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Web3 had a big year in the Asia-Pacific region — and things are showing no signs of slowing down. Last year, the APAC region regularly filled headlines following some major investments during a slow growth period for crypto overall, especially coming out of the always-innovating hotbed of Singapore. Case in point: The Block’s $70 million acquisition by the Singapore-based Foresight Ventures (let’s hope the name and investment pay off), as well as NGC Ventures’ ongoing funding, totaling up to $149 million raised, including a $120 million Series B funding round of messaging protocol LayerZero. And that’s just the tip of the iceberg. Clear and steady regulation have bolstered both emerging and veteran projects, which will continue to be a major draw for investor money pouring into the region.
AI And Cloud Computing Drive Web3 Innovation In APAC If you want to see where industries are going, follow the numbers. As AI investment approaches a reported $200 billion globally by 2025, APAC is helping lead the charge, with major entities like Thailand’s Kasikornbank (KBank) kicking off a $100 million fund focused on consumer-focused AI and web3 startups. Over in Japan, the trend continued in 2023, with Japan’s SBI Holdings launching a $663M fund focused on early-stage companies across the AI and web3 spectrum. A Google blog post focused on innovation in APAC echoed the same sentiment, noting the growing role of AI and cloud infrastructure in Web3 development and gaming platforms like Axie Infinity and Singapore’s ZilliqaZIL 0.0% blockchain. On the flipside, blockchain technology will be a key tool for the facilitation of AI development — just look at recent major investment into projects like Ritual and Sakana AI. Watch this space. APAC Users Are Early Adopters, Often Power Users From Web3 gaming, which according to Hong Kong-based Animoca Brands is “poised for acceleration” in the region to SocialFi (more on that below), APAC has long been a breeding ground for emerging projects and exciting new use cases. SocialFi Will Bring In Even More Users APAC has long been ahead of the curve in blurring the boundaries of social-focused applications and how they can integrate to elevate how people communicate, share, play, work, and live. Following the region (and world)-changing impact of apps like WeChat and TikTok, platforms like South Korea’s ZEPETO and the Tencent-owned Chinese platform QQ have introduced users to the metaverse alongside major consumer brands like Gucci. As similar US-based platforms like Roblox share jaw-dropping insights on how Gen Z is spending across digitally-native goods in virtual spades, APAC-based platforms will continue to leverage Web3 as a new way to build value online. Source: Forbes
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