BITKRAFT Ventures, a global investment platform for gaming and Web3, has just announced its expansion into Asia Pacific, the largest gaming market in the world.

The firm has also appointed Jin Oh, former Riot Games President and former CEO of Garena, as its Partner, based in Seoul. Jin Oh will use extensive experience to help BITKRAFT identify and invest in promising gaming and interactive entertainment startups across Web2 and Web3 in Asia.

“Asia-Pacific is the largest gaming market in the world, accounting for 48 per cent of the global gaming revenue in 2022. The companies founded here have long led innovation and trend-setting in the video games and interactive entertainment industry, and continue to do so today,” says Jin Oh.

In this interview with e27, Jin Oh discusses the VC firm’s vision and plans in the region and the regional gaming industry.

Excerpts:

BITKRAFT is already a global investor with many investments in Asia. What motivated it to expand into the Asian gaming market?

The Asian market is one of the largest and fastest-growing markets for video gaming, with a diverse and heterogeneous complexion of varying consumption styles and preferences. As a global and long-term investor in gaming, we wanted to ensure we had the right local talent who would enable us to better serve our existing portfolio companies and gaming entrepreneurs in Asia.

What advantages does BITKRAFT see in investing in both Web2 and Web3 startups in the gaming industry?

Fundamentally we see ourselves as gaming investors and do not label ourselves as Web2 or Web3 investors. These labels are semantic in nature as we fundamentally believe that they are video games at heart.

Also Read: How play-to-earn is fueling the next wave of blockchain adoption

We, however, have a dedicated fund and team specialised in companies with a strong focus on Web3 as well as tokens as an asset class. As we continue to invest in both Web2 and Web3 startups. The cross-pollination of best practices and innovations from each segment will allow us not only to better identify future opportunities in both but also provide better support to our portfolio companies through a more holistic understanding of the space.

Web3 gaming witnessed a boom during the COVID-19 pandemic. However, the euphoria and investor enthusiasm seem to have waned. Why this downward trend?

Yes, investor enthusiasm is down, but that is primarily from “tourist” funds that had no background in gaming and let euphoria either make them forget the nuances of underwriting content. They entered a market not prepared to make fundamental — non-vaporware — investments in.

We’re now seeing a strong reaction against the play-to-earn ‘genre’, which to us was never a genre, to begin with. Instead, it was just a potential element of the business model of a successful game that engages a passionate (and large) audience.

We think these hype cycles are normal across sectors and remain focused on our approach to Web3 investing backed by extensive Web2 investing experience.

Nonetheless, we also observe a groundswell of institutional interest in Web3 gaming that results in the foray of eminent Web2 investors. We see gaming and non-gaming firms entering the Web3 space with a more patient and longer-term approach to figuring out the right application and use case of gaming.

This first-principles and fundamentals-based approach is driving innovation led by expert gaming teams; for example, CCP Games. But now the participants are people who understand the importance of patience and deep product iteration before financialisation.

How did the recent events in the Web3 and crypto space (such as the FTX collapse) impact the overall industry?

These events serve as valuable learning experiences. As the space continues to evolve and mature, it will be important for developers, investors, and regulators to work together to ensure its long-term success. Every major new technological disruption has seen painful early bust cycles and not simply straight exponential lines to mass adoption. Crypto is no different.

What trends do you see emerging in the Asian gaming market in the next five years?

Asia sits at the confluence of some of the most powerful socioeconomic trends, including the demographic dividends of having a young and digitally-savvy population that has grown up on video gaming as the dominant form of entertainment.

The region, therefore, has a vastly different complexion as compared to the West and we are excited to see how these dynamics will bootstrap emergent models of video gaming consumption that have either not worked previously in the West or are completely novel channels of consumption.

How does the Asian gaming market fundamentally differ from the Western market? What learnings can Asian developers make from their Western peers?

One key difference between the two markets is how each market was first introduced to video gaming and how that has shaped each market’s consumption norms and preferences.

Also Read: Play-to-earn: Understanding the popularity of Axie Infinity

Western markets first experienced video gaming through PCs and consoles while Asia has a mobile-first experience with gaming. The implications of how these different markets were onboarded into gaming are too numerous to be discussed in detail. However, one clear manifestation of the above is how Asia gaming markets are far more receptive to mobile monetisation mechanics, such as ‘gacha’ style Lootboxes, which drew opposite reactions in the West.

It’s not that Asian developers need to learn from Western developers or vice versa, more critically it’s having a deep understanding of the end-user market one is selling into and therefore building a product that will provide the highest perceived value to users from respective markets.

