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Non-fungible Tokens (NFTs) in the form of both digital art and play-to-earn gaming assets have come under fire for their price volatility and vulnerability to frauds and scams.
This March, hackers stole around $600 million from the Ronin blockchain network that supports Axie Infinity, a play-to-earn game with 3 million daily active players, 35% of whom are Filipinos.
Given the game’s large, Philippine-based demographic, the Bangko Sentral ng Pilipinas cautioned the public against dealing hastily with digital tokens.
“If you look at the space right now, it’s still very raw. Nobody has a full grasp of [how play-to-earn] really works,” said Renz Carlo Chong, chief executive officer and co-founder of digital asset production factory BreederDAO.
In this B-Side episode, Mr. Chong talks to BusinessWorld reporter Brontë H. Lacsamana about the opportunities for NFT asset production in the Philippines amid increasing risks.
“It’s really interesting because nobody knows where the space will head towards or how it will develop over the next few years,” he said.
Recorded remotely in March 2022. Produced by Brontë H. Lacsamana, Earl R. Lagundino, and Sam L. Marcelo.
Related story: “Filipinos ride NFT gold rush before the predicted bust”
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