The trajectory of blockchain adoption in the Philippines is uniquely characterised by the dominance of play-to-earn (P2E) gaming and non-fungible tokens (NFTs), finds the Philippine Blockchain Report 2025, prepared by Gorriceta, the Blockchain Council of the Philippines, Gobi Partners, Gobi-Core Philippines Fund, and Tether.

Unlike many Western markets where blockchain began as an investment curiosity, in the Philippines, P2E gaming evolved into a crucial economic lifeline during the pandemic, giving rise to the ‘Metaverse Filipino Worker’ (MFW) and establishing a powerful engine for grassroots Web3 entry.

Economic necessity spurs mass adoption

Before the pandemic, blockchain adoption was mainly concentrated in financial services. However, market dynamics shifted dramatically when COVID-19 lockdowns forced many Filipinos to seek alternative sources of income. P2E games offered a viable solution, allowing individuals to generate income in the form of digital assets and cryptocurrencies.

Also Read: Inside ASEAN’s blockchain map: Why the Philippines is a crypto powerhouse

Crucially, the income potential from these games often exceeded the country’s minimum wage, underscoring their significance as a valuable economic tool.

The primary catalyst for this shift was Axie Infinity, a game founded by Vietnamese startup SkyMavis. The game gained immense popularity in the Philippines, with Filipino players accounting for approximately 40 per cent of its global user base. This high engagement level necessitated the development of local infrastructure to support and scale P2E participation.

Ecosystem builders: YGG and decentralised guilds

The emergence of decentralised gaming guilds like Yield Guild Games (YGG) was instrumental in accelerating this grassroots adoption. Founded in 2018, YGG operates as a Decentralised Autonomous Organisation (DAO) that pools investors’ funds to acquire costly in-game NFTs and assets. This model allowed players, many of whom could not afford the initial investment, to borrow these assets (often referred to as scholarships) and earn real financial rewards.

YGG’s success demonstrated the sector’s international potential, securing US$4.6 million in funding from A16z in 2021. The guild system effectively lowered the barrier to entry for tens of thousands of users, integrating them into the Web3 ecosystem through a highly tangible economic incentive.

The industry continues to evolve, as seen in the pivot of Sovrun (formerly BreederDAO). Initially focused on providing in-game assets, Sovrun transitioned in 2024 to a platform that empowers players to own digital assets and shape their virtual worlds, focusing on broader digital ownership beyond just P2E mechanics.

Gaming’s gateway effect on perception

The strong association with gaming has profoundly shaped how Filipinos interact with and perceive blockchain technology. Survey results confirm that for active users, online games (45 per cent) and social media platforms (49 per cent) are top activities, surpassed only by trading (62 per cent) and payments/remittances (49 per cent).

Also Read: Institutionalising innovation: How Philippines is building the rules for its crypto future

Despite the high usage rate in gaming, overall knowledge remains low. Cryptocurrency is the most recognised application (82 per cent awareness), yet awareness of broader applications like Smart Contracts (47 per cent) or Intellectual Property Management (41 per cent) remains limited.

This suggests that for many Filipinos, gaming serves as an accessible entry point to Web3, but the underlying complexity of the technology is often secondary to the immediate financial benefit.

The entertainment, gaming, and music industries are recognised as vital entry points for the broader population. By fostering this community-driven adoption, the Philippines is leveraging its young, tech-savvy population and existing digital engagement to drive future growth. The success of P2E has solidified the Philippines’s reputation not just as a consumer of digital assets, but as a crucial innovator and proving ground for new, sustainable Web3 business models in Southeast Asia.

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At first glance, the improvement in global risk appetite appears to stem from a stabilising US labour market, a critical pillar in the Federal Reserve’s dual mandate framework. The ADP employment report for October delivered a modest but symbolically important reversal, showing a net addition of 42,000 private-sector jobs after September’s sharply revised contraction of 29,000, itself an improvement from the initially reported 32,000 decline. This sequential recovery, however slight, offers a glimmer of resilience against the backdrop of persistent inflation concerns and lingering uncertainty around the terminal interest rate.

Equity markets responded with measured enthusiasm. On Wednesday, the S&P 500 gained 0.4 per cent, the Dow Jones climbed 0.5 per cent, and the Nasdaq led the charge with a 0.7 per cent advance. This rebound followed a tech-heavy selloff that had tested investor resolve, and the bounce suggests the presence of committed dip buyers willing to step in at lower levels. The market’s fragility remains evident in the movement of US Treasury yields, which edged higher across the curve.

