.

PH Web3 Festival

International investors, local players, leading streamers, and influencers will attend to showcase Philippine Web3 Innovation, shed insights on the landscape, and what the community can look forward to in the space.

Philippine Web3 Festival is co-presented by GCash (official e-wallet partner), Globe (Official Telco & Connectivity Partner), and MetaverseGo (the festival’s games and NFT Discovery platform), with Binance as the festival’s official exchange partner and with media partners BitPinas, Tiger 22 (official radio partner), Philippine Daily Inquirer, WhenInManila.com, YGG Studios, Ampverse, and CoinTelegraph.

Get your tickets now at www.phweb3festival.com. For more info and updates, follow them on social media at the following links.

Facebook: Philippine Web3 Festival
Instagram: @phweb3festival
Twitter: @phweb3festival

ALSO READ: What Is Web3? Blockchain, Crypto, NFTs, and Their Role in the Philippines