Philippine banking giant UnionBank has thrown its hat into the race for non-fungible tokens (NFTs) by launching a digital collectibles exchange. The platform is the brainchild of UBX, the bank’s fintech arm, in partnership with art-tech startup Unit 256 Ventures.
Dubbed “Artifract”, the platform is said to be the first tokenized NFT platform in the Philippines, using a first-of-its-kind “token factory technology” that enables the tokenization of real or digital assets on distributed ledgers. .
One of the key features of UBX’s offering is the “splitting” of collectibles, allowing beginners and enthusiasts to participate in NFT markets. Through splitting, an NFT room can be owned by multiple people in a move designed to be profitable.
“Our participation in digitizing and splitting art is very much in line with our goal of financial inclusion. The foundation of Artifract is inclusiveness, and through this process, art ownership is no longer the exclusive purview of the upper class, but now closer to the average Filipino,” said John Januszczak, CEO of Artifract. ‘UBX.
Erica Dizon-Go, head of the bank’s fintech trading group, noted that people “don’t need to be an expert trader for NFTs” due to the platform’s seamless interface, which allows users to understand the concept in no time.
NFT adoption in the Philippines is reaching frenzied levels, with retail and institutional players jumping in on the action. Amid the pandemic, Filipinos have turned to NFT gaming platform Axie Infinity en masse to boost their income while others have started speculating on digital currencies.
Dizon-Go said the future remains bright for the industry and “we will see even more platforms for people to build their NFTs on and bring them to market.”
UnionBank’s Unwavering Support for Digital Assets
The launch of the NFT service is not the first time that UnionBank has explored virtual assets. In August, the bank announced the launch of an in-app digital currency exchange feature. The move will allow users to buy, sell and hold virtual currencies directly from the bank’s mobile app without involving third parties.
“At the same time, we also recognize that cryptocurrency has been one of the services that a lot of customers are already looking for, especially the younger generation, and that demand has been accelerated by the pandemic,” according to the asset manager. banking digital. markets.
In the Philippines, Maya and a slew of digital banks are moving towards offering digital asset services under the watchful eye of the Bangko Sentral ng Pilipinas, the country’s central bank, which is the primary regulator of the sector.
Watch: BSV Global Blockchain Convention Presentation, Buzzmint: Elevating NFTs
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