Filipinos and Web3: A Growing Metaverse
Filipinos are now accustomed to the new age of the Web, from gaming in the Metaverse, to purchasing cryptocurrencies.
Just as the entire world is discovering the opportunities offered by Web3, many Filipinos have already dived in and experienced what it can do during the initial stages of the pandemic.
One of these experiences is the NFT game, Axie Infinity. Instead of playing the mobile game for just entertainment, many Filipinos saw it as a way to earn money during the long lockdowns. To play the game, players have to purchase or borrow Axies, the in-game monsters that are used to battle other players for rewards. Winners earn Smooth Love Potion (SLP) tokens, which can be exchanged for real-world currency. The game’s economy is built on an Ethereum side chain called Ronin. This is where players can find the digital wallets that they can use to purchase and store Ethereum for Axie purchases and trades.
While the game has faced its share of hacking concerns, the game is still thriving to warrant growing interest from corporations like Coins.ph. Coins CEO Wei Zhou gave a keynote at the recent AxieCon event in Barcelona, Spain. The company, through Wei, promised to continue building support for the game and the player base through funding for e-sports events, emphasizing content creator support in the Metaverse, and pushing for further integration of the Coins platform with the Ronin sidechain.
Axie Infinity is the poster child for the initial application of Web3 technologies in the Philippines. Through it, people have grown in understanding Web3 concepts and how it translates to creating digital assets. Yet many professionals working 9-to-5 jobs have also started looking at the Metaverse as an alternative to working in traditional office spaces.
In a study by Ciena, some 89% of respondents preferred to work using video conferencing tools at home or elsewhere, and nearly 90% saw virtual reality spaces like the Metaverse as the next step in the future of work. The same respondents are optimistic, given their familiarity with Web 3.0, that the transition from physical to virtual working spaces will be seamless. Couple this with the high adoption of DLTs (distributed ledger technologies) like Axie and Filipinos are close to being comfortable using Web3 technologies.
Projects surrounding the use of Web3 and the Metaverse continue to grow around the country:
1. The Philippine Digital Asset Exchange (PDAX) has partnered with Yield Guild Games Alerts (YGG Alerts) and De La Salle University (DLSU) to create the first-ever virtual showcase for interactive entertainment and game design students. Called the De La Salle Interactive Entertainment and Gaming Innovation & Talent Expo, or DigitX, it is an instance of the Decentraland metaverse. Students through, their personal avatars, can participate in webinars, exhibits, and guided tours, and interact with fellow students, all in a completely virtual environment.
2. A gathering of local developers, founders, gamers, and advocates for Web 3.0, the Philippine Web3 Festival will be a major event presenting the latest in blockchain and cryptocurrency technology. Leading Web3 leaders such as Axie Infinity, Animoca Brands, and The Sandbox, plus leading VC firms investing in global Web3 projects, will be present at the event.
Even if Web3 is still in its beginning stages, expect Filipinos to be at the forefront as innovators in the region. Soon, industry leaders and enterprises will create their own stake in the new Web. Amihan should be there to serve as their guides to develop data-driven digital experiences in the Metaverse.
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Hart Ang is the Digital Marketing Lead in Amihan. A marketing professional and content creator, he has interests in technology, media, and popular culture.