FishBlock NFTs and Fishballs: Can Blockchain Go Mainstream in the Philippines?
“Hope we don’t repeat the identical errors from experiments in earlier years. Ibang pagkakamali naman, huwag naman iyong pagkakamali ulit dati.”
[Translation: “I hope that we do not repeat the same mistakes from experiments of crypto projects in previous years. Let us commit different mistakes to learn new lessons, not past mistakes.”]
These had been the precise phrases of Ismael Jerusalem, CEO of Bicol-based crypto agency SparkPoint, in the course of the BitPinas Webcast that mentioned FishBlock NFTs. Jerusalem was joined by Steve “Icesteam” Jimenez, co-founder of IMPACT, and Christine “Danki” Erispe, a core member of ETH63, an Ethereum group within the Philippines.
Quick Background About FishBlock NFTs
Offered by actor and restaurateur Marvin Agustin, a FishBlock is a block-shaped fish ball dish bundled with NFTs minted on BayaniChain. The introduction of the initiative was a part of the press launch for the upcoming Philippine Blockchain Week (PBW) 2025.
In response to BayaniChain Co-Founder Gelo Wong, NFTs could be claimed with each FishBlock order. These NFTs are created by Filipino artists.
Furthermore, the launch of FishBlocks with NFTs goals to make blockchain extra relatable whereas guaranteeing the dish stays scrumptious, that includes flavors impressed by Luzon, Visayas, and Mindanao.
Press stories said that FishBlocks might be bought at Agustin’s eating places, Cochi and Kondwi, for 1,000 $KIKI, a meme coin.
Nonetheless, Jimenez shared that he clarified to crypto influencer James 3.0, who promotes $KIKI in his content material, the legitimacy of utilizing the meme coin to purchase FishBlocks. The influencer denied it, saying $KIKI was only a sponsor of the PBW press launch.
Jerusalem additionally jokingly stated:
“For positive hindi (gagamitin ang) $KIKI, kasi kung $KIKI (ang pambili sa FishBlocks), baka KIKIam.”
[“For sure, $KIKI won’t be used to buy FishBlocks, because if $KIKI will be used for purchasing, it should be KIKIam.”]
Kikiam, like fish balls, is a well-liked avenue meals within the nation. It’s a Filipino adaptation of a Chinese language dish known as “Ngoh Hiang.”
Might FishBlock NFTs be Efficient in Selling Blockchain?
Jerusalem’s feedback about his hopes that FishBlocks may not repeat previous errors had been in response to BitPinas Editor-in-Chief Michael Mislos’ query about whether or not selling blockchain know-how by a non-blockchain superstar might be efficient.
The SparkPoint CEO instantly stated sure, arguing that Agustin’s promotion of blockchain by fish balls demonstrates the effectiveness of utilizing mainstream celebrities to introduce rising applied sciences.
“It’s related talaga, lalo sa Filipinos, na all of us wished to be related. The brief reply is sure, it’s efficient, however the query is the intention behind its effectiveness and the outcome. For instance, mayroong mga technicalities na seems like an answer on the lookout for an issue, which is baligtad. It is best to search for an issue to resolve utilizing blockchain.”
Ismael Jerusalem, Chief Govt Officer, SparkPoint
[“It is truely relevant, specially to Filipinos as we all wanted to be relevant. The short answer is yes, it is effective, but the question is the intention of its effectiveness and the result. For example, there are technicalities that looks like a solution looking for a problem, which should be the other way around. You should look for a problem to solve using blockchain.”]
Jerusalem additionally stated he doesn’t see any downside with combining fish balls and blockchain know-how. Nonetheless, he emphasised that blockchain could be utilized extra considerably in industries like meals provide chains.
“Pero okay naman iyong experiment kasi nga rising tech eh. We are able to study from different individuals’s errors, particularly mga earlier initiatives from the previous few years.”
Ismael Jerusalem, C?Whief Govt Officer, SparkPoint
[“But it is okay if FishBlocks are just an experiment because blockchain is an emerging technology. We can learn from other people’s mistakes, especially previous projects from the past few years.”]
So, How Can We Actually Onboard Filipinos to Blockchain?
Jimenez emphasised that onboarding individuals to blockchain entails integrating the know-how into their each day lives.
“Mayroon bang bagay na pwedeng maipasok sa blockchain that an atypical particular person can use day by day? Like, ‘I don’t essentially use blockchain, however what’s going to combine sa each day life ko?’ For instance, ‘Kung wala naman akong kinalaman at pakialam sa blockchain, anong pwedeng mag-connect sa akin?’”
Steve “Icesteam” Jimenez, Co-Founder, Revolutionary Motion of the Philippine Affiliation of Crypto Merchants (IMPACT)
[“Is there something that blockchain can be integrated into so an ordinary person can use it every day? Like, ‘I don’t necessarily use blockchain, but what can integrate into my daily life?’ For example, ‘If I do not have any knowledge or concern about blockchain, what can connect to me?’”]
He stated FishBlock is an efficient technique to draw individuals into the blockchain trade however questioned its long-term affect.
So, How is Blockchain and Fish Ball Be Built-in?
Erispe expanded on Jimenez’s level, suggesting that FishBlocks might discover incentive mechanisms.
“For instance, within the FishBlock NFTs, you need to perceive your gamers and what their incentives are. And you need to see the value of that incentive.”
Christine “Danki” Erispe, Core Member, Ethereum Philippines
One other thought Erispe prompt is real-world asset (RWA) tokenization, permitting FishBlock’s viewers to personal a share of the shop.
RWA is the method of tokenizing liquid property that exist within the bodily world—equivalent to actual property, luxurious items, commodities, and even authorities treasuries—on-chain. Tokenizing real-world property affords effectivity, enabling fractional possession by crypto wallets. Stablecoins are among the many prime examples of RWA.
“It’s really doable with blockchain for a fish ball stand to change into cooperative. You need to use ERC-3643, and the best way you do it’s you tokenize it, and every proprietor of the token owns a fraction of the RWA.”
Christine “Danki” Erispe, Core Member, Ethereum Philippines
[“It is actually possible with blockchain for a fish ball stand to become cooperative. You can use ERC-3643, and the way you do it is to tokenize the fish ball stand, and each owner of the token owns a fraction of the tokenized fish ball stand.”]
ERC-3643 is a token commonplace designed to carry regulatory compliance and management to blockchain-based securities and tokenized property. Not like conventional ERC-20 tokens, which could be transferred freely, ERC-3643 tokens embrace mechanisms to confirm participant id and eligibility earlier than permitting transactions, guaranteeing compliance with KYC and AML rules.
