With local celebrities like Heart Evangelista and Nadine Lustre entering the NFT market, the proliferation of non-fungible tokens seems to be the writing on the wall for Filipinos — the Philippines ranked first for NFT ownership out of 20 countries, an independent survey from Finder revealed.
With 32 percent of internet users owning NFTs, the Philippines beat out other countries in Southeast Asia such as Thailand, Malaysia, and Vietnam, and outranked nations such as Japan (2 percent), the United States (2.8 percent) and Canada (2.5 percent). The global average of NFT ownership currently stands at 1.7 percent, Finder said, who surveyed over 28,000 people in 20 countries.
NFTs or non-fungible tokens are unique, non-interchangeable tokens that prove full ownership of items such as digital art, music, images, and the like.
Finder revealed that NFTs in the Philippines had an interesting demographic, with people aged 65 above the most likely to own NFTs. The Australian-based information service also found that NFT adoption in the Philippines could soon reach 41.5 percent.
“Countries with higher levels of adoption typically have a lower average wage of working citizens,” Finder’s cryptocurrency editor Keegan Francis said of their findings, and attributed NFTs’ popularity in the country to play-to-earn games such as Axie Infinity. “People are quitting their jobs because they can make more money trading NFTs or playing NFT play-to-earn games.”
With Pinoys embracing NFTs, it may only be a matter of time before we gain our own Ghozali.
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