HOMEGROWN cyber collectibles marketplace Mintoo has launched its digital art collection available on the Philippine Digital Asset Exchange application, meant to pave the way for mass adoption of nonfungible tokens in the country.
These digital collectibles, according to him, have special qualities, such as in-born provenance, provable authenticity, very easy to track and enforce royalties, and it opens up a very large potential market for creators, painters or artists. In Southeast Asia, the Philippines saw a massive adoption of NFT technology due to the emergence of play-to-earn games, especially in the last couple of years. Amid this development, however, there are still limitations encountered because the “vision is compelling, but reality is much more sobering,” per Lao.
Knowing that NFTs are still very early in the evolution of technology, the platform provider seeks to become a pioneer and bring it to the mainstream. It envisions a wider adoption for both creators and users outside of the play-to-earn economy.