Based on the independent comparison and information service platform, Finder.com, 32% of Filipino internet users are currently owning a non-fungible token (NFT). Across 20 countries, 28,000 people participated in an online survey to compare NFT ownership, revealing the Philippines ranks first for adaptation of NFT.
NFT Adoption in the Philippines
However, while 32% of the 1,507 Filipino respondents said they currently own NFTs, an additional 9.5% said they are planning to acquire some for themselves. This means NFT adoption in the country could soon hit 41.5%.
NFT Adoption by Gender
Men are more likely to own NFTs than women, with 33.7% men compared to 30.3% of women saying they have at least one NFT. The NFT gender gap in the country of 3.4 percentage points is higher than the global gender gap of 2.7 percentage points.
NFT Adoption by Age Group
People ages 65 and over are the most likely to have NFTs in the country (40.7%). At the other end of the spectrum are people ages 18 to 24 (22.4%).
Axie Infinity had its hype because of being featured in mainstream media during the third quarter of 2021. The feature on the game catalyzed the curiosity of the masses to become scholars (isko) because of the testimonies presented by the media. Individuals proclaimed they could buy as much as a house and lot just by playing the said play-to-earn (P2E) blockchain game. A documentary has also been produced by Emfarsis to show the impact on lives Axie Infinity has made during the pandemic.
Recently, guilds are investing in other P2E games like Pegaxy, giving more opportunities to earn. This led guild managers to educate their scholars about cryptocurrency and other NFT-related projects for them to invest on their own digital assets.
NFTs do not just revolve around P2E games. Digital artists, photographers, spoken poets, and musicians are starting to mint their portfolios online and create their own NFT collections. To name a few, Jopet Arias, co-founder of CryptoArt Ph, who started his NFT journey in 2020 and now empowers other traditional artists from different mediums to see the opportunities available in the Metaverse. Luis Buenaventura II, founder of Cryptopop Art Guild (CPAG), integrated Axie scholarship and mentorship for local artists in honing their skills and at the same time earning from the scholarship program.
Although blockchain technology is a new concept in the country, it still has the potential to bring further opportunities for Filipinos to find work and means to meet our daily needs as a third world country.
This article is published on BitPinas: There are More NFT Owners in the Philippines Than Anywhere Else