“Hope we don’t repeat the same mistakes from experiments in previous 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 were the exact words of Ismael Jerusalem, CEO of Bicol-based crypto firm SparkPoint, during the BitPinas Webcast that discussed 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 in the Philippines.
Short Background About FishBlock NFTs
Presented 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 part of the press launch for the upcoming Philippine Blockchain Week (PBW) 2025.
According to BayaniChain Co-Founder Gelo Wong, NFTs can be claimed with every FishBlock order. These NFTs are created by Filipino artists.
Moreover, the launch of FishBlocks with NFTs aims to make blockchain more relatable while ensuring the dish remains delicious, featuring flavors inspired by Luzon, Visayas, and Mindanao.
Press reports stated that FishBlocks could be purchased at Agustin’s restaurants, Cochi and Kondwi, for 1,000 $KIKI, a meme coin.
However, Jimenez shared that he clarified to crypto influencer James 3.0, who promotes $KIKI in his content, the legitimacy of using the meme coin to buy FishBlocks. The influencer denied it, saying $KIKI was just a sponsor of the PBW press launch.
Jerusalem also jokingly said:
“For sure 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 popular street food in the country. It is a Filipino adaptation of a Chinese dish called “Ngoh Hiang.”
Could FishBlock NFTs be Effective in Promoting Blockchain?
Jerusalem’s comments about his hopes that FishBlocks might not repeat past mistakes were in response to BitPinas Editor-in-Chief Michael Mislos’ question about whether promoting blockchain technology through a non-blockchain celebrity could be effective.
The SparkPoint CEO immediately said yes, arguing that Agustin’s promotion of blockchain through fish balls demonstrates the effectiveness of using mainstream celebrities to introduce emerging technologies.
“It’s relevant talaga, lalo sa Filipinos, na we all wanted to be relevant. The short answer is yes, it’s effective, but the question is the intention behind its effectiveness and the result. For example, mayroong mga technicalities na looks like a solution looking for a problem, which is baligtad. You should look for a problem to solve using blockchain.”
Ismael Jerusalem, Chief Executive 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 also said he does not see any problem with combining fish balls and blockchain technology. However, he emphasized that blockchain can be applied more significantly in industries like food supply chains.
“Pero okay naman iyong experiment kasi nga emerging tech eh. We can learn from other people’s mistakes, especially mga previous projects from the past few years.”
Ismael Jerusalem, C?Whief Executive 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 Really Onboard Filipinos to Blockchain?
Jimenez emphasized that onboarding people to blockchain involves integrating the technology into their daily lives.
“Mayroon bang bagay na pwedeng maipasok sa blockchain that an ordinary person can use every day? Like, ‘I don’t necessarily use blockchain, but what will integrate sa daily life ko?’ For example, ‘Kung wala naman akong kinalaman at pakialam sa blockchain, anong pwedeng mag-connect sa akin?’”
Steve “Icesteam” Jimenez, Co-Founder, Innovative Movement of the Philippine Association of Crypto Traders (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 said FishBlock is an effective strategy to attract people into the blockchain industry but questioned its long-term impact.
So, How is Blockchain and Fish Ball Be Integrated?
Erispe expanded on Jimenez’s point, suggesting that FishBlocks could explore incentive mechanisms.
“For example, in the FishBlock NFTs, you have to understand your players and what their incentives are. And you have to see the price of that incentive.”
Christine “Danki” Erispe, Core Member, Ethereum Philippines
Another idea Erispe suggested is real-world asset (RWA) tokenization, allowing FishBlock’s audience to own a share of the store.
RWA is the process of tokenizing liquid assets that exist in the physical world—such as real estate, luxury goods, commodities, and even government treasuries—on-chain. Tokenizing real-world assets offers efficiency, enabling fractional ownership through crypto wallets. Stablecoins are among the prime examples of RWA.
“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 you tokenize it, and each owner 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 standard designed to bring regulatory compliance and control to blockchain-based securities and tokenized assets. Unlike traditional ERC-20 tokens, which can be transferred freely, ERC-3643 tokens include mechanisms to verify participant identity and eligibility before allowing transactions, ensuring compliance with KYC and AML regulations.
This article is published on BitPinas: FishBlock NFTs and Fishballs: Can Blockchain Go Mainstream in the Philippines?
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