Miss Universe Philippines 2021 is now a title holder of its own -- the first beauty pageant in the world to offer NFTs or non-fungible tokens.
On Sept. 24, MUPH released its own NFT collection in partnership with RedFox Labs, a Vietnam-based blockchain venture builder, offering fans in the pageant-obsessed nation a new way to support their favorite contenders.
But what are NFTs? A recap
NFTs are "best understood as computer files combined with proof of ownership and authenticity, like a deed," Time magazine explained.
Like other cryptocurrencies such as Bitcoin, NFTs exist on a blockchain, which is an immutable form of digital public ledger. But unlike cryptocurrencies that are as "fungible” as the paper money in your wallet (meaning, one bitcoin is always worth the same as any other bitcoin), NFTs, as they are named, are the complete opposite.
It being non-fungible allows one to buy and sell unique digital items for up to thousands of dollars in virtual auctions and ownership can be tracked using a blockchain. Most NFTs are part of the Ethereum blockchain, a rival to bitcoin, and can technically contain anything digital, including drawings, animated GIFs, songs, or items in video games.
Still confused? The Verge tried phrasing it in terms of physical art collecting: "anyone can buy a Monet print. But only one person can own the original."
So, for instance, if you buy an NFT card from Miss University Philippines' NFT collection, you will be the sole of owner of that particular NFT unit, until of course, you decide to trade or sell it in the market again, in which case, you will lose ownership.
MUP 2021's NFT collection
Following the theme “Inspire You,” MUPH's NFT collection has a limited supply of 9,900 units, consisting of 4 unique NFT cards made with the image of each top 30 candidate, from head shots to body shots.
They come in various degrees of rarity, including Common (6000 units), Uncommon (2700 units), Rare (900 units), and Mythic (300 units.). Once sold, it's up to the new owner whether they will store, trade, or sell again their NFT card to the secondary markets, where their value could increase depending on the demand.
To purchase, you'll need an RFOX currency which you can buy through crypto exchange sites like Uniswap and Metamask. Each NFT costs around $50 USD or P2,500, which is approximately 666 RFOX or 0.013 ETH (prices subject to fluctuation and will be locked in on the day of the sale).
Now, here's the twist: MUPH's NFT cards, sold individually, are randomly generated at the point of sale, which means that a buyer won't know which candidate their NFT card is based on until the transaction is done.
Red Fox Labs said to make it even more exciting, the "extremely rare" NFTs called Mythic cards have only 10 produced for each contestant, and whoever gets a Mythic card featuring the winning Miss Universe Philippines candidate will receive a reward of 1 ETH (ether currency) whose worth is around P165,000.