NFT Beginners Guide Philippines: Are you looking for a beginner’s guide on NFT’s in the Philippines? The NFT world is still new, and many investors, players, and the general public have many questions about NFT’s in the Philippines.
Common questions include what is the meaning of NFT games, can you make money from selling NFT’s in the Philippines, and what is the Binance NFT Marketplace? These common questions and more will be asked and answered as we dive into the beginner’s guide on NFT’s in the Philippines.
Table of Contents
What Is An NFT
NFT stand for nonfungible tokens. Fundamentally this means that an NFT cannot be broken down, meaning that there is only one original type of an NFT.
Think about it like this, 100 pesos can be broken down into 100 x 1 peso. This means pesos are fungible. However, The Last Supper, painted by Leonardo da Vinci is one of a kind and cannot be broken down, meaning that it is nonfungible. In other words, original and unique.
For an item (picture, art, games, accessories, etc.) to be NFT’s, they must go through the process of minting. Minting allows a digital signature on the item backed by blockchain technology, which means verifying that one item belongs to you or me or somebody.
For example, you can create a cat picture and mint this. Once minted, the NFT will have your ownership signature. You can then sell this to another person for a profit, but you will lose ownership.
Naturally, this is a simplistic version of an NFT in the Philippines. If you’re confused, don’t worry, as we will be looking into what NFT games are, what nonfungible tokens mean in the Philippines, and so much more in the next sections.
What Is An NFT Game Philippines / NFT Game Meaning
As we discovered earlier, NFT stands for nonfungible tokens, but how does this apply to NFT games?
Fundamentally NFT’s are digital signatures of ownership. Because of this, games can include NFT’s in their gameplay that can be used for a better user experience or to obtain financial rewards.
In other words, NFTs are very similar to traditional games; however, they include NFT’s that can be used for a better user experience or financial gain. This means that players can be rewarded for playing the game resulting in increased popularity in recent years.
Axie Infinity is one of the most popular NFT games in the Philippines. In this NFT game, players can buy and sell NFTs on the Axie Infinity marketplace. The NFTs create an opportunity for financial rewards and improve the user’s experience. In other words, they possess value. With value comes the opportunity for financial gain.
In summary, NFT games mean games that include nonfungible tokens. Nonfungible tokens can be valuable items to players, and therefore players can buy and sell NFT’s on the in-game marketplace resulting in opportunities for financial gain.
Please note: Value can take many forms. To some, NFT’s in the Philippines have the value of improving a gamer’s experience. To others, the value of NFTs comes in the form of reselling at a later date for a profit. In the NFT world, there are many different perceptions of value; because of our perception of value, some NFT’s have become profitable.
What Is Play To Earn Game Philippines
Suppose you had two games that offered a very similar in-game experience. One of the games allows you to earn NFT’s that can be sold later for a profit. The other similar game offers no financial reward, only the experience of playing the game. Because of this comparison, many players are deciding to focus on play-to-earn games resulting in an increase in the NFT gaming industry.
Can You Earn Money From NFT’s In The Philippines
The NFT industry has made billions of dollars, and a recent report suggests that the Philippines is one of the most popular countries in the world for NFT ownership. Due to the perceived value of NFT’s in art, games, and many other industries, countless NFTs are brought and sold every day.
Previously we have spoken about how to earn money from NFT’s in the Philippines, but to summarise a few points. First, it is completely possible to earn money from NFT’s in the Philippines, but there must be a demand for the NFT in question.
Many designers have created 1000’s of digital NFTs and been unable to sell their work. Why? Simply because there is no demand for the NFT…. Even though it’s entirely possible to earn money from NFT’s in the Philippines, there must be a demand present.
Many games such as Axie Infinity have a wide user base, resulting in high demand for rare items. This demand has been created by other players that wish to buy NFT’s to resell or use in-game. But if you are creating an NFT by yourself (to sell), it’s often much harder to create demand. However, many entrepreneurs have made thousands and sometimes millions selling NFT’s.
Can NFT’s Make You Rich In The Philippines
To date, the most expensive NFT ever sold was just under 100 million U.S. dollars. So yes, selling NFT’s in the Philippines can make you rich; however, unfortunately, the likelihood is that you will even need to sell an extremely unique, highly demanded NFT or thousands of NFT’s.
This may seem like a pessimistic viewpoint, but I am very optimistic about NFT developments in the future. The reality is, in theory, there are plenty of opportunities. As NFT’s have demand worldwide and can be sold globally, there is no reason why an entrepreneur can not make a lot of money with NFT’S in the Philippines.
However, statistically making a lot of money or enough to be considered ‘rich’ may be challenging. Now on our NFT Beginners, Guide Philippines let’s take a look at how to make NFTs in the Philippines.
How To Create NFT’s In The Philippines
Fortunately, there are many ways how to create NFT’s in the Philippines. The easiest and most convenient is to hire a professional to create the NFT’s for you. Another option is to learn NFT programming. Finally, creators can use codeless systems that create 1000’s of NFTs without coding experience.
Suppose you want to create NFTs in the Philippines by hiring a professional. In that case, it is recommended to use platforms such as Fiverr, where you will find hundreds of different creators that can create all different types of NFT art, NFT characters, NFT gifs, etc.
Another common option is to use NFT programming. In previous articles, we have spoken about how to start NFT programming in the Philippines. I’ve attached a link to the full guide for your convenience.
If you do not have any coding experience, the last option is to create NFT’s on a system generator. First, you will need to create a template of the NFT. Next, you will need to create different types of overlays. Overlays can be different color eyes, backgrounds, accessories, shapes, and patterns. I’ve attached additional reading on the process of how to do this for beginners.
What Does Minting NFT Mean
Minting is the process of turning your design or item into an NFT. In other words, it is the process of creating a digital signature and ownership of your NFT using blockchain technology. Because this process users blockchain technology, there will be a fee involved.
However, some platforms allow for the buyer to mint the NFT. Meaning that the buyer will pay the minting fee, allowing you to advertise and sell your NFT for free essentially. However, platform fees are often included once an NFT has been sold. Next in our NFT Beginners Guide Philippines let’s visit marketplaces and what they do.
What Is Binance NFT Marketplace
Binance Is the world’s largest cryptocurrency marketplace, and they have recently opened up a new avenue of business called the Binance NFT marketplace. This marketplace is similar to many others that allow users to buy and sell NFT’s. Many marketplaces use ETH for payment, and even though Binance offers this, they also offer other payments such as BUSD, etc.
What Is Opensea NFT Marketplace
Opensea is the largest NFT marketplace. As nonfungible tokens come in many different forms, the team at Opensea aims to make buying and selling all types of NFT accessible. In other words, as the world’s largest NFT platform, users can buy and sell art, domain names, music, trading cards, and much more. NFT Beginners Guide Philippines.
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