PHILIPPINES Law and Practice Contributed by: Ignatius Michael Ingles, The Law Firm of Ingles Laurel Calderon
10. NFTs, AI and the Metaverse 10.1 Non-Fungible Tokens (NFTs) A few athletes ventured into the world of NFTs in late 2020 and 2021 to start various NFT pro - jects. A well-known athlete actually started an NFT project to help fund a certain national team, but this was later scrapped after negotiations fell through and the NFT bubble popped in late 2021. While the NFT market in the sports sector in the Philippines is currently and virtually non- existent, there are still opportunities for those who seek an alternative mode of funding and are brave enough to face the risks of such a volatile environment. 10.2 AI There is no key AI legislation and regulations in the Philippines. At most, general laws concern - ing intellectual property and data protection will apply to AI in the field of sports. Both intellec - tual property and data protection will also be most affected by AI, as there are inherent risks of infringement and leaks of personal data with AI and sports.
10.3 The Metaverse The Philippines has always been a country known for its internet use and social media engagement, with data showing that sponsors can reach up to 69% of the country’s population through Facebook and nearly 50% through You - Tube. The application and use of the metaverse in sports in the Philippines therefore holds great opportunities for sports stakeholders, despite the adoption rate of the metaverse still remaining quite low compared to traditional internet use. Stakeholders can use the metaverse to further boost individual and corporate brands, enhance the reputation of personal coaches and athletes through more access to highlight videos and teaching seminars and give sponsors a new platform to increase brand recognition. However, those who wish to make the jump into the metaverse must recognise the natural risks of data breaches and manipulation, intellectual property violations and the proliferation of bot and troll accounts. Enforcing the underlying laws will also be an issue, given the already ephem - eral nature of the internet and the easy anonym- ity that comes with it.
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