Dublin, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The "Philippines NFT Market Intelligence and Future Growth Dynamics Databook - 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels - Q2 2022" report has been added to ResearchAndMarkets.com's offering.
NFT industry in Philippines is expected to grow by 46.0% on an annual basis to reach US$2598.3 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 32.6% during 2022-2028. The NFT Spend Value in the country will increase from US$2598.3 million in 2022 to reach US$12796.4 million by 2028.
In the Philippines, Luis Buenaventura II, the pioneering crypto entrepreneur, announced that he collaborated with a celebrity influencer, Heart Evangelista, on a non-fungible token (NFT) drop. This collaboration signaled a shift in the nascent but growing NFT industry in the Philippines. Notably, this was the first time someone from the local entertainment industry, with 9 million followers, entered the NFT space.
The strategic collaboration between Luis Buenaventura II and Heart Evangelista was part of a social experiment to see where the Philippines' NFT market stood when the global NFT industry recorded strong growth. The NFT drop included two paintings Evangelista made over the global pandemic. The artwork was auctioned at OpenSea, the leading global NFT marketplace, fetching P3.5 million and P3 million each.
In March 2021, graphic designer and NFT artist AJ Dimarucot minted and sold the artwork as NFTs on the Foundation NFT marketplace. As the NFT awareness continued to grow in the country, the space attracted a slew of other homegrown projects which promote Filipino culture. Along with Danella Yaptinchay, the Philippine National Book Development Board's creative director for the Frankfurt Book Fair, created the first Philippine NFT book.
Notably, this was the first NFT book to be launched at the 2021 Frankfurt Book Fair, which remains the oldest. The NFT book created for the official Philippine booth of the National Book Development Board is also the first government-commissioned NFT in the country.
While the Fintech entrepreneurs benefited massively from the global lockdown, the surfing community in the Philippines was largely affected because of the movement restriction and travel limitations. With the NFT market growing rapidly, the surfing community in the Philippines adopted the NFT technology to make their life more pandemic-proof. Driven by necessity, the community launched an NFT project, LUSCCares, which aims to raise funds for the La Union Surf Club, the long-standing organization of surf instructors that looks out for the community's needs.
Over the last 12 months, the NFT adoption has surged significantly in the country. As more and more people discover how blockchain technology can be used to disrupt the traditional industries. The publisher expects more local and global firms to conduct NFT-focused events in the country over the next three to four years, which will drive the awareness and growth of the overall market from the short to medium-term perspective.
The high literacy rate in the Philippines is expected to drive market growth
In the Philippines, the literacy rate is much higher than in other countries globally. Whether it is a cryptocurrency, blockchain, or even the social media platforms back in the time, Filipinos have been one of the early adopters of new and emerging technology.
This consumer behavior has driven the growth of the NFT market in the country and is expected to further drive the growth over the next three to four years. As the NFT awareness continues to grow in the country, the demand for NFTs is going to increase among the Filipinos, and if the NFT players can conduct workshops, exhibitions, and events to promote NFTs and spread awareness, the market can record strong growth over the next three to four years in the Philippines.
NFT events and webinars are driving the awareness and growth of the market in the Philippines
One of the key drivers driving the awareness of NFTs in the country is that several firms, both local and global, are conducting events and webinars in the Philippines.
In March 2022, Union Bank of the Philippines (UnionBank), together with the non-profit Center for Art, New Ventures and Sustainable Development (CANVAS.PH), held a 2 part webinar centered on the NFTs to help artists, buyers, and collectors of digital art gain a better understanding of how the tokens work and how they can become a part of the NFT market.
Similarly, in May 2022, AC Capital, CoinVoice, Asia Token Fund, and Block Tides conducted the first-ever NFT, GameFi, and Metaverse 2022 event on the largest indoor beach club in the Philippines. Filipinos turn to NFT video games to earn income during the global pandemic period in the Philippines
During the global pandemic period, when Filipinos faced hardship because of the lockdowns, many Filipinos turned to playing video games. Notably, the gameplay, such as SkyMavis, created by Axie Infinity, allows players to earn income through NFTs and cryptocurrencies by breeding, battling, and trading digital pets called Axies.
In May 2021, crypto consulting firm Emfaris and gaming firm Yield Guild Games published a mini-documentary on YouTube called Play-to-Earn shows that several Filipinos across different age groups and demographics started playing the game. As of May 2021, nearly 60,000 Filipinos were playing the Axie Infinity game in the country.
Notably, these NFT-based games have driven the growth of the NFT market in the country over the last 12 months and are expected to further drive industry growth from the short to medium-term perspective.
This report provides in-depth, data-centric analysis of NFT Market in Philippines and below is the summary of key market segments:
Philippines NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Philippines NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Fashion & Luxury
Philippines NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Memes & Gif
Philippines NFT Market Size and Forecast by Currency, 2019-2028
Philippines NFT Market Size and Forecast by Sales Channels, 2019-2028
Philippines User Statistics, 2019-2028
For more information about this report visit https://www.researchandmarkets.com/r/8fi45j
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