Despite their environmental issues and likelihood to be exploited in scams and cybercrime, non-fungible tokens or NFTs have some legitimate uses. Filipino artists, for instance, can use NFTs to store and sell their art.
That’s according to Luis Bueneventura, an NFT artist himself who also works as a country manager for play-to-earn gaming guild Yield Guild Games. He also formed his own guild called Cryptopop Art Guild with a play-to-earn program focusing on Axie Infinity fanart by underprivileged Filipino artists.
To back up his claim, Bueneventura cited a certain 9-year-old Sevi Agregado, whose proceeds from his NFT artworks helped pay for therapy to treat his autism. Artists in rural areas can earn as much as Php20,000 every month, according to Bueneventura.
Indeed, everyone is trying to dip their toes on the NFT craze and hoping to rake in some moolah. But as there are high risks involved, due diligence is a must.