Interestingly, we have seen best practices from Asian products and companies finding their way to the West as well as Asian audiences growing into PC and console-based platforms — a trend we certainly expect to continue.

What will be the future of the gaming industry? Do you think it will keep on evolving? How do you look at the negative side of gaming (the psychological impacts), especially on children?

Historically, we have delineated two worlds: the physical and the digital. As people spend an increasing amount of time digitally, we at BITKRAFT believe that the already blurred lines between these two worlds will disintegrate and give way to what we have termed a “synthetic reality.”

Similar to how gaming has historically been a catalyst for technological innovation (think consoles to cartridges to PC roms and GPUs), we expect gaming to stand at the forefront of this next evolution and drive us into the new paradigm of synthetic reality.

Gaming itself is not inherently harmful, and many games can have positive impacts on players like problem-solving, critical thinking, and social interaction can be beneficial for players of all ages. There are many studies on this from various organizations, see NPR, PocketGamer.biz, and NIH.

In the current times, we see a lot of major factors driving games upward in the next years including Crypto/Web3, AI, VR/AR, and new emerging markets growth in particular MENA and Africa. It’s a very exciting time in games. If it weren’t for that and our strong passion and belief in it, BITKRAFT would not be pushing forward this way.

Does BITKRAFT plan to raise a separate fund to invest in the region? Are there any specific countries or regions in Asia that BITKRAFT is particularly interested in?

We can’t disclose the fund’s details at this time, but we will be sure to notify you when we have Asia-specific news to share.

BITKRAFT is country-agnostic and will deploy capital where we see the value and great entrepreneurship. We look forward to working with the best companies and founders which Asia has to offer.

—

The post ‘There is strong reaction against the P2E gaming genre’: BITKRAFT Asia Partner Jin Oh appeared first on e27.

The 2023 Echelon Asia Summit is happening at the Singapore EXPO on 14-15 June 2023. Are you a startup founder, investor, corporate, or tech enthusiast? Don’t miss out on one of the most anticipated tech conferences in the region! For more information, visit the official Echelon page.

A partnership is a critical aspect of any successful endeavour, and the upcoming Echelon Asia Summit 2023 is no exception. With the Asia Pacific tech conference happening in Singapore EXPO on June 14-15, 2023, sponsors are playing a crucial role in ensuring its success.

Also read: 15 frontrunners closer to competing in the 2023 TOP100

Echelon Asia Summit 2023 is one of the premier events for technology professionals, bringing together experts from around the world to share knowledge and discuss the latest trends and innovations in the Southeast Asian tech startup ecosystem. This year’s conference will feature keynote speeches, panel discussions, and workshops on a wide range of topics, including artificial intelligence, blockchain, digital healthcare, and other emerging digital trends.

How these partners are helping us give you the best Echelon experience ever

Sponsors play a critical role in ensuring the success of the Echelon Asia Summit 2023 in several ways. Firstly, they provide various forms of support and coverage for the different activities and features that make the summit such an exciting and meaningful experience for attendees.

Moreover, sponsors bring their expertise and experience to the table, providing attendees with unique insights into the world of tech. By leveraging their networks and marketing channels, sponsors also help bridge audiences to the broader ecosystem, enabling access to valuable insights for different demographics.

Also read: TOP100 Partner WebEngage pushes growth for SEA startups

One of the key roles of sponsors is also their presence at the actual Echelon Asia Summit. This provides attendees with the opportunity to network with them and get to know their products and services, which is an essential aspect of Echelon’s purpose as an ecosystem enabler that connects all stakeholders together. By supporting the Echelon Asia Summit 2023, sponsors can help founders connect with other professionals, investors, and startups in the tech industry, forging new partnerships and collaborations that can drive business growth and success.

With the theme focused on “Building towards a sustainable and impactful tech ecosystem”, e27 is proud to announce Prudence Foundation as its Disaster Tech Partner and one of the sponsors for the 2023 edition of the Echelon Asia Summit!

Meet Prudence Foundation at Echelon Asia Summit 2023!

Prudence Foundation is the community investment arm of Prudential in Asia. Its mission is to create a lasting impact through sustainable initiatives focused on three key pillars: Children, Education, and Disaster Preparedness and Recovery. Under each pillar, the Foundation runs regional flagship programmes as well as local programmes working in partnership with NGOs and governments in order to maximise the impact of its efforts. The Foundation embodies the long-term and genuine commitment of Prudential and its people in Asia to provide innovative, focused, and practical support to their communities.

