Currency Through Technology W

By NATALIE ANDREA AYO

E HAVE GOTTEN used to having things accessible at a device’s reach or simply having everything on our phone. Whether it be the information we need for school, the way we connect with the people around us, and now even our source of income. As many people prefer to do things at a click of a button, we have also learned how to be able to transact and earn money digitally. Using a whole different, universal type of currency, cryptocurrency has become an emerging new source of income that has become accessible to students.

Cryptocurrency also known as crypto is a digital form of currency with encrypted algorithms in order for transactions and payments to occur that is commonly distributed throughout multiple computers.With its diverse types, cryptocurrency has garnered youth.

According to data collected by the Bangko Sentral ng Pilipinas or BSP, during the first half of 2021 the volume of cryptocurrency transactions in the country increased 326% or nearly 20 million pesos. Despite the country’s small size and economic stature, CoinJournal, a London-based research firm, has revealed that the Philippines has ranked 8th worldwide in terms of crypto user population. Finder Philippines in a survey published in November 2022 says that 63% of crypto owners are estimated to be male while 37% are female. This records that Filipino men are 1.7% more likely to participate in crypto ownership or investments.

Notably the most widespread forms of crypto investments are Non-Fungible Tokens or NFTs. NFTs are a type of digital value token that commonly comes in the form of illustrations or art that cannot be substituted, copied, or subdivided due to its records in a blockchain certifying its ownership and authenticity.

Amid the recent COVID-19 pandemic different forms of cryptocurrency rose to fame in the country. This includes Axie Infinity by the Vietnamese company Sky Mavis Inc. which is a type of NFT game with a “play-to-earn” status with “Smooth Love Potions” or SLPs as their in-game digital currency. This game sparked the crypto scene among many Filipinos of all economic status. According to Jeffrey Zirlin, Axie’s head of growth in an interview with CMDC in August 2021 nearly 60,000 Filipinos are playing this income earning game.

As today’s Filipino youth become more and more immersed in technology like social media and e-games. They are becoming more likely to explore the crypto community in hopes of earning money.

John Oslec Quililan, an 18 year old, 12th grade BRSHS student that has had experience delving within the crypto scene when asked on why he thinks more and more students are deciding to take interest in these games says in an interview via Messenger chat, “Of course, because of the money involved in the game and in other cases they joined because of the hype.”

“These games are special because you are able to earn while enjoying the game. However, the downside is that these types of games are very volatile since their value can quickly go down,” he adds.

Quililan says that the hype and curiosity of these said games motivated him to try and explore the market. He says that he first discovered the community, specifically Axie Infinity through friends and social media.

With supply and demand of the market being one of the key aspects determining the value of crypto tokens, inconsistent income and return of investment or ROI must also be recognized. In his case, they did not receive ROI because during his time of investment the value of the SLPs plummeted.

As the community continues to create more ways to enter the economy and as more and more users begin to explore the phenomenon of earning through their phone, we humans begin to take a step-forward to catch up with the latest trends. These digital tokens that hold values ranging from tens to millions of pesos are a perfect example of how we can now generate a whole new currency through technology. ■