Art collectors, influential entrepreneurs, and estate partners who were in attendance were able to clinch the premium NFT tiles of Sansó’s Euphoric Abundance, Imao’s Sarimanok Series, and Aguilar Alcuaz’s Manila Bay Sunset in a private auction during the event. Aside from illustrious personalities in the art industry, Artifract also received a warm welcome from some of the country’s most influential entrepreneurs.
Artifract signed a partnership agreement with Buendia, WEU Event Management Services, and Dvent Productions to bring Buendia’s musical collection into the metaverse.
Under this collaboration, Buendia will be releasing his exclusive musical NFT titled "Flamed Lullaby,” with a self-composed original tracking/song title called “Hele."
Union Bank of the Philippines (UnionBank) and The Leon Gallery, among the most prestigious auction houses in the country, recently hosted a discussion on non-fungible token or NFT art. Focus was on how NFTs continue to reshape the art scene, and how artists and art collectors can easily navigate the emerging space.
The timely talk was held during an exhibition by Filipino abstract artist Jose Antonio Reyes, also known as JAR. Prior to this, The Leon Gallery also showcased the works of JAR last July 18 and the collection was sold out within its opening day. This was a follow up of the artist’s previous NFT art collection, JAR Heads, successfully launched on the Cardano Network with over 1 million in ADA sales in the secondary market in the span of only six months.
Meanwhile, NFT expert Planas gave a 101 on NFT art, including how NFTs are made, and how beginners can competently traverse the NFT art space. DAMU Head Dela Cruz, on the other hand, zeroed in on UnionBank’s activities and developments in the blockchain, crypto, and NFT spaces. He discussed the Bank’s journey into the emerging space, as well as his personal transition from traditional finance into the world of digital assets.
One of the highlights of Dela Cruz' talk was UnionBank's Virtual Asset Over-the-Counter (VA OTC) Service, another industry first, which was designed to help people enter the emerging NFT art space much easier. UnionBank is the first and only bank in the Philippines to offer this type of service, further strengthening the Bank’s position as the country's leader in blockchain innovation.
"Through its VA OTC service, UnionBank provides both artists and collectors alike with trustworthy platform for buying and selling NFT art," said Atty. Tonico Manahan, a well-known art collector. "While there are many ways for people to fund their wallets to buy NFT art or transact with crypto, buying and selling with the help of a well-established bank ensures that every crypto transaction is secure."
"It's a way for beginners to have peace of mind in entering the perceived volatile space given that transacting with a regulated financial institution such as a bank would be secure," Reyes added.
To know more about UnionBank's VA OTC service and other solutions related to NFTs, please send an email to digitalassets@unionbankph.com.
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The merging of traditional art and non-fungible token (NFT) art has undoubtedly unlocked new possibilities for artists and collectors today. However, with NFT technology being relatively new especially in the Philippines, many are still wondering what this is and are trying to understand the technology. Such a scenario may be preventing the full realization of its potential to revolutionize art.
To address this, Union Bank of the Philippines (UnionBank) and León Gallery have collaborated for a discussion to facilitate timely and relevant conversations on NFT art. Focus will be the convergence of the traditional and NFT art spaces and how artists and collectors can navigate the emerging landscape much easier.
Artifract.io aims to make art more accessible to collectors and enthusiasts, as well as ordinary individuals who are interested in Fine Arts. Through the platform, art institutes that hold exclusive collections can showcase these by making their NFT versions available for purchase in tiles -- staying true to art democratization. Fractionalizing is the process of breaking an NFT into smaller licensed pieces. For instance, an artwork can be broken down into multiple digital grids and each grid can be owned by a different owner.
NFT expert Migui Planas, a member of UnionBank's Digital Asset Markets Unit (DAMU), was the main speaker, sharing valuable bits of knowledge in NFT and his experiences as an NFT art enthusiast. During the panel discussion, he was joined by colleagues Jonathan Roque, Product Manager at the Bank’s Blockchain Center of Excellence (BCOE); Miguel Elbinias, Liquidity Trader at DAMU; and Cathy Casas, Head of Blockchain and API Business Group.
The conversation revolved around topics relevant to NFT artists -- the impact of NFT on the ownership and sale of digital art, how to mint a piece of artwork as an NFT, how to determine the value of their art, and the marketplaces where they can sell their art.
On day 2 of the webinar, the discussion focused on learnings shared by NFT art buyers and collectors -- how they can resell the NFT artwork that they own, how they can ensure a smooth transfer of ownership during purchase, and the various marketplaces where collectors can purchase NFT art.
Artists Jose Antonio Reyes and Ian Victoriano, among those who joined the well-attended webinars, expressed appreciation to the organizers for helping them gain a better understanding of NFTs and blockchain in general, and more importantly, for enabling them to better protect their ownership of their art while expanding their horizons when it comes to sharing them.
"It was very helpful for me as an artist. Learning about an avenue where I can focus on myself as an artist, while being exposed to a global market and seamless royalties is very meaningful. It's the future, and I'm grateful we're being taught how to adapt," Reyes said.
“The talks helped simplify NFT concepts for me. Made me want to explore the possibility of using NFTs to help advance artists’ rights,” Victoriano said.
While still considered highly volatile, the NFT art market has proven to be a very lucrative space, with some artworks selling for thousands and even millions of dollars. In the Hiscox Online Art Trade Report which was released in October last year, it was revealed that NFT art sales in 2021 for the said month reached $3.5 billion in value.
NFTs have forever changed the game for artists and collectors, and many now see them as a staple in digital art moving forward. Being the first Bank in the country to fully embrace NFTs, UnionBank believes that there are more potential use cases for them that are yet to be discovered, which is why the Bank sees the value of knowledge sharing to assist more Filipinos understand the said technology better.
"We're really happy to do this as this reinforces the Bank's 'Tech-Up Pilipinas' advocacy," said Casas. "We, at the Blockchain Center of Excellence, want to share our knowledge of blockchain technology, as the team is very much open to imparting what we know and also open to improving that learning by involving other industries in this discussion."
The webinar is just one of the initiatives of partners UnionBank and CANVAS.PH, to support artists and collectors navigate the emerging NFT art space, while boosting CANVAS.PH’s advocacy of promoting children's literacy, exploring national identity, and deepening public appreciation for Philippine art, culture, and the environment.
Union Bank of the Philippines (UnionBank) is leveraging its expertise in blockchain technology in a partnership with the non-profit organization Center for Art, New Ventures and Sustainable Development (CANVAS.PH) to help artists and collectors navigate the emerging non-fungible token (NFT) art space.
The partnership was made official through a virtual signing event last February 17 between Cathy Casas, UnionBank's Head of Blockchain Center of Excellence (BCOE), Digital Assets Markets Unit and API Marketplace; and Gigo Alampay, Executive Director, CANVAS.PH. They were joined by former Department of Energy (DOE) Secretary Popo Lotilla, who introduced CANVAS.PH to UnionBank, and who has set his eyes recently on the transformative potential of blockchain technology especially here in the Philippines.
“Art has always been a powerful tool in creating positive change, and the advent of NFT technology potentially opens up more opportunities for artists to positively impact society through their work,” said Lotilla. “Together with the leading expertise of UnionBank in blockchain, we believe that this partnership will help CANVAS.PH uplift more lives through its advocacy.”
