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The NFT Craze is Here in the Philippines: How did it happen?
2021-5-20
Binance’s Groundbreaking Launch of the NFT Marketplace

This June, Binance will have Binance NFT, the leading NFT trading platform and marketplace of the world, launched in the Philippines. As a new marketplace, it will allow crypto enthusiasts, artists, and creators to come together everywhere all over the world. Here, you will see a packed lineup of premier exhibitions as well as NFT collaborations that come with Binance’s industry-best liquidity that comes with fewer fees for everyone.

Now how did that all happen? Here is a breakdown of the existing hype cycle and how NFTs can affect your favorite artistic industries including a hard sell for your beautiful artworks. Here is a list of the ways in how our beloved industries have been riding the wave. 

What is NFT?

NFT stands for the non-fungible token which is a unit of information on the blockchain which is a digital ledger. Here, every NFT represents a distinctive digital item that would not get interchanged with another.

NFTs represent any digital or physical goods like documents, items within video games, artwork, audio, video, and other kinds of creative work that is actually not the work in itself.

It is pretty much like your phone’s serial number or your vehicle’s VIN number. These represent your phone or car but are actually not your phone or car at all.

When it comes to NFTs, the person who has that asset may not actually possess it. The owner only has a hash code and a record that proves that they are the asset’s real owner. Someone may have your phone in their hands or drive your car but you are the only person who can prove that you own it. It is a concept that entirely challenges the idea of ownership that is both noble and strange.The First NFTs: Colored Coins

The very first NFTs to exist are the Colored Coins. These are small bitcoin denominations that are as small as one satoshi that is the smallest bitcoin unit. Colored coins are used to represent various assets with multiple use cases like:

  • Coupons

  • Property

  • Digital collectibles

  • Company’s Issue Shares

  • Ability have your cryptocurrency issued

  • Access tokens

  • Subscriptions

Colored Coins have exemplified a massive leap in the capabilities of Bitcoin. Yet, they have the downside of only representing specific values when everyone agrees on their worth. Bitcoin has a scripting language that was not meant to allow this kind of behavior in its network. Because of that, Colored Coins have the same power as their weakest participant. Whenever a participant no longer considers Colored Coins representative of the company shares, the whole system will fall apart.

Colored Coins initially got mentioned in Yoni Assia’s blog post last 2012 with the title “bitcoin 2.X (aka Colored Bitcoin) — initial specs.” In his post, he discussed the Colored Coins claiming that they are included in the “Genesis Transaction,” making them identifiably unique compared to regular transactions of bitcoin. People could not explore the potential of these assets until Meni Rosenfeld published the paper “Overview of Colored Coins.” Because of that, Colored Coins was able to open the door for people to further experiment on the groundwork for NFTs. Having real-world assets placed onto distributed ledgers became clear but implementing them needed a highly malleable blockchain.

A New Era of NFTs: CryptoKitties

CryptoKitties emerged last December 2017. These are cartoon cats that appeared dopey. Created by the Canadian company called Dapper Labs, they started out as tradable collectibles that are pretty much similar to the Pokemon cards in the era of bitcoin. Every image associates with the NFT which is a “non-fungible token” or cryptocurrency in a unique string of numbers that people can trade on the Ethereum blockchain platform as a title deed that grants the holder to be the owner of a certain kitty.

As NFTs sold like hotcakes, it was great that the Ethereum network got upgraded in 2017. It is now properly equipped to deal with sloshing that can happen endlessly. In the first quarter of 2021, NFT trading had volume and valuations of more than $2 billion in certain marketplaces which are already 800% more than the whole of 2020 which was around $250 million. People have shelled out large sums of legal tender and cryptocurrency so they can purchase tokens that represent the ownership of certain digital tokens that often get re-auctioned at more expensive prices. It includes NFTs that are stand-ins for numerous collectibles such as the CryptoKitties and the Non-Fungible Pepes that is a modern bid to have the meme frog reclaimed from the alt-right. The others are things that people can use in video games. Most of them are linked to digital art designs made by creators like Beeple who was able to sell a token for an astounding amount of $69 million at Christie’s this March 11, 2021.

