It’s now official: the Philippines is the world’s number one country when it comes to the adoption of non-fungible tokens (NFTs).
One can easily guess that this is due to the extreme proliferation of games such as Axie Infinity and Pegaxy, amongst others such as Sandbox and Star Atlas. Plus many more!
In a survey conducted by Finder.com, 32 percent of Filipinos were found to own at least one NFT. And another 9.5 percent are considering owning NFTs somewhere in the foreseeable future. In addition, more than 50 percent of Filipinos are at least aware of NFTs!
While the survey state that “…the results may be skewed by people who responded with a yes because they earn money playing these games, may not actually own NFTs,” the truth is that it’s actually a mixture of both. A player can be a scholar in one game and own a personal account (or be a manager) in another.
Thus, based on these numbers, one can safely infer that this might not include a large number of Filipinos solely under renting programs, colloquially known as “scholarships.”
This is already indicated in their disclosure, as they’ve mentioned that the samples may not be representative of a target population due to the varying levels of Google infrastructure across the globe.
In the case of the Philippines, it was based on a convenience sample of 1,507 respondents, which more or less represented all sectors in the country’s available demographic data.
One thing is extremely clear here. Filipinos are embracing NFTs. Whether it’s through investing in digital art or getting NFT assets in the ever-expanding number of cryptocurrency games out there.
Some people collect NFTs because they want to embrace digital art. Others may purchase these NFT’s to express their belief in an up-and-coming project. And it might be safe to say that Filipinos mostly do it either as a hedge (against an uncertain future) or as an “all or nothing” investment (which will hopefully bring economic relief to improve their quality of life).
After all, one cannot deny the impact of P2E and NFT games when it comes to adding value to the everyday lives of Filipinos out there. Especially when it comes to personal empowerment and the ability to participate in the ever-growing digital economy.
As a result, it can be said that Filipinos are pouring in a lot of economic resources when it comes to investing in NFTs.
ROIs might not be reached. The project might not take off as expected. The potential performance of the game may take too long to realize: these are just some of the risks Filipinos face when diving into the sector. Still, most dive headlong into the space, considering a real lack of alternatives out there.
Given that this is the Philippine context, one cannot avoid talking about the economic uncertainties that the pandemic has brought to the lives of everyday citizens. The country has managed the macro portion of the economy pretty well. Most of the country’s current debt is actually in internal bonds owned by Filipino citizens, huge dollar reserves within the national treasury, and general monetary policies generally on point. However, the situation on the ground couldn’t be much different. Many people are just basically one full lockdown away from hunger.
Even for those who are lucky enough to get a job, the fact is that the daily minimum wage of P537 (~$10.74) doesn’t really leave much in terms of an economic safety net. Especially when we consider the possible emergency expenses one might have in the time of a global pandemic.
As such, in the Philippines, it is clear that these NFTs represent a significant amount of resources for the typical person. This also shows the amount of trust that the Philippines has in the digital economy. For most Filipinos, participating as a retail or mid-sized player in the P2E and NFT spaces represents the only reliable economic relief going forward.
One cannot stress the importance of only investing in products that could be trusted and relied on to deliver whatever targets they were aiming for in their niche of the P2E and NFT gaming space. And the importance of not taking on debt. As usual, the saying “invest only with money that you can afford to lose” applies to investments in the above sectors.
With games becoming better by the day and projects promising stable and tangible rewards out there, especially for early adopters, it is inevitable that more and more people, not just in the Philippines, but around the world, will embrace the concept of NFTs and their intersections in 2022.
DISCLAIMER: None of the writings on the website constitute financial advice: P2E News is intended to be a P2E gaming news and updates portal, discussion hub and content/opinion/review aggregator. Please do your own research before investing in any NFT/P2E game out there. Better yet, consult someone within the profession to form an informed stance on your possible investments. For more leaks, news, and tutorials, always check in at P2ENews.com and follow us on social media.