NFT Community, Balthazar, reports that 1-in-3 Filipinos wish To Switch to NFT Games

The NFT gaming community, Balthazar, recently conducted a Community Insights Report where 32% of respondents (out of 1,103) are reportedly willing to quit their jobs to pursue NFTs full-time.

The Community Insights Report was compiled through an online form, distributed to its Discord channels between Feb 15 – March 7.

Furthermore, 59% of respondents stated that they would play full-time while working on other jobs. It is worth noting that the report is mostly comprised of Filipinos, indicating a growing interest in NFTs in the country.

“The Philippines has a prolific online gaming community, particularly in the play-to-earn space, so it was a natural result for Balthazar to be a popular NFT gaming platform in the region,” said John Stefanidis, CEO and co-founder of Balthazar, in an e-mailed reply.

The report also revealed that its respondents have average monthly earnings of $316 from their regular jobs. When asked about quitting and moving to NFTs, 65% of respondents said that they would need to earn $42/day to do so.

Balthazar is a Singapore-based entity that aims to create an ecosystem for gamers, investors, crypto holders, and game developers. The company currently has a Discord community of 70,000 as members support each other through game training sessions and financial literacy activities.

Additionally, Balthazar offers “scholarships” for players who cannot afford the in-game assets of NFT games. According to Stefanidis, a team of 3 characters can cost about $150 in Axie Infinity and $250 in Splinterlands (a blockchain-based trading card game).

“We have about 1,500 people in our scholarship program who are playing NFT games every month – and we’re in the process of onboarding a further 5,000 in the coming days,” he told BusinessWorld. “About 90% are from the Philippines; 10% are from India and other parts of the world.”

Stefanidis notes that, while regulation is crucial in controlling risks and bringing NFTs to the mainstream, it will take some time before they can be properly implemented on a global scale.

“We believe this is just the beginning of how the NFT gaming market is going to grow and impact the Philippines economy,” he said. “We are seeing a redistribution of wealth from game developers to gamers, a new capital stream flowing into the economy from playing these games as well as investing and trading NFT assets.”

Source: BusinessWorld