UBX Chief: NFT Adoption Would Prevail

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Editing by Nathaniel Cajuday

UBX Head Erica Dizon-Go affirmed that non-fungible token (NFT) adoption would further spread and be adopted in the country as the financial technology (fintech) arm of UnionBank of the Philippines launched its own NFT marketplace, Artifract.

Dizon-Go, along with other local fintech and web3 personalities and entities, mentioned this during the Philippine Fintech Festival conference last Tuesday, October 18, 2022, emphasizing that NFTs will be “definitely useful” as it will allow Filipinos and other nationalities to earn and build wealth on their own.

“You need to own something in order to be considered rich, and I think NFTs and digital assets start to democratize that for the general population,” she stated.

NFTs are a distinct, unique, and easily verifiable type of digital item that can represent items such as digital art, virtual real estate, in-game assets, and many more.

Speaking about earning opportunities with NFTs, Dizon-Go explained that everyone has the opportunity to try and expertise in the field is not entirely required. She also added that NFTs “will help you and uplift you by owning something.”

Meanwhile, in terms of NFT adoption locally, Dizon-Go highlighted that the Philippines will definitely push through with it as it is one of the largest NFT adopters globally. She also mentioned that this was due to what happened during the pandemic, where several were wondering what to do and how to earn extra income.

In fact, last February, information service platform Finder, revealed that 32% of Filipino internet users are NFT owners. The Philippines ranked first among the surveyed 20 countries, where 28,000 people participated. (Read more: There are More NFT Owners in the Philippines Than Anywhere Else)

“I think the NFTs, the digital asset market, were really able to help them. Although personally, I still think it is still in its infancy. We will still see more platforms where people build their NFTs and put them out to the market… We’ll see more and more of that in web3 as we approach the DeFi economy,” she explained.

In June, UBX, in collaboration with art-tech enterprise Unit 256 Ventures Inc., launched Artifact.io, a platform that democratizes fine art ownership by fractionalizing them as NFTs. (Read more: UBX, Unit 256 Team Up For Wider Filipino Fine Art Ownership via NFTs)

Then, in July, the platform was tapped by León Gallery, a Makati-based auction house that specializes in art, antiques, and collectibles, to help artists and collectors venture into and navigate the NFT space. 

Nonetheless, NFTs and other digital assets are still not regulated in the Philippines. To protect consumers, the Banko Sentral ng Pilipinas (BSP) and Securities and Exchange Commission (SEC) recently requested the senate to draft legislation on digital assets and the digital space.

This article is published on BitPinas: UBX Chief: NFT Adoption Would Prevail

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.

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