HOMEGROWN cyber collectibles marketplace Mintoo has launched its digital art collection available on the Philippine Digital Asset Exchange (PDAX) application, meant to pave the way for mass adoption of nonfungible tokens (NFTs) in the country.
“NFTs are simply ownership or property rights on the internet, and allows everyone to participate in the burgeoning digital economy as we head to being a technological society,” Mintoo director Patrick Lao told reporters during their virtual debut event on March 28.
These digital collectibles, according to him, have special qualities, such as in-born provenance, provable authenticity, very easy to track and enforce royalties, and it opens up a very large potential market for creators, painters or artists.
NFTs, likewise, are among the most compelling used cases in cryptocurrency, added Paolo Narciso, head of NFT creation at Mintoo. He said: “Besides it unlocking a whole platform of utilities that can be used in different spaces, which is part of our mission to execute, it also created a very valuable opportunity for artists, both digital and traditional, to utilize the tools presented by the blockchain.”
In Southeast Asia, the Philippines saw a massive adoption of NFT technology due to the emergence of play-to-earn games, especially in the last couple of years. Amid this development, however, there are still limitations encountered because the “vision is compelling, but reality is much more sobering,” per Lao.
“The problem needs to be solved for the mass adoption of NFTs. So here comes into the picture Mintoo. The vision is as simple as this: we want to make collection on Mintoo an easy, seamless and pleasurable experience,” he emphasized.
Knowing that NFTs are still very early in the evolution of technology, the platform provider seeks to become a pioneer and bring it to the mainstream. It envisions a wider adoption for both creators and users outside of the play-to-earn economy.
“What we want to see is create empowerment, mint engagement, rewards and loyalty programs, and the like. And what we think we’re bringing to the table are the tools for the creators to offer these kinds of things to their audience,” Narciso explained.
As a headstart, Mintoo debuted its inaugural collection of digital artworks, dubbed “Artist Series: New Horizons,” featuring a slew of thoughtfully-curated masterpieces made by 10 established and emerging Filipino NFT artists—from illustrators and traditional painters to collage artists and 3D modelers—namely, Alchemyst, Marv del Mundo, Lucius Felimus, Gian Ferrer, Auggie Fontanilla, Ab Hong, Marso, Lei Melendres, Shelly Soneja and Tontsee.
In this ongoing year-long campaign, visual artists, creators and art enthusiasts can now buy, sell, and trade digital collectibles in Philippine peso conveniently through their Mintoo account, exclusively available on the PDAX app that’s downloadable on Google Play Store, Huawei App Gallery, and App Store (coming soon), or by visiting www.mintoo.pdax.ph.