Philippines NFT Market Intelligence Report 2022: Market Expected to Grow 46% to Reach $2.59 Billion in 2022 – NFT Events and Webinars Drive Awareness and Growth

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 ResearchAndMarkets.com’s Offering.

The NFT industry in the Philippines is expected to grow by 46.0% YoY to reach USD 2,598.3 million in 2022.

The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 32.6% during 2022-2028. The NFT use value in the country will increase from USD 2598.3 million in 2022 to reach USD 12796.4 million by 2028.

In the Philippines, Luis Buenaventura II, the pioneering crypto entrepreneur, announced that he was partnering with 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 as the global NFT industry recorded strong growth. The NFT release included two paintings Evangelista made of the global pandemic. The artwork was auctioned on OpenSea, the leading global NFT marketplace, at P3.5 million and P3 million each.

In March 2021, graphic designer and NFT artist AJ Dimarucot embossed and sold the artwork as NFTs on the Foundation NFT Marketplace. As NFT awareness continued to grow in the country, the space attracted a number of other homegrown projects promoting Filipino culture. Together with Danella Yaptinchay, the Philippine National Book Development Board’s creative director of the Frankfurt Book Fair, created the first Philippine NFT book.

Notably, this was the first NFT book launched at the 2021 Frankfurt Book Fair, which remains the oldest. The NFT book created for the official Philippine stand of the National Book Development Board is also the first government-commissioned NFT in the country.

While the Fintech entrepreneurs greatly benefited from the global shutdown, the surfing community in the Philippines was greatly affected due to the restriction of movement and travel restrictions. With the NFT market growing rapidly, the surfing community in the Philippines adopted NFT technology to make their lives 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 looking after the needs of the community.

Over the past 12 months, NFT adoption has increased significantly in the country. As more and more people discover how blockchain technology can be used to disrupt 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 awareness and growth of the overall market in the short to medium term.

The high literacy rate in the Philippines is expected to drive market growth

In the Philippines, literacy is much higher than in other countries globally. Whether it is a cryptocurrency, blockchain or even social media platforms back in the day, 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 growth over the next three to four years. As NFT awareness continues to grow in the country, the demand for NFTs will increase among Filipinos and if the NFT players can conduct workshops, exhibitions and events to promote NFTs and spread awareness, the market can register strong growth over the next three to four years in the Philippines.

NFT events and webinars drive the awareness and growth of the market in the Philippines

One of the key drivers driving awareness of NFTs in the country is that several firms, both local and global, are conducting events and webinars in the Philippines.

The story continues

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 digital art collectors gain a better understanding of how tokens work and how they can become 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 at the largest indoor beach club in the Philippines. Filipinos are turning to NFT video games to make money during the global pandemic period in the Philippines

During the global pandemic period, when Filipinos faced hardship due to the lockdowns, many Filipinos turned to playing video games. Specifically, the gameplay, like SkyMavis, created by Axie Infinity, allows players to earn income through NFTs and cryptocurrencies by breeding, fighting and trading digital pets called Axies.

In May 2021, crypto consultancy Emfaris and gaming company Yield Guild Games published a mini-documentary on YouTube called Play-to-Earn, showing that more Filipinos across different age groups and demographics started playing the game. As of May 2021, nearly 60,000 Filipinos played the Axie Infinity game in the country.

In particular, these NFT-based games have driven the growth of the NFT market in the country over the past 12 months and are expected to further drive industry growth in the short to medium term.

scope

This report provides an in-depth, data-centric analysis of the NFT market in the 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 Asset, 2019-2028

• Collectables and art

• Property

• Sport

• Gaming

• Benefit

• Fashion and luxury

• Other

Philippines NFT Market Size and Forecast by Key NFT Collectibles, 2019-2028

• Digital art

• Music and sound clips

• Videos

• Memes and Gifs

• Other

Philippines NFT Market Size and Forecast by Currency, 2019-2028

• Ethereum

• Solana

• Avalanche

• Polygon

• BSC

• Flow

• Wax

• Ronin

• Other

Philippines NFT Market Size and Forecast by Sales Channel, 2019-2028

Philippines user statistics, 2019-2028

For more information on this report, visit https://www.researchandmarkets.com/r/8fi45j

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