- At the heart of this massive adoption of NFTs around the globe are NFT marketplaces, the platforms where creators and collectors converge to exchange these digital treasures.
- BitPinas’s five tips for navigating the NFT market in the Philippines include focusing on education and support, supporting local artists, finding the marketplace that suits your interests, setting up goals and plans, and being cautious and mindful.
- Remember, the NFT market is highly dynamic; thus, it is important to stay informed and adapt to the evolving trends and developments within the space.
Because of thei unique ability to represent ownership and authenticity, non-fungible tokens (NFTs) have gained immense popularity among creators, collectors, and investors alike.
At the heart of this massive adoption of NFTs around the globe are NFT marketplaces, the platforms where creators and collectors converge to exchange these digital treasures.
According to web3-focused online encyclopedia Golden, there are currently more than 300 listed marketplaces in the industry. However, Dappradar’s data showed 90% of all NFT trading volume takes place on OpenSea, the first and largest peer-to-peer marketplace for crypto collectibles.
Thus, in this rapidly expanding NFT landscape, it is crucial to navigate the various NFT marketplaces, especially in the Philippines, thoughtfully and diligently before making a decision to purchase.
Here are BitPinas’s five tips for navigating the NFT market in the Philippines.
1. Focus on education and research
In our article about Bitcoin investing, one of the key factors to avoiding the risks associated with it is to focus on education and research.
The same with Bitcoin investing, NFT enthusiasts should also first understand the history of NFTs, why they were created, and how the market has moved under certain conditions in the past.
NFT enthusiasts should also stay informed. Stay up to date with the latest news, regulatory developments, and market sentiment surrounding the industry, including familiarizing with the trends, artists, and projects gaining popularity in the local NFT community.
In a 2022 Twitter Space hosted by BitPinas with Atty. Rafael Padilla, the commercial lawyer specializing in fintech and crypto explained that though there is no specific law about NFTs, there are laws that are applied with respect to some of the use cases for NFT—in the same manner as with cryptocurrency and blockchain technology. It is actually the use cases that are regulated.
2. Support local artists
There are also NFT art guilds and groups that exist in the Filipino community, including CryptoArt Philippines, Filipinas NFT, NFT Philippines, and Cryptopop Art Guild. Aside from NFT art groups, there are also platforms that digitalize the artworks of some national artists and mint them as NFTs, including ScarletBox and Artifract.
By supporting local talent, we can not only contribute to the growth of the local NFT ecosystem but also potentially find unique and culturally significant artworks that can be flexed around the globe.
3. Choose the platform that suits your interest
Look for NFT marketplaces or platforms where your biased NFT artists have displayed their collections. There are international marketplaces like Opensea, Mintable, Binance, and Rarible that may be worth exploring.
Meanwhile, there are also NFT marketplaces that are available in the Philippines, including Likha, a hyper-localized NFT marketplace that serves as a stepping stone for brands, businesses, and artists into web3 in the country; Stanible, a one-stop shop for exclusive digital collectibles from celeb creators: actors, singers, and much more; Mintoo, PDAX’s Filipino brands-focused marketplace; and GCrypto NFT Hub, GCash’s marketplace for its own collections made by Vinyl on Vinyl artists, Reen Barrera and Bitto.
4. Set up goals and plans
To some, NFTs are assets worth collecting, similar to traditional artworks, while to some, NFTs are also investment instruments,
For NFT enthusiasts who see NFTs as instruments to earn more, evaluate the value and potential of those NFT collections. Consider factors like the artist’s reputation, rarity, utility, and community support. Additionally, examine the long-term viability of the project and its potential for future growth.
Collecting digital collectibles, like crypto trading, still carries risks. Thus, set up goals that best-fit someone’s risk tolerance.
5. Be cautious and mindful
As with any investment or online activity, exercise caution. Be wary of scams, fraudulent projects, and phishing attempts.
Remember, there have been numerous instances of fraudulent schemes involving Filipino-led projects in the past, which led to skepticism and mistrust among Filipino cryptocurrency enthusiasts toward such projects. The saying “Basta Pinoy, Rugpull!” reflects this sentiment.
Double-check the authenticity of NFTs before making a purchase, and keep private keys and digital wallets secure to protect your investments.
Minutiae: Are project owners and influencers responsible for an NFT rug pull? Padilla emphasized that developers and founders, including promoters and influencers, have civil liability.
Before entering the exciting world of NFTs, it is important to navigate the NFT marketplaces with caution. By carefully researching and understanding the purpose of NFT artists, collections, and marketplaces, we can safeguard ourselves from potential risks and ensure that our NFTs will be worth it.
Remember, the NFT market is highly dynamic; thus, it is important to stay informed and adapt to the evolving trends and developments within the space.
This article is published on BitPinas: Five Tips for Navigating the NFT Market in the Philippines
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.