Powering APAC’s Web3 Revolution with Blockchain

Web3 and Blockchain 

The realm of Web3 and blockchain is being heralded as promising and robust, indicating a significant shift in the technological landscape. Web 3.0 represents a potential evolution of the internet, founded on public blockchains, which are renowned for their role in facilitating cryptocurrency transactions. What makes Web 3.0 appealing is its decentralized nature. In contrast to the current model where users access the internet through services controlled by entities like Google, Apple, or Facebook, Web 3.0 envisions a landscape where individuals themselves own and govern specific sections of the internet.

A distinguishing feature of Web 3.0 is its lack of dependency on “permission” and “trust.” Unlike traditional models where central authorities dictate access to services and intermediaries facilitate transactions, Web 3.0 empowers users. No central authority decides who accesses what, and transactions can occur directly between parties without the need for intermediaries. This not only provides a more user-centric experience but also enhances privacy since most data collection traditionally handled by intermediaries is minimized in Web 3.0.

The Web3 Revolution

The Web3 revolution is driven by a wave of tech-driven innovations that are fundamentally altering the way we live. This surge in technological advancements is not only reshaping industries but is also permeating various aspects of our daily lives. Despite the promise of decentralization, there is a notable influx of investment from major corporations and venture capital firms into Web 3.0. 

While this financial support can drive innovation, there is a concern that it might introduce some form of centralized power, potentially impacting the original decentralized vision of Web 3.0. As these influential entities engage with Web 3.0, the balance between decentralization and corporate involvement becomes a critical aspect to monitor in the ongoing evolution of the internet.

Web3 in APAC and SEA

The projected global market for web3 is anticipated to reach $81.5 billion by 2030, exhibiting a robust compound annual growth rate (CAGR) of 43.7%. The Asia-Pacific region stands out as the epicenter of this growth, poised to experience the swiftest surge in revenue. This accelerated pace is fueled by consistently high demand from key sectors, including banking, financial services, and insurance (BSFI); ecommerce and retail; healthcare; and pharmaceuticals. The APAC region has undergone rapid digitalization, with Southeast Asia (SEA) markets leading in the adoption of cutting-edge technologies.

According to Meta and Bain & Company’s SYNC Southeast Asia report, the sub-region not only excels in adopting fintech but also demonstrates a notable lead in web3 adoption. This is evident in higher penetration rates of digital wallets, cryptocurrency, and non-fungible tokens (NFTs) compared to many other APAC markets, even surpassing China and Japan. Remarkably, nearly 70% of individuals in Southeast Asia have engaged with at least one metaverse-related technology in the past year.

The Southeast Asia sub-region faces unique challenges, such as a significant unbanked or underbanked population and infrastructure hurdles in trade financing. These challenges create an environment where consumers and businesses are more receptive to fintech innovations. Over 70% of the population in SEA, including micro-, small-, and medium-sized enterprises (MSMEs) that constitute a majority of the labor force, either lack access to basic financial services or encounter difficulties obtaining credit cards, loans, or sufficient insurance coverage. This is particularly pronounced in populous countries like Vietnam, the Philippines, and Indonesia.

Conclusion

In Asia, a plethora of opportunities awaits in the Web3 arena, with a particular emphasis on financial inclusion, social-oriented technologies, and gaming-related tech ventures. Sectors like Decentralized Finance (DeFi), SocialFi, and GameFi present lucrative prospects for those navigating the Web3 landscape. The groundwork has been laid for Asia to position itself as the global hub for Web3 and blockchain innovation. This visionary outlook anticipates a continued and expansive role for the APAC region in driving the evolution and adoption of these technologies

Through our contributions over the past 2 years as Asia’s leading web3 community-building platform, APAC DAO has laid the foundation for the rise of Web3 in this region by serving as a trusted partner for web3 projects heading to SEA/Asia.