GCash’s Gcrypto NFT Hub brings Filipino talent to the global stage

I had earlier made short mention of Gcash’s new movements into NFT (non-fungible tokens) and art with their “House of Ohlala” collaboration, and since this is new for the Philippine landscape I thought I would talk more about it.

We all know NFTs are basically unique digital assets that are verified using blockchain technology. This new form of ownership has made great innovations in the art world, and I’m happy to see it happening locally as well. Some NFTs have been selling for millions of dollars at prestigious art auctions. One recent example I can think of is photographer and performance artist Jeremy Cowart who recently created a groundbreaking NFT collection that sold out for over $10,000 in just one day! Cowart’s collection included digital portraits that were brought to life through augmented reality and showcased his unique approach to combining technology and art.

But it’s not just international artists who are exploring the possibilities of NFTs. In the Philippines, we have our very own talented artists creating amazing digital artworks that are getting recognition on a global scale. Artists include Reen Barrera and Larry Alcala. Barrera’s Ohlala NFT collection has been featured on the GCash Gcrypto NFT Hub. The collection features whimsical characters and creatures that showcase Barrera’s unique style and creativity.

Meanwhile, the late Larry Alcala, the famous Filipino cartoonist and illustrator known for his humorous style, also has works to be featured as NFTs on GCash, providing fans with a new way to collect and own his art digitally. This move demonstrates the growing popularity of NFTs in the Philippines and highlights Larry Alcala’s enduring legacy.

As we all know, GCash is one of the leading mobile wallets in the Philippines. Their recent announcement regarding its partnership with the House of Ohlala, a luxury fashion brand, to launch a new NFT project is a great steppingstone to what else is possible for crypto in the country. This project aims to provide an avenue for Filipino artists to showcase their creativity and for collectors to own unique digital assets.

This move by GCash is a significant step towards the adoption of NFTs in the Philippines. Although they’ve gained popularity worldwide as a new way of owning and trading digital assets, NFTs have yet to gain widespread acceptance in the Philippines. This may be due to the lack of understanding and infrastructure for this new technology.

Gcrypto is an NFT platform launched by GCash. It allows users to buy, sell, and trade unique digital artworks created by talented Filipino artists. The platform is accessible through the GCash app and partner platforms such as Linkha, to view, purchase, and list their NFTs as a safe and secure way for users to invest in digital art.

By partnering with a well-established fashion brand like House of Ohlala, GCash is providing a platform for Filipino artists to showcase their works and gain recognition. The House of Ohlala has a strong reputation for creating luxurious and exclusive products, and this partnership could potentially attract more collectors to the NFT space.

Moreover, GCash’s entry into the NFT market could also pave the way for more businesses and individuals to explore this new technology. As a leading mobile wallet provider, GCash has a significant influence in the Philippines’ digital economy, and its endorsement of NFTs could lead to more mainstream acceptance of this technology.

However, despite the potential benefits of this partnership, there are also concerns about the sustainability of NFTs. Critics have raised concerns about the environmental impact of NFTs, which require large amounts of energy to create and maintain. Additionally, some have questioned the value of NFTs and whether they are simply a new form of speculative investment.

Despite these concerns, GCash’s NFT project with the House of Ohlala is a positive step forward for the adoption of NFTs in the Philippines. It provides an opportunity for Filipino artists to gain recognition and for collectors to own unique digital assets. Furthermore, it could potentially lead to more businesses and individuals exploring the potential of NFTs in the future. However, it is essential to approach this technology with caution and to address the concerns surrounding its sustainability and value.

Oh, and by the way, I bought my very first NFT collection, 10 NFTs of Ohlala’s paintings, and was even given three prints of Ohlala painting as a bonus. If you really want to learn about NFT’s, try putting skin in the game. Try it, you just might like it, and, of course, the NFTs might appreciate over time and make you a little bit richer than you started.

Dr. Donald Lim is the founding president of the Blockchain Association of the Philippines and the lead convenor of the Philippine Blockchain Week. He is also the Asian anchor of FintechTV.