Philippine Web3 Festival: With blockchain and metaverse, PH looks to become technological trendsetter

It’s been a busy year for the world of blockchain as activity continues to pick up in the wake of the COVID-19 pandemic. And this week is turning out to be extra busy as the Philippine Web3 Festival gets underway.

Organizers launched the week-long event with a press conference at the SEDA Hotel in Bonifacio Global City in Taguig. Among the speakers were BlockChainSpace Founder & CEO Peter Ing, Yield Guild Games (YGG) Co-Founder Gabby Dizon, and Nas Company Founder & CEO Nuseir Yassin.

The @phweb3festival week kickoff. #builderscometogether pic.twitter.com/lFNhnedao2

— ED3N (@eden_holdings) November 14, 2022

The festival aims to boost the adoption of Web 3.0 and blockchain technology in the Philippines through talks from local and international speakers.

“We’re bringing the rest of the world to the Philippines to show that In Web 3.0, we’re actually leading the way in helping define innovation in this technological trend,” Dizon said. He explained that while the country usually only follows technological trends, now is the chance to help set them.

“Now that the communities are there and that so many people are educated in the Philippines, you’re actually starting to see a lot of projects come out,” Ing said. “You’re starting to see a lot of the talents suddenly emerge.”

The rise of “Metaverse Filipino Workers”?

For Ing and Dizon, the acceleration of blockchain adoption in the country in the past two years can be attributed to gaming. In fact, they assert that the Philippines is the real birthplace of play-to-earn and blockchain gaming.

During his talk, Dizon explained that many Filipinos lost their jobs during the pandemic and started playing games online to earn a living. He added that he founded YGG in 2020 to start supporting people and communities that want to earn income in the metaverse—many of whom come from the country’s rural provinces.

Their progress within the industry proved one thing: that it is possible for Filipinos to find success without having to go into Metro Manila or any major city. This then led to the creation of a new concept: the so-called MFW or “Metaverse Filipino Worker”.

According to the organizers, the Philippines is known for exporting talent around the world. But with the metaverse comes another option, allowing Filipinos to earn through gaming or to provide other services without being physically separate from their families. More than that, technology is making it possible for people to own a piece of the virtual economy that they are participating in.

With the basic infrastructure of the metaverse in place thanks to blockchain, industry leaders are faced with the challenge of building even more infrastructure and making sure that people receive the education they need to understand and appreciate the power of the technology.

‘I hate crypto, but…’

As a prominent social media personality who has millions of followers around the world, Nuseir Yassin knows a thing or two about connecting with a large audience. He rose to fame producing over 1,000 one-minute-long videos daily, and he has since moved on to creating his own company, including an innovative online academy.

Fueled by his advocacy for education, Yassin joined the Philippine Web3 Festival aiming to boost awareness on the industry.

“You cannot love what you don’t know,” Yassin explained at the press conference. “You cannot love crypto unless you know what crypto is. So that’s why education is the first step.” 

The Nas Company CEO admits, he understands why most people do not like crypto.

“I’ll be the first to say it: I hate crypto. I hate it. I hate losing money in crypto. I hate hash rates, I hate blocks, I hate everything about blockchain. It’s boring as hell, and I’m sure you think the same. And I’m sure a lot of people think the same,” he said.

However, Yassin then went on to say that he does love what the industry stands for. One of those is the idea that everybody can own part of the internet. The second is the idea that anyone can become successful without being forced to move somewhere else just to find work.

“The third version of the internet is finally allowing us to do that.”

A new, inclusive, digital economy

So what exactly does the metaverse mean for the people behind the Philippine Web3 Festival?

During the question-and-answer segment of the press conference, the organizers were asked about their opinion on the competition between different blockchains and what, for them, is the definition of “metaverse”.

In reply, the YGG Co-Founder said that the question is probably as hard to answer as trying to define what exactly the internet is. “I think metaverse is having virtual economies that people can participate in that have actual value,” Dizon said.

Meanwhile, Ing acknowledged the existence of political divides between certain sectors of the blockchain world. However, he believes that it is possible even for competing chains to co-exist in the metaverse.

“Web 3.0 is actually a very inclusive movement,” Ing said. “The different chains that you talk about, they’re providing the infrastructure for everyone to participate in this new digital economy.”

The Philippine Web3 Festival runs until November 20, with talks from thought leaders scheduled until Thursday and various side events scheduled until Sunday.

Watch: nChain’s Stefan Matthews on CoinGeek Backstage