THINK Forward’s eighth issue of their annual report analyzes the complex and ever-changing web of digital culture and behavior. Our online and offline lives are already entwined, and much is on the horizon: metaverses to devote time with nonfungible tokens (NFTs) for decorating digital homes, and crypto wallets for shopping in virtual malls. Filipinos top the list for the most interested people in the metaverse and the eighth most crypto owners in two separate studies.
Metaverse
Research from Coin Kickoff analyzed 1.6 million Metaverse-related Tweets. Their study notes that people in 193 countries are searching on Google for metaverse-related terms. Data revealed the Philippines is the #1 country most interested in the Metaverse — with 2,421 Google searches for it per 1,000 people. Another study late last year by Ciena uncovered that most Filipino business professionals surveyed recognize the value of virtual meetings, and 89 percent would take part in work meetings in the metaverse versus existing video conferencing tools. According to the GWI top 2023 trends, no “true” metaverse exists yet. Consumers and brands are experimenting in online spaces like Roblox, Fortnite, and The Sandbox. Such behavior helps one understand what the metaverse could be and its huge disruptive potential. Building an open world means creating an environment for self-expression, and early metaverse adopters have a key role to play in defining this landscape. By using the metaverse’s spatial landscape, brands could make online shoppers feel like they’re stumbling upon unlikely discoveries.
The “Think Forward” report cites Bakeup as the metaverse-first beauty brand with products that work across multiple worlds. Besides wearing them in real life (IRL), the products come with an Augmented Reality (AR) filter for social interaction, and an NFT version that could be worn, collected, traded, and sold in the metaverse. It also creates a through-line between an individual’s many selves — their IRL (in real life) self, their social self, and their virtual self — fostering the view that our digital identities are not just real and valid but intertwined with who we are offline.
Cryptocurrency, NFTs
For cryptocurrency, Coin Journal came out with the list of countries that have had the most success in the industry looking at factors such as the number of owners, its gains and number of companies and startups. The study revealed that the Philippines has the eighth most crypto owners. But ownership in Coin Journal only shows the number of crypto owners. It does not list the Philippines among the top 40 countries in the Meltwater Digital 2023 report on annual spend per user. Average total value of crypto purchases in 2022 per “retail” non-professional traders who bought any form of crypto in 2022 is $135.20. Internet users from Turkey who topped crypto ownership spend less than the worldwide average. This could mean that Filipinos spend a lot less than the worldwide average. Average purchases among professional cryptocurrency traders may be higher than the retail traders. Based on the Finder’s NFT Adoption Index in September 2022, the Philippines is ninth in the Global Adoption, with 4 percent claiming they own an NFT. Ownership of NFTs requires a crypto wallet, so this could mean the data analyzed by Coin Journal and Finder confirm each other.
Know how crypto wallets work, and what their usefulness is in managing your crypto wealth. Remember, the cryptocurrency market is volatile. Past performance is no guarantee of future outcomes. Several scams exist and with February, often known as the month of love, the “pig butchering” needs to be highlighted. This type of scam targets an unsuspecting victim, the “pig”, on dating and messaging platforms into handing over money to a fake crypto app for a promised high rate of return. Eventually, the money is stolen once the criminals “fatten up” their victims’ digital wallets. In a Cosmo article, a Filipina wrote about how she got fooled and lost a seven-figure investment. Know more about this Pig butchering scam otherwise known as Sa-Zhu-Pan Scam, Crypto Romance Scam, CryptoRom, Hybrid Investment Romance Scam, or Romance Baiting from the Global Anti-Scam Organization. Research is essential before embarking on a cryptocurrency journey.
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