The crypto-friendly Union Bank of the Philippines (UnionBank) announced its partnership with the nonprofit organization, Center for Art, New Ventures and Sustainable Development (Canvas.ph) through a virtual signing event last February 17th. The collaboration aims to help artists and collectors navigate the growing non-fungible token (NFT) space.
The signing event was attended by Cathy Casas, UnionBank head of Blockchain Center of Excellence (BCOE) and Gigo Alampay, executive director of Canvas.PH. The Digital Assets Markets Unit and API Marketplace was also present.
Department of Energy secretary Raphael Perpetuo Lotilla, who introduced Canvas.PH to UnionBank, also joined the event.
Lotilla stated that he recently had his eyes on the transformative potential of blockchain technology, especially here in the Philippines. He also noted how art has “always been a powerful tool in creating positive change.”
“…the advent of NFT technology potentially opens up more opportunities for artists to positively impact society through their work,” Lotilla added.
The program will have a series of webinars and a sale and auction of Filipino NFT artworks curated by CANVAS.PH, the proceeds of which will be for the benefit of the organization’s mission to work “with the creative community to promote children’s literacy, explore national identity, and deepen public appreciation for Philippine art, culture, and the environment.”
Moreover, to minimize the environmental impact of using blockchain, UnionBank will increase its tree-planting activities. New planting locations will include Ibaan, Batangas where CANVAS’ planned children’s museum of Philippine art will be built.
Henry Aguda, UnionBank’s senior executive vice president, pointed out that through this partnership the bank will let the public know that “UnionBank supports NFT art and intends to be involved in this emerging space.”
“Primarily, the goal is to empower and educate artists and collectors to mint their own NFT. We also aim to draw attention to Canvas.PH’s advocacy and artworks [in order] that they may also attract interested buyers and supporters. We are proud of our Filipino artists. Their pursuit of NFT as a new medium is a true example of innovation in action,” Aguda stated.
Accordingly, Ramon Vicente V. de Vera, CEO of UnionDigital Bank, announced that their digital native bank, Union Digital, will enter the NFT market this year. The announcement was disclosed during the virtual media roundtable E-TalkTales last December 21, 2021. (Read more: UnionDigital Bank Eyes Venturing Into NFT)
This article is published on BitPinas: UnionBank Collabs with Canvas.PH to Help Artists, Collectors Explore NFT Space
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