According to the Q2 2022 NFT Survey, 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 book created for the official Philippine booth of the National Book Development Board is also the first government-commissioned NFT in the country.
While the Fintech entrepreneurs benefited massively from the global lockdown, the surfing community in the Philippines was largely affected because of the movement restriction and travel limitations. With the NFT market growing rapidly, the surfing community in the Philippines adopted the NFT technology to make their life more pandemic-proof. Driven by necessity, the community launched an NFT project, LUSCCares, which aims to raise funds for the La Union Surf Club, the long-standing organization of surf instructors that looks out for the community's needs.
Over the last 12 months, the NFT adoption has surged significantly in the country. As more and more people discover how blockchain technology can be used to disrupt the traditional industries. The publisher expects more local and global firms to conduct NFT-focused events in the country over the next three to four years, which will drive the awareness and growth of the overall market from the short to medium-term perspective.
In the Philippines, the literacy rate is much higher than in other countries globally. Whether it is a cryptocurrency, blockchain, or even the social media platforms back in the time, Filipinos have been one of the early adopters of new and emerging technology.
This consumer behavior has driven the growth of the NFT market in the country and is expected to further drive the growth over the next three to four years. As the NFT awareness continues to grow in the country, the demand for NFTs is going to increase among the Filipinos, and if the NFT players can conduct workshops, exhibitions, and events to promote NFTs and spread awareness, the market can record strong growth over the next three to four years in the Philippines.
One of the key drivers driving the awareness of NFTs in the country is that several firms, both local and global, are conducting events and webinars in the Philippines. For instance,
In May 2021, crypto consulting firm Emfaris and gaming firm Yield Guild Games published a mini-documentary on YouTube called Play-to-Earn shows that several Filipinos across different age groups and demographics started playing the game. As of May 2021, nearly 60,000 Filipinos were playing the Axie Infinity game in the country.
Notably, these NFT-based games have driven the growth of the NFT market in the country over the last 12 months and are expected to further drive industry growth from the short to medium-term perspective.
This report provides in-depth, data-centric analysis of NFT Market in Philippines and below is the summary of key market segments:
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 book created for the official Philippine booth of the National Book Development Board is also the first government-commissioned NFT in the country.
While the Fintech entrepreneurs benefited massively from the global lockdown, the surfing community in the Philippines was largely affected because of the movement restriction and travel limitations. With the NFT market growing rapidly, the surfing community in the Philippines adopted the NFT technology to make their life more pandemic-proof. Driven by necessity, the community launched an NFT project, LUSCCares, which aims to raise funds for the La Union Surf Club, the long-standing organization of surf instructors that looks out for the community's needs.
Over the last 12 months, the NFT adoption has surged significantly in the country. As more and more people discover how blockchain technology can be used to disrupt the traditional industries. The publisher expects more local and global firms to conduct NFT-focused events in the country over the next three to four years, which will drive the awareness and growth of the overall market from the short to medium-term perspective.
The high literacy rate in the Philippines is expected to drive market growth
In the Philippines, the literacy rate is much higher than in other countries globally. Whether it is a cryptocurrency, blockchain, or even the social media platforms back in the time, Filipinos have been one of the early adopters of new and emerging technology.
This consumer behavior has driven the growth of the NFT market in the country and is expected to further drive the growth over the next three to four years. As the NFT awareness continues to grow in the country, the demand for NFTs is going to increase among the Filipinos, and if the NFT players can conduct workshops, exhibitions, and events to promote NFTs and spread awareness, the market can record strong growth over the next three to four years in the Philippines.
NFT events and webinars are driving the awareness and growth of the market in the Philippines
One of the key drivers driving the awareness of NFTs in the country is that several firms, both local and global, are conducting events and webinars in the Philippines. For instance,
- In March 2022, Union Bank of the Philippines (UnionBank), together with the non-profit Center for Art, New Ventures and Sustainable Development (CANVAS.PH), held a 2 part webinar centered on the NFTs to help artists, buyers, and collectors of digital art gain a better understanding of how the tokens work and how they can become a part of the NFT market.
- Similarly, in May 2022, AC Capital, CoinVoice, Asia Token Fund, and Block Tides conducted the first-ever NFT, GameFi, and Metaverse 2022 event on the largest indoor beach club in the Philippines. Filipinos turn to NFT video games to earn income during the global pandemic period in the Philippines
In May 2021, crypto consulting firm Emfaris and gaming firm Yield Guild Games published a mini-documentary on YouTube called Play-to-Earn shows that several Filipinos across different age groups and demographics started playing the game. As of May 2021, nearly 60,000 Filipinos were playing the Axie Infinity game in the country.
