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Tambay NFT Wishes to Change Filipino Perception of Pinoy Crypto and Web3 Projects

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Editing by Michael Mislos.

Tambay NFT, a Filipino non-fungible token (NFT) collection, recently announced its goal to change the perception of NFTs among Filipinos. Trexia Olaya, the Tambay NFT community lead, highlighted this mission during their participation in the GCrypto Bitcoin Pizza Day celebration in BGC, Taguig City on May 22.

PH Mindset on NFTs

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Trexia Olaya’s Presentation during GCrypto Bitcoin Pizza Day

While introducing the collection to event attendees, Olaya emphasized that Tambay NFT aims to change Filipinos’ mindset regarding these digital assets. 

  • According to her, since their launch in 2023, the NFT space in the country has been marred by numerous negative perceptions. 
  • Filipinos often view NFTs as lacking utility, associating them with scams, considering them nonsensical, noting a lack of public adoption, and perceiving them as expensive.

Lack of Utility

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“Lack of utility, I think we’re all aware that NFTs when it comes to the innovative area there is not much really happening in the NFT space. At the moment, usually talaga yung mga utilities mga perks, vouchers, tickets, bragging rights, and a sense of belongingness… But I think, its okay, at the moment, it might seem very simple but it means a lot,” Olaya shared.

She highlighted that people connect for three primary reasons: 

  • survival, 
  • productivity, 
  • and a sense of belonging. 
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Olaya stressed that NFTs can facilitate this sense of belonging, which is crucial for human survival.

“I’ve met a lot who are very introverted and they found that sense of belongingness since they found a community in crypto. And I think that’s one thing that we have to be proud of, we were able to establish that sense of community, a sense of belonging.”

Trexia Olaya, Community Lead, Tambay NFT

Pinoy Project = Scam?

basta pinoy rugpull bias
BitPinas wrote an article on the bias of Filipinos against Pinoy-developed projects.

Olaya noted that while some scam projects exist in the Philippines, scams occur globally. Despite these challenges, their community continues to thrive. Over the past year, Tambay NFT partnered with numerous web3 and webtoon projects, hosted many events, and engaged in various social activities.

It can be remembered that in 2022, one of the most popular Filipino-made collections, the Surf Shark Society, rug-pulled its investors, taking off with over ₱11 million. After a few days, they committed to using personal funds for refunds, which they were able to complet eventually. The incident led to significant community discussions and criticism of the Pinoy web3 space.

Senseless, Lack of Public Adoption, and Expensive

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Further, Olaya stated that although some NFT art may seem nonsensical, Tambay NFT aims to create meaningful, culturally relevant pieces. 

She added that currently they have seen significant adoption, with millions of views on their social media accounts and numerous active members. 

Olaya shared that they aim to introduce people to Tambay NFT art without them realizing they’re engaging with NFTs. On their TikTok account, the community shares animated videos featuring characters that viewers can become familiar with.

“So, once they get interested about the characters, they will find out later on that this is what NFTs are, that’s the time we must make it so they can be onboarded because of our funny animated videos on TikTok.”

Trexia Olaya, Community Lead, Tambay NFT

Moreover, Olaya stated that they are challenging the notion that NFTs are expensive, noting that one can get an NFT from them for as low as ₱295.

Recent Tambay NFT News

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Recently, Tambay NFT announced the upcoming launch of its new series for its second season, focusing on Filipino financial practices, with 5,000 NFTs available and the whitelist open for ₱295. 

In January, it launched the “Road of Web3 Less Travelled,” a 30-day journal aimed at educating newcomers about the web3 space. It was designed to make the complex world of web3 more accessible through self-reliant learning.

This article is published on BitPinas: Tambay NFT Wishes to Change Filipino Perception of Pinoy Crypto and Web3 Projects

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