Getting a digital image’s symbolic ownership even if it is available on the web that people can capture on a screenshot in seconds does appear either alienly ironic or idiotic. Yet, the proponents of NFT aim to solve the issue that it is almost impossible to monetize any digital artwork. Because of NFTs, it is now possible to have a value assigned to digital artworks that open the door to numerous possibilities for a medium that doesn’t get hampered by any physical limitation.

How did NFTs become so big as of the moment?

People are now more interested in NFTs as there is a wider acceptance of crypto assets. There are now also a lot of NFT Marketplaces that exist like Nifty Gateway (the platform of the Winklevoss twins),  SuperRare, OpenSea, and so much more.

There have been so many developments in the Ethereum infrastructure that according to market capitalization, it is now the second-biggest cryptocurrency after Bitcoin and the most actively utilized blockchain. The platform’s native cryptocurrency is Ether.

Because of the existing hype cycle, the market cap of the NFT recently grew by 1,785% leading to a fully diluted market cap of $29.47 million. This goes to show that people are actually quite interested in it.

The art collection of Beebple’s NFT that sold at Christie's for $69 million.

NFTs in the Philippines

In the Philippines, there is a collaboration between Jose Delbo, an Argentinian artist, and Luis Buenaventura II, a Filipino artist. Last March 28, they were able to sell 222 editions that each had a price of $1,999 on the Nifty Gateway. Because of that, the Filipino artist Luis may have possibly sold the highest priced NFT even if there was a split in the proceeds as it was a collaboration among these two artists. NFT has been great as it can provide proof of who created the art and who owns it. If the existing owner decides to have his art sold, that buyer can trace it back to the creator as people can trace the history of the art through the blockchain. Because of that, NFTs will allow anyone to trace and prove its authenticity so that an NFT holder can sell it. 

Anyone who can be the next Amorsolo or Juan Luna in the future will allow the owners of their artwork to have proof that they own their early creations that can drive the price of their earlier works of art.

NFTs allow people to solve the issue in digital files wherein people can duplicate, copy, and paste thousands of files. NFT would not allow anyone to save a copy of the artwork and sell it. 

It allows the creation and spread of fake collectibles to become pointless as people can now trace every item back to the one who originally issued it.

Publications such as Cointelegraph were able to feature the works of Luis. Among the most notable is the series of Bitcoin artworks that highlight specific pop culture and price milestones. There is also a series regarding Bitcoin’s visual history. All of these became hits.

Luis Buenaventura’s artworks: Endgame worth $33,003.40 and Spider-man: Into the $20,000-verse worth $9,901.02

Owning an NFT may never be the same as having a copy or screenshot of the art. Having a screenshot of Spider-man: Into the $20,000-verse or Endgame may allow you to have a copy, but you wouldn’t have the actual document. Because of that, you won’t be able to sell it as people can review the blockchain’s recorded transactions if they want to check if you the owner of the actual copy. You can only be the owner of these NFTs whenever you buy them and have the transaction recorded on the blockchain. Having a public ownership record will allow anyone to verify its authenticity and provenance.

Lately, in the space, there has been increased attention to the older works of Luis. Having these can allow anyone to see how he evolved as an artist when it comes to style. Since his early creations demonstrate his evolution, people can find so much value in it.

Luis was also able to collaborate with Jose Delbo, a premier artist, in creating “Satoshi The Creator – Genesis,” which sold for $2,400. The Argentinian artist Jose Delbo was able to work with the highly beloved Marvel and DC Comics brands. He was able to ink, pencil, and illustrate some of Aquaman, Superman, and Wonder Woman’s published adventures, as well as a lot of other creations in his illustrious career that spanned for more than seven decades.