Notably, these NFT-based games have driven the growth of the NFT market in the country over the last 12 months and are expected to further drive industry growth from the short to medium-term perspective.
Scope
This report provides in-depth, data-centric analysis of NFT Market in Philippines and below is the summary of key market segments:
Philippines NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Philippines NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Sports
- Gaming
- Utility
- Fashion & Luxury
- Other
Philippines NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Videos
- Memes & Gif
- Other
Philippines NFT Market Size and Forecast by Currency, 2019-2028
- Ethereum
- Solana
- Avalanche
- Polygon
- BSC
- Flow
- Wax
- Ronin
- Other
Philippines NFT Market Size and Forecast by Sales Channels, 2019-2028
- Primary
- Secondary
Philippines User Statistics, 2019-2028
Reasons to buy
- Based on data and analysis, develop country-level strategies.
- Identify investment opportunities in growth segments.
- Exceed competition by incorporating forecast data as well as market trends.
- Use the relationships between major data sets with valuable insights to improve strategy.
- Appropriate for providing accurate, high-quality data and analysis to support internal and external presentations.
Table of Contents
1 About this Report1.1 Summary
1.2 Methodology
1.3 NFT Definitions
1.4 Disclaimer
2 Philippines NFT Market Size and Future Growth Dynamics by Key Performance Indicators
2.1 Philippines NFT - Total Sales Spend Value Trend Analysis, 2019 - 2028
2.2 Philippines NFT - Total Sales Spend Volume Trend Analysis, 2019 - 2028
2.3 Philippines NFT - Average Value Per Transaction Trend Analysis, 2019 - 2028
3 Philippines NFT Key Market Insight and Innovation
3.1 Consumer Behavior
3.2 Competitive Landscape and Growth Strategies
3.3 Regulation Trends
4 Philippines NFT Market Size and Forecast by Key Assets
4.1 Philippines NFT Market Share by Key Assets (%), 2021 Vs. 2028
4.2 Philippines NFT Collectibles and Art Trend Analysis, 2019 - 2028
4.3 Philippines NFT Real Estate Trend Analysis, 2019 - 2028
4.4 Philippines NFT Sports Trend Analysis, 2019 - 2028
4.5 Philippines NFT Gaming Trend Analysis, 2019 - 2028
4.6 Philippines NFT Utility Trend Analysis, 2019 - 2028
4.7 Philippines NFT Fashion and Luxury Trend Analysis, 2019 - 2028
4.8 Philippines NFT Other Assets Trend Analysis, 2019 - 2028
5 Philippines NFT Collectibles and Art Market Size and Forecast by Key Assets
5.1 Philippines NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
5.2 Philippines NFT Collectibles and Art - Digital Art Spend Value Trend Analysis, 2019 - 2028
5.3 Philippines NFT Collectibles and Art - Music & Sound Clip Spend Value Trend Analysis, 2019 - 2028
5.4 Philippines NFT Collectibles and Art - Videos Spend Value Trend Analysis, 2019 - 2028
5.5 Philippines NFT Collectibles and Art - Memes & GIF Spend Value Trend Analysis, 2019 - 2028
5.6 Philippines NFT Collectibles and Art - Other Assets Spend Value Trend Analysis, 2019 - 2028
6 Philippines NFT Market Size and Forecast by Currency
6.1 Philippines NFT Market Share by Currency (%), 2021 Vs. 2028
6.2 Philippines NFT Currency Ethereum - Spend Value Trend Analysis, 2019 - 2028
6.3 Philippines NFT Currency Solana - Spend Value Trend Analysis, 2019 - 2028
6.4 Philippines NFT Currency Avalanche - Spend Value Trend Analysis, 2019 - 2028
6.5 Philippines NFT Currency Polygon - Spend Value Trend Analysis, 2019 - 2028
6.6 Philippines NFT Currency BSC - Spend Value Trend Analysis, 2019 - 2028
6.7 Philippines NFT Currency Flow - Spend Value Trend Analysis, 2019 - 2028
6.8 Philippines NFT Currency WAX - Spend Value Trend Analysis, 2019 - 2028
6.9 Philippines NFT Currency Ronin - Spend Value Trend Analysis, 2019 - 2028
6.10 Philippines NFT Other Currencies - Spend Value Trend Analysis, 2019 - 2028
7 Philippines NFT Market Size and Forecast by Key Sales Channels
7.1 Philippines NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
7.2 Philippines NFT Primary Market - Spend Value Trend Analysis, 2019 - 2028
7.3 Philippines NFT Secondary Market - Spend Value Trend Analysis, 2019 - 2028
8 Philippines User Statistics of Internet and Population, 2019 - 2028
8.1 Philippines Internet Users Trend Analysis, 2019 - 2028
8.2 Philippines Internet Penetration Rate, 2019 - 2028
8.3 Philippines Adult Population Trend Analysis, 2019 - 2028
9 Further Reading
9.1 About the Publisher
List of FiguresFigure 1: Methodology Framework
Figure 2: Philippines NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Figure 3: Philippines NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Figure 4: Philippines NFT - Average Value Per Transaction (US$), 2019 - 2028
Figure 5: Philippines NFT Market Share by Key Assets (%), 2021 Vs. 2028
Figure 6: Philippines NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Figure 7: Philippines NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Figure 8: Philippines NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Figure 9: Philippines NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Figure 10: Philippines NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Figure 11: Philippines NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Figure 12: Philippines NFT Sports - Spend Value (US$ Million), 2019 - 2028
Figure 13: Philippines NFT Sports - Spend Volume (Thousands), 2019 - 2028
