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- According to TZ APAC’s Head of Growth, David Tng, NFT art and play-to-earn (P2E) games are expected to be the main drivers of NFT adoption in the Philippines.
- Tng believes that blockchain games will remain popular in the Philippines, and traditional game companies and studios are slowly entering the web3 game industry.
- The TZ APAC executive also shared how he witnessed more and more Filipino artists using NFTs to showcase their art in international exhibitions. Bjorn Calleja is one of the best-known NFT artists in the Philippines who has exhibited his work overseas.
“The Philippines, as one of the fastest growing economies in Southeast Asia, has shown great promise in blockchain and NFT adoption. NFTs bring a lot of value in terms of IP. NFTs store transaction data on the blockchain, keeping a woven history of all transactions involving art.”
This was emphasized by David Tng, head of growth for TZ APAC, Asia adoption entity for Tezos Blockchain, when asked about the potential for countries to adopt blockchain technology, which includes the crypto, non-fungible token (NFT), and web3 industries.
In an interview with Inquirer, Tng said there are two main drivers that are expected to lead to the mass adoption of the NFT industry in the country, blockchain games and artwork NFTs.
Blockchain Game as a Pioneer
As per Tng, blockchain games will remain popular in the Philippines for the next few years, although several players have left the play-to-earn game industry due to the ongoing crypto winter:
“NFT games will be a harbinger of mass adoption. Over the next year and a half, we will see millions of users enter this space.”
Blockchain games are basically games based on blockchain technology. In order to play, most games require NFTs that represent items, main characters, and other parts of the game. Some NFTs are provided free of charge, but most must be purchased first.
In return, players get in-game tokens after completing certain tasks or objectives of the game. But the tokens in this game are cryptocurrencies, which are volatile in nature. So players should expect that the value of each token depends on market performance.
In addition, Tng also emphasized that more traditional game companies and studios are now slowly adopting and entering the web3 game industry.
One of them is game giant Square Enix, best known for Final Fantasy, Dragon Quest, Star Ocean, and the Kingdom Hearts video role-playing game franchise.
Square Enix in the Web3 Room
- 2019 – Square Enix also participated in a $2.01 million investment round for Sandbox.
- 2020 – the company brings the Dungeon Siege franchise to the metaverse game universe of The Sandbox—the venture includes interactive experiences in Square Enix’s LAND in a shared online world.
- 2022:
- March – became a strategic adviser to the Blockchain-based collectible card game Cross the Ages.
- May – signs a share transfer agreement with Sweden-based Embracer Group AB, and sells offshore studios and Intellectual Property (IP) to “launch a new business by moving forward with investments in areas including blockchain, AI, and cloud. ”
- July – Square Enix partners with Enjin to launch Final Fantasy VII physical and digital collections–the digital collection will be available later this year. That same month, the company invested in Bitcoin gaming startup Zebedee which helped the startup raise $35 million in a Series B funding round.
- September – Square Enix announced a partnership with blockchain company Oasys to “explore the possibilities of leveraging user contributions in the development of new games.”
- November – they launched their first web3 game, an Ethereum (non-fungible token) based NFT game called Symbiogenesis. NFT games allow players to buy and sell virtual goods across the metaverse and feature “various character symbioses, all of which can be collected as digital art”.
- December – Square Enix has invested 7 billion yen in common stock into Gumi, a Japanese video game developer and publisher, to create games that combine blockchain technology and NFTs.
- 2023 – Square Enix will launch its first web3 game Symbiogenesis on the Polygon Network.
Tng’s idea is supported by the recently published Blockchain Game Alliance (BGA) annual survey of practitioners in the blockchain games industry, which suggested that the public see “traditional game studios” and “existing game franchises moving to web3” as key drivers for moving industry forward in 2023.
“Games is very likely to be the next area where innovation moves forward,” he added.
NFT Art as Main Material
Meanwhile, the TZ APAC executive also shared how he is currently witnessing more and more Filipino artists using NFTs as a way to showcase their art in exhibitions overseas.
One of the well-known NFT artists in Indonesia who brought the Philippine flag to the international stage is Bjorn Calleja. So far, there are three international events that have been covered by BitPinas involving Calleja:
- Panel discussion on the theme “Tezos Presents: Come Together – Building Communities in the NFT Art Space,” at the SEA Focus event during Singapore Art Week. Calleja was able to showcase his paintings, digital art and even sculptures during the event. (January 2023)
- Art exhibition titled “NFTs + The Ever-Evolving World of Art” at Art Basel Hong Kong. (May 2022)
- Panel discussion entitled “Asian Artists in the NFT World” on the first day of the “GeckoCon: A Decentralized Future” conference. (July 2022)
On the other hand, in line with the 2023 National Arts Month celebration with this year’s theme “Ani ng Sining, Bunga ng Galing”, Tezos Filipinos launched on February 11, where the event showcased works by Filipino artists on the web3 space.
Tezos Filipinos is a community initiative of Filipino NFT artists on the Tezos blockchain. Tezos Philippines is a separate entity from Tezos Philippines.
Also, the recently concluded 2023 Philippine Art Fair, which also included NFT art as part of the exhibition for the first time, had two art workshops focused on digital art, aiming to educate more about the country’s crypto art scene. Both workshops were initiated by Tezos, the event’s educational partner.
“Just like physical art, value is driven by a combination of scarcity, resources and the artist’s vision. NFTs facilitate this scarcity and origin by imprinting tokens on the blockchain, recording the creators of works, and also ensuring no further copies can be made.” Tang concludes.
This article was published on BitPinas: Digital Arts, P2E Games are Key Drivers for NFT Adoption in PH – TZ APAC Exec
Disclaimer: BitPina articles and their external content are not financial advice. The team serves to deliver independent and impartial news to inform crypto Philippines and beyond.
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