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Blog ng Binance
Mga ulat at update mula sa nangungunang cryptocurrency exchange sa buong bansa.
Will NFTs Impact the Growth of the Cryptocurrency Market in the Philippines?
2021-5-17

Going digital. For the foreseeable future, the consensus is that this is the direction that most businesses, establishments, institutions, and goods and services providers are taking and adapting to, especially in the Philippines. Financial institutions in the country have not been exempted from the digital revolution, especially at the height of the COVID-19 pandemicwhere staying at home, sheltering in place, and maintaining social distancing meant that several face-to-face transactions have been migrated to online and digital platforms. 

Even various art forms have gone digital, from music to the visual arts. It would be then interesting to learn how these have been blended into the market of digital currencies as NFTs or non-fungible tokens. 

Filipinos are no stranger to alternative digital transactions. Online selling independent of retail stores and malls to paid content for mobile applications and games and the widespread use of online payment centers and wallets—more people are realizing the possibilities that come with going digital. 

According to the World Bank, the Philippine digital economy may “cushion the impact of the COVID-19 outbreak, support the recovery in the medium term, and make the economy more inclusive, competitive, and resilient to similar shocks in the long term.”

Crypto in the Filipino Mainstream

Moreover, the recognition of virtual currency and virtual currency exchanges by Philippine regulatory bodies—including security frameworks that prevent money laundering and cryptocurrency scams—has allowed users and stakeholders to adopt cryptocurrency as yet another player in the Philippine’s digital economy. Blockchain technology itself has been utilized by various institutions and businesses because of the advantages of decentralized networks, convenient security and traceability, and inclusion of marginalized sectors who find it difficult to access traditional goods and services. 

A Vast Digital Media Landscape in the Country

According to statistics compiled by Media Landscapes, there are 73 million Internet users out of 110 million Filipinos, giving an average of 67 percent in Internet penetration, with these users contributing the most time spent on the Internet. 94 percent of Filipinos use mobile phones, of which 93 percent are smartphones. Because of this, the Philippines has seen the fastest rate of growth in the use of mobile apps in Southeast Asia, even with challenges in terms of infrastructure and connectivity. 

As such, it cannot be discounted that there is promise in the rollout of newer and more innovative financial platforms, technologies, or products that utilize digital media in the country. 

NFTs—The Next Catalyst to Cryptocurrency Adoption

One of these are NFTs or non-fungible tokens or unique digital assets. Unlike Bitcoin and other cryptocurrencies which could be exchanged for another of their kind, also known as fungible assets, non-fungible tokens have a certain value to it with a proof of ownership and authenticity on the blockchain ledger. These digital assets first took form in digital art but now have expanded to different and numerous types of online content, which have been minted, or made available for circulation in a limited number of copies, on NFT platforms. 

Interestingly, Filipinos have already started to recognize the value of NFTs. From playing games which rewards players with NFTs or cryptocurrencies to a national art fair introducing viewers and patrons to the world of crypto art, the possibilities of expanding the blockchain ecosystem in the country through digital media are aplenty.

Sellers, buyers, and collectors of NFTs have not been limited to a single group of people, like more capable art collectors or long-renowned artists. Crypto art has proven to be inclusive, especially given the variety of content that are minted as tokens, from music to memes. Also because many of these tokens are intrinsically elements that give entertainment and allow for appreciation of art, talent, and culture, contributing to the crypto ecosystem through NFTs can be a fun and engaging path. 

These are just some of the reasons why NFTs may just prove to be a catalyst to the continual adoption of crypto and blockchain technology within the Filipino community. As we traverse between the challenges of continual restrictions that hamper our financial growth and recovering from the effects of the health crisis, we can continue to explore alternative and “disruptive” innovations that may just be the future of global economy. 

NFTs are coming to Binance soon. If you are an artist or you are interested in the opportunities that NFTs hold for the crypto market, do not hesitate to contact us. Explore and discover the possibilities of contributing to this digital ecosystem with us. 

You can get started with crypto trading right away with Binance, one of the world’s largest cryptocurrency exchanges in terms of users and trading volume and with a P2P crypto  trading platform in PHP. It is also now possible for Filipino Binance users to sell and buy ETH, BTC, BNB, USDT, EOS, and BUSD using local currency. Binance has a P2P platform that allows Filipinos to do this without any transaction fees. It also enables the user to trade crypto in their preferred prices and payment modes. You can even have your crypto assets transferred to a Binance wallet at no additional cost. 

Furthermore, our platform is a reliable partner for your cryptocurrency journey because of our security. Users can be assured of the protection of their data and funds while our standards for transparency provides an ecosystem where you can make the best choices when buying, selling, and trading crypto. Binance also supports payment options that Filipinos use on a day-to-day basis, like GCash and Western Union.

Since its launch in October 2019, Binance’s P2P platform has supported approximately 31 fiat currencies, including the Philippine Peso. It was also able to process trades of more than $1 billion. For their Global P2P Merchants Program, the company now actively searches for local merchants with reliable crypto and fiat access. Here, verified merchants enjoy a lot of benefits—exclusive support for customers, VIP discounts, ad transactions and postings, and security deposits without any fees.

With its zero transaction fees, Binance offers an escrow service—which aims to ensure that all of the cryptos will go to the users’ wallets. Its P2P platform also lets users gain more access to various financial services, likespot, margin, lending, and futures trading of Binance.com.

Start learning about Binance P2P trading by downloading the Binance mobile app now.