According to Delbo’s announcement, when he saw the pieces of Luis that comically depicted the crypto currencies’ history, he thought that he was the best person to be partners in his quest to bring Satoshi, the new Bitcoin superhero, into the scene. As the Creator, Satoshi can harness the full power of the Bitcoin computing network. He has swords capable of harnessing the power of lightning. These are all depicted in the piece of art “Satoshi The Creator – Genesis.” It was able to sell 222 editions, each with a price of $1,999. Because of that, the Filipino artist Luis may have possibly sold the highest NFT despite the split in proceeds since it was a collaboration among two creators.

According to Luis, he has talked with the Delbo family since late November 2020. Since the art space of crypto is still trivial, he believes that being consistent in doing great work will make collectors and other artists take notice. Delbo was able to like the depth of his obsession with pop culture and Bitcoin, as well as his initial creation on Makersplace. When he had a conversation with Delbo, they had a solid ‘Creator’ concept. He then aimed to take the art of Delbo and have the character dramatized in the introduction. He was able to pitch a sequence with lightning for the revelation of the persona, and both of them agreed that it had a fantastic thematic fit.

Yet, at that time, both of them had engagements that occupied so much of their time. Luis became busy with the launch of the BloomX app, while Delbo had a lot of other projects. The project only began after three months.

Everywhere, including the Philippines, there have been many digital artists who got engaged in NFTs. The Ken is a media outlet that they referred to as a lifeline for Southeast Asia’s artists. According to Li Mei Foong, the Ken writer, it was able to revitalize artists’ careers so that their income could multiply because of their crypto art. 

In this collaboration, both artists can have their proceeds split even while NiftyGateway gets 20% of the price. Yet, it demonstrates that NFTs are a great opportunity that digital artists everywhere can tap upon when needed.

Just like cryptocurrencies, NFTs are a “programmable opportunity.” With cryptocurrencies, people can transact and trade with anyone in the world. It is a great opportunity that can take people away from the established regime of fiat currency.

NFT art also gives artists the same opportunity to collaborate and have their artwork offered to a community that they may never access otherwise. With these attractive new opportunities, what people choose to do and how they can navigate any unfamiliar territory will entirely be up to them.

When it comes to the proceeds, the initial instinct of an artist would be to take care of his family. Aside from that, they may not have significantly decided what they can do with the funds they earn. Whatever they may decide on, they can use it to create a lot of really cool artworks.

However, could there actually be value in an NFT?

We may not know about this but the perceived value can be powerful. Here are some examples of real-world use wherein users are already purchasing a lot of speculators hoping that they eventually will.

Increase Your Earnings by Trading NFT in the Philippines with Binance

Do you want to know how to save money in the Philippines? If you want to save and earn more, we highly recommend that you invest your hard-earned cash in crypto! You may choose to actively trade crypto on the Binance exchange or have currencies stored in any of our cold and hard wallets. It can even be possible for you to earn passive income through Binance Staking and Binance Savings.  As you work on staking your cryptocurrency, have your assets locked to give the blockchain network support and tokens in exchange for it. On top of all these, you can earn the coin’s increased value. Because of these, we highly recommend that you get involved in Binance Staking as this can be a wonderful avenue for any investor.

In case you want to have your cryptocurrency saved similar to having them placed in a bank where you can earn interest, use Binance Savings. The crypto savings account that Binance has comes with various packages and products that would depend on how often you would like to have access to your funds. It includes other features like the APY rates that investors would surely appreciate. With Binance Flexible Savings, you can have funds redeemed anytime with a 1.2% 7-Day APY for Bitcoin. You may also consider getting into Binance Earn wherein the company actively looks for local merchants that have reliable fiat and crypto access. Here, Binance allows verified merchants to enjoy numerous benefits that include security deposits without fees, ad postings and transactions, VIP discounts, and exclusive customer support.

As alternative digital currencies, cryptocurrencies can let stakeholders have more ways to allow their funds to work for them so much more than any fiat currency. Now that the Philippines is adopting cryptocurrencies and blockchain technology, it is essential for users to become aware of how they can make their savings work in crypto.

Make an account with Binance NOW to avoid missing out on the future development and expansion of cryptocurrency.



