In an independent survey by Finder, the Philippines bested 19 other countries in terms of NFT ownership. With 32% of internet users owning NFTs, the South East Asian nation outranked Japan (2%), the United States (2.8%) and Canada (2.5%).
Here’s why:
Market Landscape: NFT Ownership in the Philippines
During the pandemic, play-to-earn gaming took the Philippines by storm. With the unemployment rate soaring, it provided an alternative source of income that even exceeds the minimum wage. As such, 40% of Axie Infinity players are Filipinos.
Finder revealed that NFTs in the Philippines had an interesting demographic, with people aged 65 above the most likely to own NFTs. This figure in itself is an oddity because across previous studies, younger age groups are leading the crypto and NFT charge. For example, the key finding of a study by Stilts is that 94% of all cryptocurrency buyers are Gen Z or Millennials (18-40 years old).
The Australian-based information service also found that NFT adoption in the Philippines could soon reach 41.5 percent. The biggest contributing factor to this is the rise of play-to-earn guilds in the Philippines. Since it is already expensive to enter the game at this point, this is the alternative route. Essentially, this program enables well-heeled players, known as Managers, to lend out a team of three Axies to workers, known as Scholars.
Filipino-owned Yield Guild Games is the biggest player in this space. YGG is a play-to-earn gaming guild, bringing players together to earn via blockchain-based economies. Under the scholarship program, Axie owners loan their monster NFTs to players who can earn money via in-game rewards tokens. It has 25,000 gamers and counting within its organization, spread across more than 12 countries.
In essence, adoption in the Philippines will continue to grow this 2022 thanks to play-to-earn guilds like YGG. In the Philippines, play-to-earn games are actually treated like formal jobs instead of casual gaming.
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