While the most notable project in Philippines, Axie Infinity, may have brought about increased awareness of Web3 to the country, mass adoption for crypto is still far away. In fact, only 4% of adults in the nation own any cryptocurrency.
However, the local scene contains many vibrant, engaging communities building their own projects. As we move towards crypto mass adoption in the country, let’s look at some of them, and the potential they hold.
Due to Axie Infinity’s popularity in the country, it is no wonder that many communities have formed around it.
Blockchainspace is one of those, originally founded to facilitate scholarship programs. Since then, it has grown to house multitudes of P2E (Play-To-Earn) games and various other eSports.
Founded by @petering_, it has backing from notable names such as crypto.com, Alameda Research, and Axie Infinity co-founders.
Their native $GUILD token is used to gain access to data feeds, perform transactions, be exchanged for various services, and be used to pay various fees.
Today, the platform aims to help P2E guilds manage their teams both financially and structurally. Boasting over 2 million unique users, we will no doubt see their influence on the local P2E scene.
2. The Next-Gen Crypto Payment, HaloDAO
HaloDAO is seeking to lower the barriers for crypto by providing on-demand liquidity for local stablecoins. This not only includes $fxPHP (Philippines), but also $xSGD (Singapore), $THKD (Hong Kong), and many more.
They are currently still gathering liquidity, offering attractive rewards on many stablecoin pairs. Farms are available not only on Ethereum but also the Arbitrium and Polygon networks.
Furthermore, they provide lending markets, an in-app bridge, and staking features for their native token, $RNBW.
To further incentivize their community, both highly active and helpful members and large holders of $RNBW will be rewarded with NFTs modeled after their mascot.
Collecting a certain number of them also results in a special NFT being unlocked, granting access to exclusive features within both the protocol and the team’s discord. With an end goal of easy off-ramping and deep liquidity, this project could very well be at the epicenter of crypto mass adoption in the country
3. A Web3 Innovation Project, Proof of Learn (POL)
Founded by Sheila Lirio Marcelo, Kevin Yang, Chris Swain, and Lauren Tornow, POL is a Web3 education platform. It aims to “unlock accessible, high-quality education across the world through the blockchain and a learn-to-earn protocol”
Recognizing the supply gap for skilled employees, they hope to equip everyday users with the proficiencies needed to access the immense opportunities available in crypto. Users will be able to upskill themselves, with their efforts recognized in NFTs and tokens.
Having raised $15M in a seed round led by New Enterprise Associates, their first project is Metacrafts, a “Learn-To-Earn” game. Players will be able to find out more about crypto, and eventually compete on their levels of expertise.
4. Yield Guide Games (YGG)
Founded in 2020 by @gabusch, berylchavezli, and OwlOfMoistness, YGG aims to become the de-facto platform for those interested in Play-To-Earn games. One of the first to notice Axie Infinity’s rise in the Philippines, they capitalized on that by facilitating partnerships and guilds.
With over 27,000 Axie scholars, they have since partnered with more than 48 projects to accelerate gaming infrastructure in Web3. With partnerships such as Aavegotchi, Genopets, and VulcanVerse, they are seeking to create a new paradigm for gaming.
Its native token, $YGG, can also be used to participate in DAO governance and to earn a share of YGG’s revenue.
With a recent funding round led by a16z and strong backers such as Delphi Digital and Polygon, YGG will be something to keep an eye out for as P2E games gain traction.
5. Philippines’ First NFT Marketplace, Vention App
While NFTs have become a mainstay in crypto, the Philippines’ local art community has remained untapped.
Built on the Binance Smart Chain, the Vention app seeks to tackle this problem, creating a space to celebrate culture and art. Its founder, Julius Santillan, wants to help Filipino artists showcase their talents and make a living off their creations.
NFTs on the marketplace are bought and sold with their native token, $VNT. Fair launched in July of 2021, the token is currently available on pancakeswap and can be staked on the marketplace.
While many Web2 companies are centralized in established regions, participation in crypto should be global. This not only leads to greater innovation but also more community-focused projects that are tailored to actual users.
With the crypto scene in the Philippines still nascent, the opportunity for builders and investors to contribute is always present. As more and more participants join, it would be good to keep an eye on these projects, and their influence in the future.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: Chain Debrief