Blog ng Binance
Mga ulat at update mula sa nangungunang cryptocurrency exchange sa buong bansa.
May 20
2021
The NFT Craze is Here in the Philippines: How did it happen?
Binance’s Groundbreaking Launch of the NFT Marketplace

This June, Binance will have Binance NFT, the leading NFT trading platform and marketplace of the world, launched in the Philippines. As a new marketplace, it will allow crypto enthusiasts, artists, and creators to come together everywhere all over the world. Here, you will see a packed lineup of premier exhibitions as well as NFT collaborations that come with Binance’s industry-best liquidity that comes with fewer fees for everyone.

Now how did that all happen? Here is a breakdown of the existing hype cycle and how NFTs can affect your favorite artistic industries including a hard sell for your beautiful artworks. Here is a list of the ways in how our beloved industries have been riding the wave. 

What is NFT?

NFT stands for the non-fungible token which is a unit of information on the blockchain which is a digital ledger. Here, every NFT represents a distinctive digital item that would not get interchanged with another.

NFTs represent any digital or physical goods like documents, items within video games, artwork, audio, video, and other kinds of creative work that is actually not the work in itself.

It is pretty much like your phone’s serial number or your vehicle’s VIN number. These represent your phone or car but are actually not your phone or car at all.

When it comes to NFTs, the person who has that asset may not actually possess it. The owner only has a hash code and a record that proves that they are the asset’s real owner. Someone may have your phone in their hands or drive your car but you are the only person who can prove that you own it. It is a concept that entirely challenges the idea of ownership that is both noble and strange.The First NFTs: Colored Coins

The very first NFTs to exist are the Colored Coins. These are small bitcoin denominations that are as small as one satoshi that is the smallest bitcoin unit. Colored coins are used to represent various assets with multiple use cases like:

  • Coupons

  • Property

  • Digital collectibles

  • Company’s Issue Shares

  • Ability have your cryptocurrency issued

  • Access tokens

  • Subscriptions

Colored Coins have exemplified a massive leap in the capabilities of Bitcoin. Yet, they have the downside of only representing specific values when everyone agrees on their worth. Bitcoin has a scripting language that was not meant to allow this kind of behavior in its network. Because of that, Colored Coins have the same power as their weakest participant. Whenever a participant no longer considers Colored Coins representative of the company shares, the whole system will fall apart.

Colored Coins initially got mentioned in Yoni Assia’s blog post last 2012 with the title “bitcoin 2.X (aka Colored Bitcoin) — initial specs.” In his post, he discussed the Colored Coins claiming that they are included in the “Genesis Transaction,” making them identifiably unique compared to regular transactions of bitcoin. People could not explore the potential of these assets until Meni Rosenfeld published the paper “Overview of Colored Coins.” Because of that, Colored Coins was able to open the door for people to further experiment on the groundwork for NFTs. Having real-world assets placed onto distributed ledgers became clear but implementing them needed a highly malleable blockchain.

A New Era of NFTs: CryptoKitties

CryptoKitties emerged last December 2017. These are cartoon cats that appeared dopey. Created by the Canadian company called Dapper Labs, they started out as tradable collectibles that are pretty much similar to the Pokemon cards in the era of bitcoin. Every image associates with the NFT which is a “non-fungible token” or cryptocurrency in a unique string of numbers that people can trade on the Ethereum blockchain platform as a title deed that grants the holder to be the owner of a certain kitty.

As NFTs sold like hotcakes, it was great that the Ethereum network got upgraded in 2017. It is now properly equipped to deal with sloshing that can happen endlessly. In the first quarter of 2021, NFT trading had volume and valuations of more than $2 billion in certain marketplaces which are already 800% more than the whole of 2020 which was around $250 million. People have shelled out large sums of legal tender and cryptocurrency so they can purchase tokens that represent the ownership of certain digital tokens that often get re-auctioned at more expensive prices. It includes NFTs that are stand-ins for numerous collectibles such as the CryptoKitties and the Non-Fungible Pepes that is a modern bid to have the meme frog reclaimed from the alt-right. The others are things that people can use in video games. Most of them are linked to digital art designs made by creators like Beeple who was able to sell a token for an astounding amount of $69 million at Christie’s this March 11, 2021.

