PDAX Launches NFT Platform in Polygon in Partnership with Mintoo
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- PDAX partners with Mintoo to launch an NFT platform on the Polygon blockchain, allowing Filipino users to conveniently buy digital collectibles and NFTs priced in pesos.
- Initial collections on the Mintoo platform include art from Xavier University students, emerging Filipino artists, and a special collection for International Women’s Month.
- Mintoo offers unique features such as QR code authentication of NFT ownership and utilities like discounts, with a focus on empowering creative individuals and maintaining the quality of NFTs.
In an exclusive early reveal to BitPinas, homegrown cryptocurrency exchange Philippine Digital Assets Exchange or PDAX, has launched an NFT platform on the Polygon blockchain in partnership with Mintoo. This move allows PDAX users to buy digital collectibles and NFTs directly from the PDAX app, where the Mintoo platform is built in.
PDAX and Mintoo Partnership – Quick Facts
Any PDAX user can access the Mintoo platform by clicking on the “Collectibles” button in the app or visiting mintoo.pdax.ph. Users can buy NFTs priced in pesos, making it more convenient for Filipino collectors.
According to Patrick Lao, Director of Mintoo, “We want Mintoo to be the most convenient way for creators and collectors to mint and own NFTs.”
PDAX CEO Nichel Gaba expressed his excitement over the partnership, stating that it expands the offerings of the PDAX app and provides Filipinos with the tools and resources they need to participate in the digital collectibles market.
“This is something which is very timely since we believe that this new technology is on the verge of revolutionizing the way we think about ownership and value,” said Gaba continued.
Features of Mintoo NFT Platform – A Marketplace on Polygon
While recognizing the fact that there are many NFT marketplaces launched in the last few months, both local and international, any attempt to simplify the experience almost always meant removing the blockchain component altogether. (How is it NFT without the blockchain remains a mystery to this writer.)
But for Mintoo, the blockchain is still front and center – Polygon – chosen because of its faster transaction speeds and lower gas fees.
With PDAX as a Philippine-based cryptocurrency exchange, NFTs on Mintoo (which is inside the PDAX app) can also be bought with Philippine Pesos. There is no need to use an international platform which may not have direct cash-in and cash-out using Philippine pesos. PDAX, on the other hand, has more than 30 cash-in and cash-out options. Mintoo said it will be creating guides and educational materials to support the app.
Exclusive first collections on Mintoo focus on Filipino artists
The first collections available on the Mintoo app include Xavier Art-for-a-Cause, submissions from students at Xavier University during the Xavier Art Fest, and the Artist Series – New Horizons, featuring new and emerging Filipino artists that represent the future of art in the Philippines.
A special collection from Filipinas NFT for International Women’s Month, called Walang Katulad, will also be available soon, as per Mintoo’s website.
Utility of NFTs on Mintoo
NFTs on Mintoo can have utilities, such as discounts offered by brands. Patrick Lao highlighted that one challenge with web3 is the lack of a quick, convenient way to authenticate NFT ownership. How can a merchant immediately authenticate NFTs?
Mintoo solves this issue through QR codes. NFT owners can present their NFTs to a brand’s physical store, and the store will authenticate ownership via QR code.
Can anyone create their NFTs on Mintoo?
In an earlier post on BitPinas, it has been noted that roughly 28% of Filipino internet users currently own NFTs as well. Across the 20 countries surveyed, the Philippines rank first.
The most recent Art Fair Philippines also put digital artists focusing on NFTs in the spotlight as well.
Still, NFTs created by Filipinos have a bit of an unfavorable reputation. Despite efforts of many, the mantra of “Basta Pinoy, Rug Pull” (If it’s Filipino-made, it will rug pull) remains prevalent.
Can PDAX and Mintoo solve this issue? The company, after all, was the first to have a highly publicized “Metaverse Division” which worked on, among other things, NFT projects and partnerships.
Meg Amat, Head of Marketing & Strategy at Mintoo, emphasized that their goal is to empower creative individuals through this platform. However, not everyone can create their NFTs on Mintoo for now. The platform is curated in partnership with local communities to maintain quality and avoid “rug pulls.”
“We are bullish in brands, but most especially communities and creators,” Amat reiterated.
How to Access Mintoo
Users will only need to download and install the PDAX mobile app or go to web.pdax.ph to set up an account.
For users who already have an account, navigate to the ‘Collectibles’ button on the home screen and set up a Mintoo profile username.
Mintoo is also accessible via the web here: mintoo.pdax.ph.
This article is published on BitPinas: PDAX Launches NFT Platform in Polygon in Partnership with Mintoo
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.