One of Prudence Foundation’s initiatives in the area of disaster preparedness and recovery is the SAFE STEPS D-Tech Awards, a program that was been launched to find, fund, and support innovative tech solutions that can help protect and save lives, before, during, and after disasters. Their mission is to create a better future by building community resilience against life’s risks.

Also read: CleverTap: Industry leader in customer retention will be at Echelon!

Prudence Foundation is partnering with e27 to gather the region’s most exciting startups working on solutions that can help address and mitigate the effects of various disasters. This gathering will culminate at the Echelon Asia Summit happening in Singapore EXPO on 14-15 June 2023.

“We look forward to shining a spotlight on the potential of Disasters Technology to save lives before, during or after disastrous events through the D-Tech Awards 2023 in partnership with e27, IFRC, and AWS,” shared Prudence Foundation.

Join Echelon Asia Summit 2023

Get to know Prudence Foundation and more at this year’s Echelon!

Echelon Asia Summit 2023 is happening on 14-15 June, at the Singapore Expo. Featuring a slew of speakers, exhibitors, business matching sessions, pitching stages, and more, the event enables participants to connect, network, and engage with the larger tech startup ecosystem.

To learn more about Echelon Asia Summit 2023 and sign up for the event, visit the official page here.

The post Championing disaster tech, meet Prudence Foundation at Echelon! appeared first on e27.

The technology is not too new, but the breakthrough in business model and user experience made ChatGPT “popular” as soon as it was launched, and stirred up the race of many technology giants. 

Since its launch, ChatGPT has generated a lot of buzz. Even while many believe that Chat GPT will eventually replace human resources, it has progressively become a part of our daily life. But is ChatGPT really that potent, or is everyone just being overly dramatic?

Despite not being a technological advance, ChatGPT has been able to stay ahead of its rivals because of a business model that targets both B2B (corporate institutional customers) and B2C (individual consumers) as well as comprehensive customer information.

A ‘winning’ business model

Breaking all records to become the fastest-growing application in history (reaching 100 million users after two months of launch), ChatGPT, an Artificial Intelligence (AI) integrated chatbot tool developed by Open AI, implemented is a business model worth learning even though the technology is not so new.

Usually entering the market, businesses need to build a business model but to stay ahead of the competition, businesses need a winning business model. Open AI has done this.

ChatGPT was born to “hit” right at the pain of customers when they want to complete their “to-dos”. Thanks to that, this tool quickly attracted a huge number of users after only a short time.

Also Read: ChatGPT becomes the helper or killer to all occupations in Vietnam

Currently, the introduction of ChatGPT is seen as ushering in a new age in information search. Users can take part in data submissions as an alternative to one-way information search. The Google business model is likely the most vulnerable at this point. In addition, AI will flourish across a wide range of media, including games, graphics, audio, and audiovisual content in addition to text. Companies and organizations are compelled to adapt and accept the game as a result.

“Strength” is the first phrase that Mr. Vu Quang Hieu, Head of the Data Platform Department, ZaloPay in Vietnam, uses to talk about ChatGPT when it can fully answer user questions in all areas, even difficult questions. In addition to its power, ChatGPT also has its usefulness, in that a lot of people use this tool as a virtual assistant, providing content templates to write emails, write reports or compose presentations, etc. 

Difficult to be ‘human’

ChatGPT still works according to programming and human input, it is difficult to progress to level 4, which is thinking like a human.

According to experts, ChatGPT is a machine and works according to human programming, the answers of this tool are simply based on the data it has been fed. Of course, there will also be cases where this tool is out of control. For example, when a user intentionally refutes an answer, ChatGPT will also falsify the information content accordingly.

One consequence of ChatGPT affecting young people is creating a habit of receiving information quickly but “shallowly”. In the past, people may spend hours reading books and watching videos on YouTube to learn more about a topic.

However, with the introduction of TikTok, the information is now condensed into a 30-second video. Young people are misled into believing that they just need to watch for 30 seconds to learn something, whereas, in reality, they do not fully comprehend.

Jackson Ryan from CNET provided an excellent example: The Information Age used ChatGPT to write the complete account of it, and they published it online along with a brief introduction.

When the study offered somewhat complete information, it was deemed satisfactory; nevertheless, ChatGPT fabricated citations and gave them the name of an OpenAI researcher named John Smith when it was “written”.

