Going by the tremendous amount of activities in — and the capital flowing into — the sector, it is clear that Web3 is no longer a fad. It is, in fact, the present and the future!
From multinationals to young startups, everyone is jumping on the Web3 and metaverse bandwagon. Facebook (Meta) has already announced its arrival. Spotify, Twitter, Alphabet, Amazon, Tesla, and Shopify have either started or are planning to adopt it shortly.
The popularity of metaverse games has added to this excitement. Vietnamese unicorn Sky Mavis is killing it in Southeast Asia with its popular play-to-earn game Axie Infinity. The company grew to a billion-dollar company in the blink of an eye.
New Web3 companies and games sprout almost every day. Across Greater Southeast Asia, there are over a hundred startups operating in various verticals — asset management, NFT, DAO, infrastructure, DeFi, mining, exchange, gaming, and wallet. The names include YGG, Sipher, and GuildFi, which have earned their respective places in the Web3 world. We have also seen various initiatives by organisations that aim to promote the use of this technology to the wider public, especially those who have never been exposed to it, such as the community of local artists.
Taking a leaf out of the success of these ventures and projects, startups operating in other non-related areas have also started joining the Web3 race.
For instance, Singapore’s ride-hailing company Ryde recently announced its entry into the NFTs space. We have also started seeing more innovative use cases for NFTs as organisations have begun to utilise them to fundraise for various causes –including a war fund.
As traditional investors start giving more attention to the space, we also see the rise of Web3-focussed investors, such as Binance Labs, Cake DeFi and Luno Expeditions.
Also Read: ‘I have seen the future, and it works.’ But is it Web3?
All this points to a growing euphoria around the web3 world.
As Web3 started proliferating sometime last year, we at e27 determined to make the most of it — not by introducing our own NFTs/collectibles/digital merchandise (although we don’t dismiss the possibilities) but by extensively covering the space.
The foundation stone was laid in Q1 2022; we gave coverage to many great startups and entrepreneurs and spoke to some of the brightest minds in the vertical, such as Animoca Brands’s Yat Siu.
It is now time for us to build on this foundation. We will continue to cover new Web3 companies and projects throughout this quarter. We have interviews lined up with security experts in the cryptocurrency space and plan to introduce and profile some of the most active investors in the space.
We want our readers to be part of this journey; you can suggest what you think are the best companies in the domain. We will consider them for publication.
Watch this space, and stay tuned.
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