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Overview
Non-fungible tokens, often known as NFTs, have witnessed an exponential growth in popularity over the course of the previous several months. Due to the fact that tokens are non-fungible, they are all one of a kind and cannot be exchanged for anything else (unlike bitcoin, which can be exchanged for another unit of bitcoin). This property makes tokens ideal for use as trading cards, rare collectibles, works of art, and other similar things.
Artists such as Beeple have even been able to successfully sell a non-fungible token (NFT) of their work through the auction house Christie’s for a staggering $69 million. The meteoric rise of non-fungible tokens has resulted in a frenzy of celebrities worldwide promoting their own non-fungible token collections, such as the rap legend Snoop Dogg and the tennis star Serena Williams. In addition, it appears that an active non-fungible token gaming industry has appeared overnight.
It is only natural that the effects of NFTs have started to become apparent in the Philippines. NFTs are being produced by an increasing number of Filipino artists, and several of our most beloved teleserye stars are beginning their own NFT collections.
The following is an examination of the various ways in which Filipinos are being affected by NFTs.
Filipinos also love NFT art
NFTs are a new way for today’s artists to make a living off of their art, as demonstrated by digital artist Beeple’s NFT art collection demanding an astounding auction price. Artists all around the world are selling their tokenized works to a market of collectors anxious to own a one-of-a-kind piece of art.
Artists from the Philippines are no exception. Collectives like the Crypto Pop Art Guild have sprung up to assist disadvantaged Filipino artists in taking advantage of opportunities in the NFT market, with some members currently earning $400 (P20,000) per month from NFT art.
The Narra Art Gallery has also brought NFTs to well-known events such as Art Fair Philippines. The gallery is web-based, with five different “floors” showing NFTs created by Filipino artists. The gallery is not only important for bringing opportunities in the metaverse closer to Filipino artists, but it also represents a new method to fully appreciate art.
NFTs made their way into Filipino entertainment
Even celebrities in the Philippines are getting in on the NFT action. Nadine Lustre, an actress-singer, released 1,000 NFTs of her single “Wait For Me,” each selling for $30.12 (approximately P1500). Heart Evangelista, an actress and philanthropist, has sold some of her artworks as NFTs on the NFT marketplace OpenSea.
Julius Santillan, a digital entrepreneur, just launched the Vention app, an NFT marketplace controlled by Filipinos. So far, the marketplace has been promoted by celebrities such as Gloc-9 and Ivana Alawi. Celebrity endorsements demonstrate a growing awareness of NFTs among some of the country’s most powerful figures.
Of course, the Solana blockchain also runs its own NFT marketplaces. Platforms such as Solsea, Solanart, and Magic Eden leverage Solana’s ability to manage massive numbers of transactions to provide artists and collectors with a seamless, fast transaction experience. The presence of these sites demonstrates the high demand for NFT art.
The preceding examples demonstrate that underestimating the future of NFTs is a mistake. NFTs are demonstrating that their unique qualities (non-fungibility, supported by blockchain technology) have the ability to empower creators by providing a better means for them to reach their audiences.
The development of technologies such as the Solana blockchain and SOL will also assist NFTs in expanding their reach and moving toward broad use. With local crypto exchanges like PDAX offering the burgeoning SOL token on its platform as well as a simple option to cash out from NFT games, Filipinos will have an easy way to profit from the Solana blockchain’s potential growth. PDAX, for example, allows users to convert coins such as SOL to Philippine pesos in minutes and then cash out via a variety of online banking, e-wallet, and over-the-counter options. Trading SOL is literally just a few clicks away with the PDAX app, which is available for free download from the Apple App Store and Google Play. Thus, NFTs and SOL are more accessible than ever to average Filipinos, rather than simply superstars and artists.
Both NFTs and related innovations, like the Solana blockchain, have already created a name for themselves and are certainly here to stay. Anticipating their future influence is not only interesting but also necessary for anybody looking forward to the future.