This demonstrates the weakness of a significant language model like ChatGPT: the inability to distinguish between fact and fiction. Chatbots are unable to be taught to accomplish this. It is a word processor that has been programmed to construct logical statements.

This is the key difference between a chatbot and a human. As a result, ChatGPT (or the underlying large language model based on Open AI’s GPT 3.5) is essentially prevented from doing journalistic tasks like reporting news or making public comments. current subject. Ryan claims that claiming ChatGPT can “rob” journalists of their labour is a degradation of journalism.

When Kylian Mbappe won the World Cup in 2018, ChatGPT was unable to read the emotion on his face or interview him. They also were unable to board a ship for Antarctica and write about their experiences.

Also Read: Navigating the relationship between ChatGPT and the travel industry 

Given everyone’s interest in ChatGPT, it deserves praise. The OpenAI improvements made to the product are worth noting. But the main reason it attracts attention is that it’s so accessible.

Data is not ‘clean’

Without a doubt, OpenAI won’t have enough time to use humans to read and double-check all the data fed into the language model. Additionally, it violates the standards for creating models by automatically identifying hidden features in unlabeled language model data, such as GPT.

Therefore, when using ChatGPT, we must acknowledge that we are conversing with a training machine built from a variety of heterogeneous data and that there is no way to confirm its accuracy. A fundamental computer science principle should not be overlooked. Expecting a positive result from an input of junk is like saying “Garbage in, garbage out.”

Be a sober customer when using ChatGPT

There are many reasons to be excited about OpenAI’s most recent development, ChatGPT. However, some topics are worth talking about even though they are not immediately helpful. The first open-source model of its sort, which gave all developers (big, small, and hobbyists) access to the technology simultaneously, has the tech world excited. The way you use Chat GPT is the way to decide whether it’s top or not. 

Don’t rely too much on it because there will be cases where either you will find it very useful or you will be disappointed by it. Because in general, ChatGPT still works according to programming and human input.

–

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva Pro

The post Is ChatGPT a great invention or is it being ‘hyped’? appeared first on e27.

The worst mistake you can make as a community builder is to grow your community from the inside — especially if it’s a private community.

Let me explain.

Most founders and community builders try to grow their community members by focusing on internal campaigns such as community giveaways, and AMAs, and though they work in making the community healthier, they’re not growing the right metric.

Community growth =/= Community engagement

Community growth is not equal to community engagement. Community growth is the driver of new community members (the conversation here is more of, did we grow the community from 0 to 100? 100 to 1000? 1000 to 100,000?), while community engagement is the driver of participation (From the 100 people who joined, how many are actively participating).

Most founders and community builders are only able to do the latter, and community engagement will not cause your community members to grow.

In fact, the 30+ communities that we’ve developed across different niches from Web3, DeFi, NFT, marketing, freelancing, personal development, and other niches (with more than 3M community members cumulatively) weren’t grown inside the community. They were acquired on other social media platforms, and converted from followers to community members. Simply because you can’t focus on acquiring new community members if you’re just focusing on community engagement.

Two metrics of community building

As such, community building is divided into two key metrics:

• Community growth
• Community engagement

Community growth asks, “How can we grow our community members?” On the contrary, community engagement asks, “How can we keep our community members engaged and active, but moderated and managed?” From there, it just follows that community growth is driven by external social media campaigns (i.e., campaigns that happen outside the community), and community engagement is driven by internal social media campaigns (i.e., campaigns that happen inside the community).

Also Read: Nothing can truly replace the offline element of community building: Yinglan Tan

P.S. If you reached this point in the article, you get a free copy of my community growth and community engagement stack campaigns, just send the word “COMMUNITY BUILDER” on my DMs on my official social media platforms and I’ll send them to you!

As a full-stack Web3 marketer, I argue that community building is the highest form of marketing as its the combination of user acquisition, user engagement, and content creation (i.e., making sure that the people who joined the community actually stay by continuously providing value) and it is perhaps, one of the hardest forms of marketing to master.

Community builders should remember that community building requires a two-pronged approach to growth. Most communities remain stuck under the 1000 community member mark because they fail to promote the community outside of the community. Community builders are often challenged with being “too stuck” inside their platform that they forget to market their community elsewhere.

So if you’re a founder, and you’re looking to hire someone to build your community for you, make sure to ask for their community growth and community engagement campaigns so you get the most value for the services that you’ll be given.

When we hire in our agency, this is a community-building mistake that even community managers with results have. This is why a great metric to know if a community builder or manager has the right formulas is if they have more than just 1 successful community case study under their belt.

