With so many people turning to online casinos, such as Bet999, it’s easy to see that people in the Philippines are focused more on cryptocurrency than anything else.
Axie Infinity is likely the most notable project happening in the Philippines so far, and it brought increased awareness for the Web3 aspect. Now, the entire country knows about it. Overall, Axie Infinity is a token-based non-fungible online video game. It was developed by Sky Mavis, a Vietnamese studio, and is well-known for the in-game economy using Ethereum crypto.
If you’re still not in the know, Web3 is the extension of crypto. Overall, companies and individuals are looking to use blockchain in new and different ways. It still focuses on the blockchain technology, token-based economics, and decentralization.
Did you know that about four percent of adults in the Philippines own cryptocurrency? That’s not a lot when you think about the millions in the nation, which is why it’s important to know about the five crypto projects we discuss below. Clearly, mass adoption of crypto is far away, but it will become more popular.
The local scene contains engaging and vibrant communities, and they are all building projects. As more people adopt cryptocurrency as the latest fad that’s here to stay, it’s important to know what they are and what they could do for you.
1. Vention App (The First NFT Marketplace in the Philippines)
Crypto highly depends on NFTs to keep it running, and it has trickled down into just about everything. However, the local art community in the Philippines has largely remains untapped here.
The Vention app hopes to tackle that problem. It was built using the Binance Smart Chain, and it creates a space for people to appreciate and celebrate art and culture. Julius Santillan founded it, and his goal was to help local artists showcase their work and make money from their creations.
It works similarly to many other NFT marketplaces, but it is quite small right now. Anyone can visit the marketplace to buy and sell NFTs. However, everyone must convert their money into $VNT, which is the native token.
2. Yield Guide Games (YGG)
No one knows who created Yield Guide Games, but the founders did include their screen names: OwlOfMoistness, berylchavezli, and @gabusch. YGG was founded in 2020 and wants to become the top platform for people interested in various play-to-earn games.
The creators of Yield Guide Games were the first to notice the rise of Axie Infinity in the Philippines. Therefore, they capitalized on it by facilitating guilds and partnerships.
Currently, YGG has more than 27,000 Axie scholars on its team, and it has now partnered with over 48 other projects to boost the Web3 gaming infrastructure. Partnerships include VulcanVerse, Genopets, and Aavegotchi, but the goal is to create a new model for gaming.
$YGG is the native token, and you can use it to earn shares of the revenue and participate in DAO governance.
Recently, Polygon and Delphi Digital backed a funding round that a16z led. Overall, YGG should be something to watch because P2E games will surely gain traction throughout the nation.
3. ProofofLearn (POL)
Lauren Tornow, Chris Swain, Kevin Yang, and Sheila Lirio Marcelo founded POL. It’s considered a Web3 education platform. Overall, the goal is to unlock high-quality, accessible education throughout the world using a learn-to-earn protocol on the blockchain.
These teammates recognized the huge gap for skilled employees. Therefore, they wanted to give everyday users the information necessary to find and use cryptocurrency opportunities. Users can gain new skills, and their efforts are rewarded with tokens and NFTs.
New Enterprise Associates led a seed round and raised $15 million. The first project was called Metacrafts, which is a learn-to-earn game. Players find out about crypto and will compete based on their experience levels.
4. HaloDAO for Next-Gen Crypto Payments
HaloDAO wants to get rid of the barriers that often come with cryptocurrency. It offers an on-demand liquidity feature for stablecoins. Right now, this includes Hong Kong ($THKD), Singapore ($xSGD), and the Philippines ($fxPHP), along with a few others.
Currently, the platform is gathering liquidity, so it’s offering excellent rewards for stablecoin pairs. Anyone can purchase farms on the Polygon, Arbitrium, and Ethereum networks. Likewise, it provides lending markets, staking features for $RNBW (its native token), and an in-app bridge.
The goal is to incentivize the community, so helpful and active members and holders of significant $RNBW are rewarded with NFTs that look like its mascot.
When you collect specific amounts of them, you’ll unlock special NFTs. This grants access to features within the team’s discord and the protocol. The end goals are deep liquidity and easy off-ramping, so the project could help with mass adoption of crypto in the Philippines.
5. BlockchainSpace
Many communities have taken the Axie Infinity popularity growth and formed other projects around it. One of them is BlockchainSpace, which was originally founded to help with scholarship programs. Now, it’s grown much larger and houses countless play-to-earn (P2E) games and eSports games.
No one knows who founded it, and the person only goes by an online screen name, which is @petering_. Still, the person has gotten backing from highly renowned names, such as the co-founders of Axie Infinity, Alameda Research, and crypto.com.
The native token is called $GUILD, and it’s used to access all the data feeds and perform different transactions. Likewise, people use it to pay their fees on various websites and exchange it for other services.
Overall, the platform focuses on helping P2E guilds manage teams structurally and financially. There are more than two million users, so it’s likely to influence the play-to-earn scene in significant ways.
Wrap-Up
Most Web2 companies are found in established regions and are centralized. However, a handful of people feel that crypto participation must be global. This brings more innovation and community-based projects that users want.
Though the crypto scene isn’t prevalent in the Philippines, there’s a chance for investors and builders to contribute and draw in more participants. You want to be at the forefront of that. In fact, it’s a great idea to watch these projects and do your own research because they will likely influence the future.
