'The Philippines Is Still at the Epicenter of Web3 Adoption in the World'

A summit dedicated to all things web3 and gaming will be held for the first time in the Philippines next month to demonstrate just how much the country is still at the epicenter of Web3 adoption in the world, despite the so-called “crypto winter” pundits have observed over the industry over the last several months. 

Organized by decentralized autonomous organization (DAO) Yield Guild Games, the YGG Web3 Games Summit, will feature over 90 international and local speakers who will share insights about Web3 gaming, esports, content creation, and player adoption.

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“The Philippines has consistently been among the top countries with the highest interest in Web3,” YGG Country Head Mench Dizon said in a press briefing on Tuesday. “Most of this interest is driven by the roster of engaging Web3 games that are currently in the market. The fact that global leaders from the Web3 gaming industry are coming all the way to the Philippines for the Web3 Games Summit shows that the world recognizes us as one of the leading countries in Web3 adoption and home to a thriving market for new and upcoming Web3 games.”

Photo by Facebook / YGG.

Dizon and the rest of the panelists at the media briefing believe that games “will continue to be the impetus for Web3 adoption.” 

It was during the pandemic that Web3 gaming really boomed, led by blockchain-based online game Axie Infinity. With its play-to-earn model, Axie Infinity became an instant hit for many Filipinos until its popularity dwindled due to lower returns on investment. 

Despite this, Dizon believes that Web3 gaming is still at its “nascency.” 

Now, games are being developed to become more sustainable, requiring players to “skill up before the economic benefits,” she explained. 

“There are different levels of economic participation,” she said. “The reason why there is a shift of how development is being done is because it allows for a more sustainable approach and sustain participation.” 

The YGG Web3 Games Summit will be an avenue to introduce more Web3-based games to the mass market, she added.

More than 40 Web3 games will be showcased during the YGG Web3 Games Summit’s three-day event, including Ragnarok Landverse, Pixelmon, Project Xeno, Parallel, Mighty Action Heroes, Anito Legends, Metacene, Star Atlas, and Axie Infinity: Origins. 

Content creators and esports athletes will also give attendees a sneak peek into their gameplay and compete in a three-day tournament for a chance to win cash prizes. Over 300 developers and students will be participating as well in a two-day hackathon. 

Over 5,000 active gamers are expected to participate in the YGG Web3 Games Summit. They will also be holding seven regional watch parties for local communities who won’t be able to join in person.

Web3 Association of the Philippines Founding Trustee Nathan Marasigan noted that the Philippines is the right place to develop Web3 games, citing the country’s tech savvy, young population, that has a knack for crypto adoption as the three components that make the Philippines an investable market for Web3 games. 

The YGG Web3 Games Summit is happening on November 18 to 25 in Bonifacio Global City, Taguig. For  more information and a list of participating speakers and click here.