To conclude, community building requires social media campaigns outside of the community to actually grow the community. The goal is to engage people in the brand’s social media platforms and convert them from followers to community members, to users (if applicable), and then paying customers.

Without campaigns outside the community, community builders will not be able to grow the numbers necessary for scaling. Community engagement, on the other hand, is a different ball game, and that requires founders and builders to continuously show up and add value to the community, and that’s reserved for another article.

–

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva Pro

The post Starting a community? Avoid these pitfalls for a successful launch appeared first on e27.

Southeast Asia witnessed many investment deals this week, in addition to Monk’s Hill closing of its second fund and Betterplace’s acquisition of Troopers.

Here is a quick summary of each of the news stories e27 published in the past five days.

Oyika scores Series B financing

Singapore-based Oyika, a battery swapping service for electric vehicles, has secured Series B funding, a TechInAsia report said citing Venturecap Insights. BPIN Investment led the round. BPIN is the investment arm of Thailand’s Banpu Infernegy.

Oyika works with existing e-motorbike/scooter manufacturers and transforms their internal combustion engine models into smart bikes by bundling them with its portable swap batteries, network of swap stations and mobile app.

Betterdata raises US$1.65M

Singapore-based programmable synthetic data company Betterdata raised an over-subscribed seed investment round of US$1.65 million led by Asia-Pacific-based early-stage VC firm Investible. Franklin Templeton, Xcel Next, Singapore University of Technology and Design, Bon Auxilium, Tenity, Plug and Play, and Entrepreneur First also joined the round.

Betterdata will use the new funding to publicly launch Betterdata’s product and enhance its technology stack, including support for single-table, multi-table, and time-series datasets.

Accredify closes US$7M Series A

Accredify, a verifiable technology solutions provider in Singapore, closed its ongoing Series A funding round at US$7 million. iGlobe Partners and SIG Venture Capital co-led the round with participation from returning investors Pavilion Capital and Qualgro.

The money will be used to expand its regional presence across the Asia Pacific.

Earth VC invests in Israeli startup

Singapore-based impact investor Earth VC joined the US5 million Series A investment round of Israeli intelligent traffic management startup ITC.

Other investors of this round are Champel Capital and Mobilitech Capital.

The startup will use the capital to expand into Southeast Asia.

ITC develops cutting-edge computer vision and AI/ML algorithms to predict traffic patterns and prevent traffic congestion before it accumulates. Through measurement, prediction, and mitigation, it also enforces municipal traffic policies, such as public transport, bicycle, and pedestrian prioritization.

Cortical Labs closes US$10M round

Singapore- and Australia-based Cortical Labs, which develops a new class of artificial intelligence using human neurons, completed a US$10 million investment round.

Led by Hong Kong-based Horizons Ventures, the round also saw participation from LifeX Ventures, Blackbird Ventures, In-Q-Tel, and Radar Ventures.

Cortical Labs will use the money to accelerate the commercialisation of its patented Biological Intelligence Operating System (biOS) and fulfil pre-orders.

Monkʼs Hill closes US$200M Fund II

Singapore-based early-stage VC firm Monk’s Hill Ventures made the final close of its third investment fund at US$200 million. The firm was originally seeking to raise US$150 million for this fund, according to SEC filings.

The names of the Limited Partners haven’t been disclosed. As per a statement, they are predominantly institutional investors including foundations and endowments, sovereign funds and several prominent family offices.

Mito Health raises US$1.3M

Singapore-based healthtech startup Mito Health secured S$1.7 million (US$1.3 million) in seed investment. Forge Ventures led the round, with participation from angels, including the founders and executives of ShopBack, Carousell, PatSnap, Glints, SingLife, Rainforest, ErgoTune and OhMyHome.

Mito aims to serve the health-conscious demographic and individuals looking for strategies to maintain their health beyond annual checkups and supplements. The initial focus is Singapore, with plans to expand regionally into other developed markets.

BetterPlace acquires Troopers

BetterPlace, a SaaS-based frontline workforce management platform in India, announced the acquisition of Malaysia-based Troopers, a provider of on-demand, pre-screened, part-time frontline workers to enterprises.

The transaction details remain undisclosed.

The deal will allow BetterPlace to accelerate its presence and establish a stronger foothold in Southeast Asia. It will integrate Troopers’s automated gig matching and rostering features into BetterPlace’s SaaS platform.

—

Copyright: peshkov

The post A quick look at the top investment stories published this week appeared first on e27.