The two-year yield rose by 5.4 basis points to close at 3.629 per cent, while the 10-year yield jumped 7.4 basis points to 4.159 per cent. Higher yields typically signal either expectations of stronger growth or stickier inflation, both of which could complicate the Fed’s path toward rate cuts in early 2026. Meanwhile, the US Dollar Index held steady at 100.17, reflecting a balanced tug-of-war between softening safe-haven demand and the dollar’s relative yield advantage.

In commodities, gold advanced 1.2 per cent to settle at US$3979 per ounce, benefiting from the dollar’s temporary flatlining and ongoing geopolitical tensions that continue to underpin safe-haven demand. Crude oil told a different story. Brent crude dropped 1.4 per cent to US$63.52 per barrel after the Energy Information Administration reported the largest weekly build in US crude stockpiles since July. This inventory surge underscores weakening near-term demand expectations, possibly tied to China’s tepid economic recovery and Europe’s stagnation, and adds downward pressure on energy markets already grappling with oversupply concerns.

Also Read: Why crypto can’t escape the Nasdaq and what it means for the next 30 days

Turning to Asia, equity markets closed mixed on Wednesday but opened higher in early Thursday trading, reflecting spillover optimism from the US session. US equity index futures now point to a lower open, hinting at profit-taking or renewed caution as traders digest the week’s data flow and await the Bank of England’s policy decision. The BOE is widely expected to hold its benchmark interest rate at 4.0 per cent, a move that would align with the central bank’s recent dovish tilt amid cooling UK inflation and fragile growth.

Against this macro backdrop, the cryptocurrency market staged a modest but notable recovery, rising 2.15 per cent over the past 24 hours. This bounce comes after a punishing weekly decline of 7.8 per cent and a steep monthly drop of 18.25 per cent, suggesting that the asset class may have reached a point of technical and psychological exhaustion. Three interlocking forces appear to be driving this rebound: regulatory reprieve, ETF-related optimism, and a classic technical reset in overextended short positions.

The most immediate catalyst emerged from an unexpected source: the US government shutdown. This administrative pause has temporarily halted the Securities and Exchange Commission’s aggressive probe into the crypto treasury holdings of over 200 publicly traded companies. While shutdowns rarely produce positive market outcomes, this one inadvertently created a window of regulatory calm.

Traders seized on the pause as a signal that enforcement actions, particularly those targeting corporate crypto adoption, would be delayed, if not softened. The psychological relief was enough to lift risk appetite across the board, allowing Bitcoin and key altcoins to claw back from multi-week lows. This respite remains contingent. Once the shutdown ends and the SEC resumes operations, the threat of renewed scrutiny could quickly resurface, potentially triggering another wave of volatility.

A second, more structural driver lies in the evolving landscape of crypto exchange-traded funds. Franklin Templeton’s recent filing of an updated XRP ETF application, utilising the auto-effective S-1 mechanism previously deployed by Bitwise and Canary Capital, marks a significant, if cautious, step toward broader institutional acceptance. The move signals that major asset managers continue to explore avenues to offer crypto exposure through regulated vehicles, even for assets entangled in legal ambiguity. XRP’s unique situation casts a long shadow.

The unresolved SEC versus Ripple case continues to deter full-scale institutional endorsement, and while XRP itself rose 2.3 per cent in response to the ETF news, outpacing Bitcoin’s 1.9 per cent gain, the market’s reaction remained measured. Investors recognise that without a definitive legal resolution, any ETF approval for XRP would face heightened regulatory resistance, limiting its near-term upside potential.

Also Read: 7-day crypto sell-off deepens – is this the start of a full capitulation?

Finally, the rally gained momentum from technical factors rooted in market structure. The total crypto market capitalisation, now at US$3.44 trillion, bounced precisely off the 78.6 per cent Fibonacci retracement level of its recent decline, which sat at US$3.37 trillion, a confluence that often attracts algorithmic and discretionary buyers alike. Simultaneously, the 14-day Relative Strength Index (RSI) climbed to 35.87, exiting deeply oversold territory and signalling a reduction in bearish momentum. This technical rebound was amplified by forced short-covering.

As prices began to rise, leveraged short positions faced liquidation, creating a feedback loop that accelerated the upward move. Open interest in perpetual futures contracts increased by 3.11 per cent, indicating fresh capital entering the market. Scepticism lingers: funding rates remain negative at -0.0035 per cent, suggesting that traders are still reluctant to pay a premium to maintain long positions, preferring instead to collect fees from overextended shorts.

