A number of famous personalities idolized by fans here and around the world are exploring the possibilities of cryptocurrency by way of Non-Fungible Tokens, or better known by its acronym NFT. In layman’s terms, it is a way of selling an artist’s works as unique items through digital technology.
International celebrities who are into NFTs include socialite Paris Hilton, TV host Ellen Degeneres, rapper Snoop Dog, NBA star Stephen Curry, among others. Locally, actresses and social media darlings Heart Evangelista and Bea Binene are at the forefront of this community after posting on their social media accounts that they are into it as well.
Digital entrepreneur Julius Santillan must be a name now circulating in NFT circles in the Philippines. He appreciates for sure the inherent advantage of popular figures when it comes to maximizing the strength of selling works of art. In fact, when he formally launched his own Vention app, an NFT marketplace run by Filipinos, he invited social media star Ivana Alawi and ace rapper Gloc-9.
He shared, “Marami nang NFT market places all over the world pero wala pa kahit isa na Pinoy ang gumawa kaya ‘yun ang naisip naming simulan sa blockchain technology.”
He explained, “Marami tayong Filipino artists, well-known man or rising pa lang. At bilang pag-support sa kanila, ginawa namin ang Vention App to be a platform to showcase their talents all over the world. Hindi kasi nagpapahuli ang Pinoy pagdating sa ganyan. Katulad nung nalaunch namin ang Vention App as Philippine’s first NFT Market place, naglabasan ang mga nakakahangang gawang Pinoy and we are expecting more to follow lalo ngayong mas lumalaki na ang ating Vention community.”
VNT Vention is a global market site focusing on artists and their creations. It lets anyone create, buy, sell or even collect digital merchandise with minimal platform fees. It’s the first of its kind in the Philippines and the site’s main proponent seeks to attract more local artists such as actors, musicians, painters, authors, and the like to this unique marketing platform.
Santillan noted, “The stuff best for NFT are paintings and collectibles or unique items. Non-fungible assets are not interchangeable. Mahalaga sa NFT ang identity ng item, yung story nito, history, or owner that makes it unique. For example, yung NFT ni Stephen Curry na digital replica ng sneakers na suot niya when he broke the all-time three-point record in the NBA. Dahil may identity ang particular na sneaker na yun, naging unique yun kaya ang value tumaas din.”
As for the status of NFT here in the Philippines, Santillan can only speak of positivity. He related, “Though starting pa lang unlike sa ibang bansa na very much aware na ang mga tao, we are going there na din at baka kapag talagang na-master na natin how NFT works, marami talaga ang makikinabang. NFT is actually a blessing for us especially during this pandemic. Since nagka-pandemic kasi, almost everything is online na and that’s how NFT works in cryptoworld.”
NFT is said to be the future regardless of how the pandemic pans out. As the app founder noted, further research and we can say that cryptocurrency could be the most powerful currency in the coming years.
The Vention App will not just be a welcome addition to the plethora of marketing platforms for local arts, but more importantly, it can eventually lead the way to an explosion of interest in Philippine arts in all its varied forms across the globe.