It is a term that is popping up all over your social media feeds daily. Yet, not everyone truly understands what non-fungible tokens (NFTs) are. An NFT is a digital asset that represents real-world objects like art, music, in-game items, and videos. They are bought and sold online, frequently with cryptocurrency.
Of course, everyone's taking note of this growing phenomenon which has swiftly turned into a more than USD 40 billion global market. PwC had projected that blockchain technology, led by NFTs, is projected to add over USD 1.7 trillion to the global economy by 2030.
Markets across Southeast Asia have been quick to pick up on this trend with The Philippines, Thailand, and Malaysia leading the way. According to a Finder.com survey, over 32 percent of Filipino respondents already own at least one NFT.
On the China front, although it has closed itself to cryptocurrencies, Alibaba, Tencent, and JD.com have already launched platforms to trade NFTs. Seemingly taking a more cautious approach, China is already establishing the necessary framework and infrastructure to play a key role in the future of NFTs on the global stage.
As celebrities, pop idols, artists, and designers are increasingly leveraging this latest technology to become instant millionaires, NFTs can even make a bigger impact on the retail, fashion, and lifestyle brands as digital currencies and crypto payments continue to evolve.
Read more on this next big technology evolution in Southeast Asia at A closer look at NFT adoption in Southeast Asia