Looking ahead, the sustainability of this rally hinges on two competing forces. On one side, the near-perfect correlation between crypto and the Nasdaq, currently at 0.96, ties Bitcoin’s fate to the broader tech sector’s performance. Any stumble in US equities, particularly among mega-cap tech stocks, will likely drag crypto lower. Compounding this vulnerability, US spot Bitcoin ETFs have seen net outflows of US$1.3 billion over the past week, reflecting institutional caution amid macro uncertainty.

On the other side, the potential resumption of ETF approvals, especially for Ethereum or other major assets, could reignite bullish momentum. Similarly, a prolonged regulatory lull might allow the market to rebuild positioning without the spectre of enforcement actions.

For now, traders must watch key levels. Bitcoin faces formidable resistance near US$104,000, a psychological and technical barrier that has repelled previous rallies. Meanwhile, shifts in altcoin liquidity, particularly in assets like XRP, Solana, and Ethereum, will offer clues about whether this bounce evolves into a broader market rotation or remains a fleeting technical correction.

The macro environment offers neither clear tailwinds nor unambiguous headwinds. Instead, it presents a narrow corridor of opportunity, flanked by regulatory uncertainty, monetary policy crosscurrents, and fragile sentiment. Navigating this terrain will require precision, patience, and a keen eye on both data and discretion.

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Kuala Lumpur-headquartered earned wage access (EWA) company Paywatch has secured US$20 million in Series A funding. The round saw new investment from South Korea’s Kakao Pay and Malaysia’s Artem Ventures.

This latest influx of capital contributes to Paywatch’s total funding, which now exceeds US$50 million when including additional credit lines from global banks. The Series A funding follows an earlier tranche supported by US investors, including Third Prime (New York-based), the University of Illinois Foundation, and Vanderbilt University.

Also Read: Paywatch scores US$30M in Series A to enhance its embedded finance offerings

The proceeds are geared towards transforming the company’s platform into a comprehensive, multi-product financial wellness solution for enterprises and their staff throughout Southeast Asia. Paywatch intends to enhance its core Earned Wage Access (EWA) offering by integrating micro-insurance, global payments, and rewards.

Furthermore, the company states that the funding will accelerate its development into a next-generation platform, leveraging AI-native infrastructure and advanced payments technology.

As a strategic investor, Kakao Pay will partner with Paywatch to co-develop enterprise financial solutions across both Southeast Asia and South Korea.

Artem Ventures’s investment was made through the TIM Ventures Fund, which is backed by FWD Group.

Paywatch, founded in 2020, specialises in enabling employees to draw down their earned wages in real-time at the lowest equitable prices, thereby supporting financial wellbeing and productivity. The firm also collaborates with the UNCDF and the International Labour Organisation to ensure responsible wage access.

Paywatch currently operates in several key markets across Asia, including Malaysia, Singapore, the Philippines, Indonesia, Hong Kong, and South Korea.

Speaking on the investment, Alex Kim, co-founder and President of Paywatch, highlighted the strategic value of the new partners:

“We’re excited to welcome both Kakao Pay and Artem Ventures into the Paywatch family. Together, we’re building bridges between markets, technology, and people – enabling companies to empower their employees with real financial freedom. These strategic investors bring not just capital, but deep ecosystem synergies and experience across insurance, payments, and financial technology that will accelerate Paywatch’s growth as a comprehensive financial wellness solution provider across Southeast Asia.”

The platform has demonstrated substantial traction, having processed over US$200 million in transactions. Its client base includes major regional and global employers such as Lotte Group, Genting Group, DFI Retail Group (Guardian), Wilmar, Shangri-La Hotels, A&W, Lotus’s (CP Group), and Shake Shack.

Also Read: Why earned wage access is the future of pay

Low Zhen Hui, Managing Partner of Artem Ventures, commented on Paywatch’s proven scalability: “Paywatch not only delivers tangible social impact but has also proven its ability to scale rapidly across multiple markets in Asia. This is a rare example of a homegrown Malaysian fintech that combines meaningful financial inclusion with the operational and technological strength to serve top-tier clients.”

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Artificial intelligence is fundamentally reshaping how audiences discover and trust information. With generative engines such as ChatGPT, Gemini and Perplexity acting as primary discovery tools, traditional SEO is no longer sufficient. The rise of answer engine optimisation (AEO) marks a pivotal shift, where success is no longer about ranking on search pages but being surfaced as the authoritative answer within AI-generated responses.

Rather than prioritising keywords and backlinks alone, AEO focuses on clarity, credibility and context. This ensures your content provides precise, structured insights that AI systems can easily interpret and deliver back to users.