Getting a digital image’s symbolic ownership even if it is available on the web that people can capture on a screenshot in seconds does appear either alienly ironic or idiotic. Yet, the proponents of NFT aim to solve the issue that it is almost impossible to monetize any digital artwork. Because of NFTs, it is now possible to have a value assigned to digital artworks that open the door to numerous possibilities for a medium that doesn’t get hampered by any physical limitation.

How did NFTs become so big as of the moment?

People are now more interested in NFTs as there is a wider acceptance of crypto assets. There are now also a lot of NFT Marketplaces that exist like Nifty Gateway (the platform of the Winklevoss twins),  SuperRare, OpenSea, and so much more.

There have been so many developments in the Ethereum infrastructure that according to market capitalization, it is now the second-biggest cryptocurrency after Bitcoin and the most actively utilized blockchain. The platform’s native cryptocurrency is Ether.

Because of the existing hype cycle, the market cap of the NFT recently grew by 1,785% leading to a fully diluted market cap of $29.47 million. This goes to show that people are actually quite interested in it.

The art collection of Beebple’s NFT that sold at Christie's for $69 million.

NFTs in the Philippines

In the Philippines, there is a collaboration between Jose Delbo, an Argentinian artist, and Luis Buenaventura II, a Filipino artist. Last March 28, they were able to sell 222 editions that each had a price of $1,999 on the Nifty Gateway. Because of that, the Filipino artist Luis may have possibly sold the highest priced NFT even if there was a split in the proceeds as it was a collaboration among these two artists. NFT has been great as it can provide proof of who created the art and who owns it. If the existing owner decides to have his art sold, that buyer can trace it back to the creator as people can trace the history of the art through the blockchain. Because of that, NFTs will allow anyone to trace and prove its authenticity so that an NFT holder can sell it. 

Anyone who can be the next Amorsolo or Juan Luna in the future will allow the owners of their artwork to have proof that they own their early creations that can drive the price of their earlier works of art.

NFTs allow people to solve the issue in digital files wherein people can duplicate, copy, and paste thousands of files. NFT would not allow anyone to save a copy of the artwork and sell it. 

It allows the creation and spread of fake collectibles to become pointless as people can now trace every item back to the one who originally issued it.

Publications such as Cointelegraph were able to feature the works of Luis. Among the most notable is the series of Bitcoin artworks that highlight specific pop culture and price milestones. There is also a series regarding Bitcoin’s visual history. All of these became hits.

Luis Buenaventura’s artworks: Endgame worth $33,003.40 and Spider-man: Into the $20,000-verse worth $9,901.02

Owning an NFT may never be the same as having a copy or screenshot of the art. Having a screenshot of Spider-man: Into the $20,000-verse or Endgame may allow you to have a copy, but you wouldn’t have the actual document. Because of that, you won’t be able to sell it as people can review the blockchain’s recorded transactions if they want to check if you the owner of the actual copy. You can only be the owner of these NFTs whenever you buy them and have the transaction recorded on the blockchain. Having a public ownership record will allow anyone to verify its authenticity and provenance.

Lately, in the space, there has been increased attention to the older works of Luis. Having these can allow anyone to see how he evolved as an artist when it comes to style. Since his early creations demonstrate his evolution, people can find so much value in it.

Luis was also able to collaborate with Jose Delbo, a premier artist, in creating “Satoshi The Creator – Genesis,” which sold for $2,400. The Argentinian artist Jose Delbo was able to work with the highly beloved Marvel and DC Comics brands. He was able to ink, pencil, and illustrate some of Aquaman, Superman, and Wonder Woman’s published adventures, as well as a lot of other creations in his illustrious career that spanned for more than seven decades.

