According to Australia-based independent information service Finder, The Philippines beat out 19 other countries for the top spot for NFT ownership.
Around 32% of Filipinos say that they own NFTs (or non-fungible tokens) according to the company’s online survey, whose results were released earlier in November. In second place stands Thailand with 26.6%, and Malaysia in third with 23.9%.
NFTs are non-transferrable, one-of-a-kind data units that store specific information that cannot be duplicated. While they exist under the cryptocurrency umbrella, the manner in which they are used is vastly different.
Think of it this way: Van Gogh’s “Starry Night” is a one-of-a-kind masterpiece. Despite the many attempts to recreate it, there will be only one original painting. If the painting were digitally rendered and protected against creating a second, exactly similar copy, this would be an NFT.
Cryptocurrency, on the other hand, is something you can use to buy NFTs—but the opposite isn’t possible. NFTs are closer to fixed assets, like a house, and cryptocurrency works more similarly to cash.
On average, digital files are highly susceptible to duplication and copying, but NFTs work differently. By “tokenizing” the digital piece of art, unique ownership can be claimed via a certification. The data is non-fungible, meaning that it cannot be replaced or replicated, and its safety is ensured via blockchain.
NFTs aren’t the only area of crypto that Filipinos are doing exceptionally well at. Vietnam-based Sky Mavis’ “Axie Infinity” also sees heightened use by the Philippine market, and boasts the highest number of players in the world.