Why AEO matters more than ever

Brands that do not evolve risk invisibility in an environment where AI increasingly mediates information access. In this new landscape, organisations must optimise content not only for human audiences but also for AI systems synthesising knowledge and guiding user decisions.

Forward-thinking companies are also combining AEO with generative engine optimisation (GEO) — a discipline focused on helping AI models learn, recognise and surface brand expertise. Together, AEO and GEO create a powerful foundation for modern digital strategy.

Also read: The mindset shift turning mobile growth into a self-sustaining loop

Preparing leaders for the next era of content strategy

For CEOs, CMOs and martech leaders, this transition presents both a challenge and a tremendous opportunity. Those who strategically adapt will secure new standards of visibility, trust and thought leadership in an AI-enabled world. Those who hesitate may be left behind as generative platforms become primary gateways to information.

As AI models increasingly act as information gatekeepers, optimising for answers rather than queries becomes crucial for competitive positioning and audience engagement.

Join industry leaders shaping the future of content

To equip industry leaders with the tools and frameworks needed in this new landscape, Manus AI and HubSpot are hosting a community event on 11 November. This exclusive session will explore the mechanics, strategic value and enterprise applications of both AEO and GEO, offering insight into the next frontier of marketing and AI-driven discovery.

Attendees will gain the ability to:

• Understand when and how to deploy AEO and GEO
• Structure content for AI engines and generative platforms
• Future-proof brand visibility in a post-SEO world
• Leverage AI to build trust, authority and conversion at scale

Also read: How data and collaboration are powering Vietnam’s urban mobility revolution

Secure your place in the evolution of marketing

Marketing is entering a new era where clarity, authority and machine-readability define success. Leaders who adapt will drive visibility, influence and growth across AI-led channels.

Prepare your organisation for the future of digital discovery. Register for the Manus AI x HubSpot community event on 11 November and be part of the conversation that will shape the next chapter of content and brand strategy.

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Every invention begins with a “what if.” What if humans could fly? Led to aeroplanes. What if we could carry a computer in our pockets? Gave us smartphones.

Today, a new “what if” defines our time: What if AI replaces humans?

It’s a question loaded with fear. AI writes essays, diagnoses diseases, creates art, and even manages business workflows. But perhaps this is the wrong question. The real one may be: What if AI doesn’t replace us, but works with us?

The wrong “what if”

When we ask whether AI will replace humans, we frame the issue as a competition: humans versus machines. It assumes our current roles and systems stay fixed, and AI simply outperforms us.

That’s the equivalent of asking how to build a faster horse instead of imagining an aeroplane. It’s still about efficiency, not reinvention.

A better “what if”

Instead, we can reframe the conversation:

• What if AI freed us from repetitive tasks so we could focus on creativity, empathy, and leadership?
• What if AI became a thinking partner — accelerating ideas rather than eliminating people?
• What if education shifted from teaching answers to teaching questions, since answers are what AI does best, but asking the right questions remains uniquely human?

This “what if” is not about replacement, but about reinvention.

Also Read: A brief history of AI: Is winter coming?

Case examples across sectors

• Healthcare: AI can scan thousands of images to detect anomalies with higher accuracy. But the real value is in doctors using that insight to diagnose earlier, personalise treatments, and spend more time with patients.
• Education: AI tutors can personalise lessons at scale. Yet teachers remain critical as mentors, guides, and role models who spark curiosity and creativity.
• Business: AI can automate routine reports and analysis. The reinvention lies in humans using that freed time to innovate, deepen relationships, and make bold strategic choices.

How humans and AI reinvent together

The shift requires a mindset change. Instead of asking, “Will AI replace us?”, we must ask, “How can AI and humans co-create value?”

Three approaches stand out:

• Shift from answers to questions: AI is powerful at generating answers. Humans must lead by asking better questions — framing problems, exploring ethics, and defining purpose.
• Redefine value: Competing with AI on speed or data is futile. Our unique strengths — empathy, creativity, intuition, and ethics — must define our value.
• Co-create possibilities: The boldest innovations will come when humans imagine “what if” scenarios and AI tests them at scale. Together, we can move beyond efficiency to invention.

Also Read: Singapore outsmarts the world in AI–ranked No.1 global hub

Conclusion

AI is here. But the critical question is not, “What if AI replaces us?” It is, “What if AI helps us reinvent ourselves?”

Because the future won’t be shaped by how efficiently AI replicates what we already do — but by how courageously we imagine what humans and AI can create together.

So the challenge for future thinkers is this: Don’t just ask what AI can answer. Ask instead: What if AI could help us ask better questions?

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