Figure 14: Philippines NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Figure 15: Philippines NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Figure 16: Philippines NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Figure 17: Philippines NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Figure 18: Philippines NFT Utility - Spend Value (US$ Million), 2019 - 2028
Figure 19: Philippines NFT Utility - Spend Volume (Thousands), 2019 - 2028
Figure 20: Philippines NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Figure 21: Philippines NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Figure 22: Philippines NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Figure 23: Philippines NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Figure 24: Philippines NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Figure 25: Philippines NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Figure 26: Philippines NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Figure 27: Philippines NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
Figure 28: Philippines NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Figure 29: Philippines NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Figure 30: Philippines NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Figure 31: Philippines NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Figure 32: Philippines NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Figure 33: Philippines NFT Market Share by Currency (%), 2021 Vs. 2028
Figure 34: Philippines NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Figure 35: Philippines NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Figure 36: Philippines NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Figure 37: Philippines NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Figure 38: Philippines NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Figure 39: Philippines NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Figure 40: Philippines NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Figure 41: Philippines NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
Figure 42: Philippines NFT Other Currencies - Spend Value (US$ Million), 2019 - 2028
Figure 43: Philippines NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
Figure 44: Philippines NFT Primary Market - Spend Value (US$ Million), 2019 - 2028
Figure 45: Philippines NFT Secondary Market - Spend Value (US$ Million), 2019 - 2028
Figure 46: Philippines Internet Users Trend Analysis (Million), 2019 - 2028
Figure 47: Philippines Internet Penetration Rate (%), 2019 - 2028
Figure 48: Philippines Adult Population Trend Analysis (Million), 2019 - 2028
List of TablesTable 1: Philippines NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Table 2: Philippines NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Table 3: Philippines NFT - Average Value Per Transaction (US$), 2019 - 2028
Table 4: Philippines NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Table 5: Philippines NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Table 6: Philippines NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Table 7: Philippines NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Table 8: Philippines NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Table 9: Philippines NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Table 10: Philippines NFT Sports - Spend Value (US$ Million), 2019 - 2028
Table 11: Philippines NFT Sports - Spend Volume (Thousands), 2019 - 2028
Table 12: Philippines NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Table 13: Philippines NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Table 14: Philippines NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Table 15: Philippines NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Table 16: Philippines NFT Utility - Spend Value (US$ Million), 2019 - 2028
Table 17: Philippines NFT Utility - Spend Volume (Thousands), 2019 - 2028
Table 18: Philippines NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Table 19: Philippines NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Table 20: Philippines NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Table 21: Philippines NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Table 22: Philippines NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Table 23: Philippines NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Table 24: Philippines NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Table 25: Philippines NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Table 26: Philippines NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Table 27: Philippines NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Table 28: Philippines NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Table 29: Philippines NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Table 30: Philippines NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Table 31: Philippines NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Table 32: Philippines NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Table 33: Philippines NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Table 34: Philippines NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Table 35: Philippines NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Table 36: Philippines NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Table 37: Philippines NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
