According to Australia-based independent information service Finder, the Philippines beat out 19 other countries for the top spot for NFT ownership. Finder has already seen remarkably strong interest in NFTs, which have surged in popularity from South East Asia to parts of East Asia as more people become more aware of the crypto market.

As of last year alone, Filipinos have acquired more than $300 million worth of NFTs, and the industry is still growing.

What are non-fungible tokens or NFTs?

NFTs are special crypto assets that enable unique virtual items to be sold and traded on the blockchain. Since these virtual items are unique, they are considered collectibles. Each NFT is made unique by its unique code, which makes the purchaser the owner of that digital asset, as it cannot be reproduced. Just like any other piece of art, NFTs are valued based on the credibility and social currency of its artist or creator. 

Popular examples of NFTs include CryptoKitties and Etheremon. CryptoKitties are collectible digital kitties that can be traded between players and sold for real world money on the Ethereum blockchain network. Etheremon are collectible digital monsters that players can battle with and collect for in-game currency on the Ethereum blockchain network as well. Just like many other NFTs, Etheremon offers real-world value through possible real world trading of their virtual.

The most popular NFTs in the Philippines are Axies, the animated pets from the popular play-to-earn game Axie Infinity. About 35% of Axie Infinity traffic comes from the Philippines, where there is a strong gaming culture and widespread smartphone usage.

Where & How To Buy NFTs in the Philippines

Not all marketplaces or exchanges are created equally when it comes to buying NFTs. With the variety of options currently available in the market, it can be difficult and risky to figure out where to get NFTs from. With marketplaces, consumers are at risk of buying stolen NFTs. With exchanges, consumers risk getting banned by NFT issuers for using centralized trading services. It’s important to choose the right platform when shopping for NFTs.

If you’re interested in buying an NFT, the following platforms are the most trusted NFT platforms according to investors:

1. OpenSea
2. Rarible
3. Mintable
4. Foundation
5. Nifty Gateway
6. SuperRare
7. Known Origin
8. NBA Top Shot
9. DraftKings Marketplace
10. Axie Infinity Marketplace

Considerations When Choosing an NFT Marketplace

As the demand for NFTs continues to grow, more developers have started creating marketplaces to buy and sell these digital items. There are hundreds of NFT marketplaces out there, and many of these platforms have surprisingly similar features. However, many users have found that the quality and functionality of these marketplaces vary widely. For example, some NFT marketplaces have functionality for trading or directly purchasing NFTs without using a smart contract; others don’t offer anything special at all. When choosing an NFT marketplace, it’s important to look at several important factors—including transaction fees and customer support.

Some of the details you should take into consideration are:

• What parameters exist to ensure that a buyer will have a legitimate transaction?
• What is the required cryptocurrency for the desired NFT?
• What fees are involved in the transaction?
• Where will your NFT be stored after the transaction?
• Are you able to list or sell your NFT whenever you want to?

How to Buy NFTs

Shopping for NFTs can easily be done through web browsing on marketplace sites, but buying NFTs always requires opening an account with that marketplace and having their required medium of exchange (usually a specific cryptocurrency like ETH or SOL)  in your digital wallet ready to spend. 

In addition, since these types of exchanges are generally aimed at more experienced traders, newcomers should check to see if they have tutorials or guides for first-time users. Make sure you research the site thoroughly and set up strong passwords and two-factor authentication whenever possible.

How to avoid getting scammed

While NFT is gaining popularity among investors, there are also many scammers who trick people with their fake listings on online trading platforms. Sometimes, creators of a project suddenly abandon it and run away with investors’ funds that had been transferred into their crypto wallets. These malicious manoeuvres are called “rug pulls” and newcomers can  easily fall victim to these scammers if they don’t do enough research about the project. This is why it is very important to buy from verified sellers and projects in online trading platforms to avoid getting scammed. Always look out for signs of a rug pull such as having a low-effort website and fake social media accounts.

This is the fifth of a seven-part series exploring the basics of Web3. In this series, we’ll explore what Web 3.0 is and how it’s changing the way people use the internet — for better or worse. Learn about cryptocurrency, smart contracts, blockchains, NFTs, DAOs, and the Metaverse.