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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聽price volatility聽and vulnerability to frauds and scams.
This March, hackers stole around聽$600 million聽from the Ronin blockchain network that supports聽Axie Infinity, a play-to-earn game with 3 million daily active players, 35% of whom are Filipinos.
Given the game鈥檚 large, Philippine-based demographic, the Bangko Sentral ng Pilipinas聽cautioned the public聽against dealing hastily with digital tokens.
鈥淚f you look at the space right now, it鈥檚 still very raw. Nobody has a full grasp of [how play-to-earn] really works,鈥 said Renz Carlo Chong, chief executive officer and co-founder of digital asset production factory BreederDAO.
In this聽B-Side聽episode, Mr. Chong talks to聽大象传媒聽reporter Bront毛 H. Lacsamana about the opportunities for NFT asset production in the Philippines amid increasing risks.
鈥淚t鈥檚 really interesting because nobody knows where the space will head towards or how it will develop over the next few years,鈥 he said.
Recorded remotely in March 2022. Produced by Bront毛 H. Lacsamana, Earl R. Lagundino, and Sam L. Marcelo.
Related story:聽鈥淔ilipinos ride NFT gold rush before the predicted bust鈥
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