Blog ng Binance
Mga ulat at update mula sa nangungunang cryptocurrency exchange sa buong bansa.
May 17
2021
Will NFTs Impact the Growth of the Cryptocurrency Market in the Philippines?

Going digital. For the foreseeable future, the consensus is that this is the direction that most businesses, establishments, institutions, and goods and services providers are taking and adapting to, especially in the Philippines. Financial institutions in the country have not been exempted from the digital revolution, especially at the height of the COVID-19 pandemicwhere staying at home, sheltering in place, and maintaining social distancing meant that several face-to-face transactions have been migrated to online and digital platforms. 

Even various art forms have gone digital, from music to the visual arts. It would be then interesting to learn how these have been blended into the market of digital currencies as NFTs or non-fungible tokens. 

Filipinos are no stranger to alternative digital transactions. Online selling independent of retail stores and malls to paid content for mobile applications and games and the widespread use of online payment centers and wallets—more people are realizing the possibilities that come with going digital. 

According to the World Bank, the Philippine digital economy may “cushion the impact of the COVID-19 outbreak, support the recovery in the medium term, and make the economy more inclusive, competitive, and resilient to similar shocks in the long term.”

Crypto in the Filipino Mainstream

Moreover, the recognition of virtual currency and virtual currency exchanges by Philippine regulatory bodies—including security frameworks that prevent money laundering and cryptocurrency scams—has allowed users and stakeholders to adopt cryptocurrency as yet another player in the Philippine’s digital economy. Blockchain technology itself has been utilized by various institutions and businesses because of the advantages of decentralized networks, convenient security and traceability, and inclusion of marginalized sectors who find it difficult to access traditional goods and services. 

A Vast Digital Media Landscape in the Country

According to statistics compiled by Media Landscapes, there are 73 million Internet users out of 110 million Filipinos, giving an average of 67 percent in Internet penetration, with these users contributing the most time spent on the Internet. 94 percent of Filipinos use mobile phones, of which 93 percent are smartphones. Because of this, the Philippines has seen the fastest rate of growth in the use of mobile apps in Southeast Asia, even with challenges in terms of infrastructure and connectivity. 

As such, it cannot be discounted that there is promise in the rollout of newer and more innovative financial platforms, technologies, or products that utilize digital media in the country. 

NFTs—The Next Catalyst to Cryptocurrency Adoption

One of these are NFTs or non-fungible tokens or unique digital assets. Unlike Bitcoin and other cryptocurrencies which could be exchanged for another of their kind, also known as fungible assets, non-fungible tokens have a certain value to it with a proof of ownership and authenticity on the blockchain ledger. These digital assets first took form in digital art but now have expanded to different and numerous types of online content, which have been minted, or made available for circulation in a limited number of copies, on NFT platforms. 

Interestingly, Filipinos have already started to recognize the value of NFTs. From playing games which rewards players with NFTs or cryptocurrencies to a national art fair introducing viewers and patrons to the world of crypto art, the possibilities of expanding the blockchain ecosystem in the country through digital media are aplenty.

Sellers, buyers, and collectors of NFTs have not been limited to a single group of people, like more capable art collectors or long-renowned artists. Crypto art has proven to be inclusive, especially given the variety of content that are minted as tokens, from music to memes. Also because many of these tokens are intrinsically elements that give entertainment and allow for appreciation of art, talent, and culture, contributing to the crypto ecosystem through NFTs can be a fun and engaging path. 

These are just some of the reasons why NFTs may just prove to be a catalyst to the continual adoption of crypto and blockchain technology within the Filipino community. As we traverse between the challenges of continual restrictions that hamper our financial growth and recovering from the effects of the health crisis, we can continue to explore alternative and “disruptive” innovations that may just be the future of global economy. 

NFTs are coming to Binance soon. If you are an artist or you are interested in the opportunities that NFTs hold for the crypto market, do not hesitate to contact us. Explore and discover the possibilities of contributing to this digital ecosystem with us. 

You can get started with crypto trading right away with Binance, one of the world’s largest cryptocurrency exchanges in terms of users and trading volume and with a P2P crypto  trading platform in PHP. It is also now possible for Filipino Binance users to sell and buy ETH, BTC, BNB, USDT, EOS, and BUSD using local currency. Binance has a P2P platform that allows Filipinos to do this without any transaction fees. It also enables the user to trade crypto in their preferred prices and payment modes. You can even have your crypto assets transferred to a Binance wallet at no additional cost. 

Furthermore, our platform is a reliable partner for your cryptocurrency journey because of our security. Users can be assured of the protection of their data and funds while our standards for transparency provides an ecosystem where you can make the best choices when buying, selling, and trading crypto. Binance also supports payment options that Filipinos use on a day-to-day basis, like GCash and Western Union.

Since its launch in October 2019, Binance’s P2P platform has supported approximately 31 fiat currencies, including the Philippine Peso. It was also able to process trades of more than $1 billion. For their Global P2P Merchants Program, the company now actively searches for local merchants with reliable crypto and fiat access. Here, verified merchants enjoy a lot of benefits—exclusive support for customers, VIP discounts, ad transactions and postings, and security deposits without any fees.

With its zero transaction fees, Binance offers an escrow service—which aims to ensure that all of the cryptos will go to the users’ wallets. Its P2P platform also lets users gain more access to various financial services, likespot, margin, lending, and futures trading of Binance.com.

Start learning about Binance P2P trading by downloading the Binance mobile app now.