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 to ResearchAndMarkets.com’s offering.
NFT industry in Philippines is expected to grow by 46.0% on an annual basis to reach US$2598.3 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 32.6% during 2022-2028. The NFT Spend Value in the country will increase from US$2598.3 million in 2022 to reach US$12796.4 million by 2028.
In the Philippines, Luis Buenaventura II, the pioneering crypto entrepreneur, announced that he collaborated with a 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 when the global NFT industry recorded strong growth. The NFT drop included two paintings Evangelista made over the global pandemic. The artwork was auctioned at OpenSea, the leading global NFT marketplace, fetching P3.5 million and P3 million each.
In March 2021, graphic designer and NFT artist AJ Dimarucot minted and sold the artwork as NFTs on the Foundation NFT marketplace. As the NFT awareness continued to grow in the country, the space attracted a slew of other homegrown projects which promote Filipino culture. Along with Danella Yaptinchay, the Philippine National Book Development Board’s creative director for the Frankfurt Book Fair, created the first Philippine NFT book.
Notably, this was the first NFT book to be launched at the 2021 Frankfurt Book Fair, which remains the oldest. The NFT…