According to Delbo’s announcement, when he saw the pieces of Luis that comically depicted the crypto currencies’ history, he thought that he was the best person to be partners in his quest to bring Satoshi, the new Bitcoin superhero, into the scene. As the Creator, Satoshi can harness the full power of the Bitcoin computing network. He has swords capable of harnessing the power of lightning. These are all depicted in the piece of art “Satoshi The Creator – Genesis.” It was able to sell 222 editions, each with a price of $1,999. Because of that, the Filipino artist Luis may have possibly sold the highest NFT despite the split in proceeds since it was a collaboration among two creators.

According to Luis, he has talked with the Delbo family since late November 2020. Since the art space of crypto is still trivial, he believes that being consistent in doing great work will make collectors and other artists take notice. Delbo was able to like the depth of his obsession with pop culture and Bitcoin, as well as his initial creation on Makersplace. When he had a conversation with Delbo, they had a solid ‘Creator’ concept. He then aimed to take the art of Delbo and have the character dramatized in the introduction. He was able to pitch a sequence with lightning for the revelation of the persona, and both of them agreed that it had a fantastic thematic fit.

Yet, at that time, both of them had engagements that occupied so much of their time. Luis became busy with the launch of the BloomX app, while Delbo had a lot of other projects. The project only began after three months.

Everywhere, including the Philippines, there have been many digital artists who got engaged in NFTs. The Ken is a media outlet that they referred to as a lifeline for Southeast Asia’s artists. According to Li Mei Foong, the Ken writer, it was able to revitalize artists’ careers so that their income could multiply because of their crypto art. 

In this collaboration, both artists can have their proceeds split even while NiftyGateway gets 20% of the price. Yet, it demonstrates that NFTs are a great opportunity that digital artists everywhere can tap upon when needed.

Just like cryptocurrencies, NFTs are a “programmable opportunity.” With cryptocurrencies, people can transact and trade with anyone in the world. It is a great opportunity that can take people away from the established regime of fiat currency.

NFT art also gives artists the same opportunity to collaborate and have their artwork offered to a community that they may never access otherwise. With these attractive new opportunities, what people choose to do and how they can navigate any unfamiliar territory will entirely be up to them.

When it comes to the proceeds, the initial instinct of an artist would be to take care of his family. Aside from that, they may not have significantly decided what they can do with the funds they earn. Whatever they may decide on, they can use it to create a lot of really cool artworks.

However, could there actually be value in an NFT?

We may not know about this but the perceived value can be powerful. Here are some examples of real-world use wherein users are already purchasing a lot of speculators hoping that they eventually will.

Increase Your Earnings by Trading NFT in the Philippines with Binance

Do you want to know how to save money in the Philippines? If you want to save and earn more, we highly recommend that you invest your hard-earned cash in crypto! You may choose to actively trade crypto on the Binance exchange or have currencies stored in any of our cold and hard wallets. It can even be possible for you to earn passive income through Binance Staking and Binance Savings.  As you work on staking your cryptocurrency, have your assets locked to give the blockchain network support and tokens in exchange for it. On top of all these, you can earn the coin’s increased value. Because of these, we highly recommend that you get involved in Binance Staking as this can be a wonderful avenue for any investor.

In case you want to have your cryptocurrency saved similar to having them placed in a bank where you can earn interest, use Binance Savings. The crypto savings account that Binance has comes with various packages and products that would depend on how often you would like to have access to your funds. It includes other features like the APY rates that investors would surely appreciate. With Binance Flexible Savings, you can have funds redeemed anytime with a 1.2% 7-Day APY for Bitcoin. You may also consider getting into Binance Earn wherein the company actively looks for local merchants that have reliable fiat and crypto access. Here, Binance allows verified merchants to enjoy numerous benefits that include security deposits without fees, ad postings and transactions, VIP discounts, and exclusive customer support.

As alternative digital currencies, cryptocurrencies can let stakeholders have more ways to allow their funds to work for them so much more than any fiat currency. Now that the Philippines is adopting cryptocurrencies and blockchain technology, it is essential for users to become aware of how they can make their savings work in crypto.

Make an account with Binance NOW to avoid missing out on the future development and expansion of cryptocurrency.