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UnionBank, Leon Gallery Host Timely Discussion On NFT Art

UnionBank and The Leon Gallery, one the country's most prestigious auction houses, recently hosted a discussion on non-fungible token or NFT art to deep dive on how these developments continue to reshape the art scene, as well as guide artists and art collectors in navigating the emerging space.

The talk was held during an exhibition by Filipino abstract artist Jose Antonio Reyes (JAR), whose works were showcased at the Leon Gallery last July 18 as a follow up to his acclaimed NFT art collection, JAR Heads, which was successfully launched on the Cardano Network with over 1 million in ADA sales in the secondary market in the span of only six months.

Speaking on his recent successes, JAR shared how NFT art enabled him to have people around the world appreciate and gain access to his art, and how this space can afford similar opportunities to other traditional artists.

Joining Reyes in the discussions were RJ Dela Cruz and Migui Planas of UnionBank's Digital Asset Markets Unit (DAMU), with the latter giving a 101 on NFT art, its development, and how beginners can competently leverage these technologies.

NFT expert and Union Bank Digital Asset Trader Migui Planas goes on a deep dive into the emerging blockchain-based art space.

Meanwhile, DAMU Head Dela Cruz zeroed in on UnionBank’s activities and developments in the blockchain, cryptocurrencies, and NFT spaces. He touched on 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 — a first in the industry — which was designed to create an easy and convenient access for people looking enter into the NFT art space. 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.

JAR

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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