Web 3.0 in Southeast Asia has continued developing as we predicted a few years ago. It is the next iteration of the Internet, offering a decentralised infrastructure away from modern-day gatekeepers like Big Tech companies or third-party intermediaries like Big payment-processing platforms.
Harnessing Web 3.0 technology will enable the Association of Southeast Asian Nations (ASEAN) to digitise further multiple industries, such as finance with DeFi, gaming with GameFi, and record-keeping with its blockchain-powered distributed ledger solution. In the financial sector, they will use peer-to-peer networks to send traceable payments without a processor to participate.
Linda Ang, Head of Strategy at aelf helps us with understanding the complexity of Web3 and blockchain
For Web 3.0 startups in GameFi, players use the Play-to-Earn (P2E) model, where they can trade Non-fungible tokens (NFTs)—blockchain data units associated with digital files. In exchange for cryptocurrency, gamers can develop, buy, or sell the acquired in-game virtual assets.
Below is a list of startups that are innovating in blockchain and Web3.0 and are set to impact the world in 2024 and beyond:
SkyMavis
Vietnamese studio SkyMavis believes in a future powered by blockchain technology where people will have economic freedom through its product solutions. It will accomplish this goal by introducing the world to cryptocurrency obtained through gaming and other practical applications. The company builds virtual worlds and the infrastructure that they run on.
For example, SkyMavis built the number one blockchain game, Axie Infinity. People can own digital pets called Axies and earn crypto in this virtual world. According to Cryptobriefing, the company is offering other game developers a USD 50,000 grant to make Web3 games using its early access program, Ronin Forge. Approved applicants will be able to achieve Studio Partner status, enabling them to receive additional support and USD 500,000 funding.
Tokocrypto
Indonesia’s Tokocrypto is a trading app for verified crypto assets regulated by the Commodity Futures Trading Regulatory Agency, Bappebti. It obtained its Physical Crypto Asset Trader (PFAK) licence, showing that it complied with industry rules. Licensing also ensures investors can trust the company to provide a functional platform for buying and selling Bitcoin (BTC), Ethereum (ETH), Dogecoin, and other cryptocurrencies in the country.
Tokocrypto’s vision is to ensure Indonesians have access to the crypto revolution that can improve their lives. It has an integrated service system to make it easier to invest in crypto assets while maintaining security and confidentiality. Compared to 2023, Tokocrypto’s trading volume has increased by 170%, and its user base has surpassed 4.5 million, meaning the company can continue to offer its financial products and services and build a Tokoscape ecosystem.
Bluzelle
Singapore’s Bluzelle provides a decentralised and scalable network for creators, developers, scientists, and others to own and manage their work products away from gatekeepers. Bluzelle offers enough storage space to save information online securely, makes data accessible to the owner, and enables users to get cutting-edge solutions to real-world problems.
Bluzelle believes Web3 belongs to the creators. Therefore, the decentralised storage system and NFT marketplace empower gamers to mint, store and trade their NFTs securely. Its ecosystem is powered by the BLZ Token, a versatile digital asset for network transactions, betting to earn rewards, and participating in network governance. Users can store their tokens in the Keplr crypto wallet.
Additionally, Bluzelle’s GameFi chain offers exciting play-to-earn games developed and published in-house to take advantage of the company’s infrastructure and solutions.
imToken
The imToken app from Singapore provides intuitive, secure, and trusted non-custodial wallet services worldwide, serving more than 15 million users. It has multi-chain wallet management, meaning users can access their BTC, ETH, EOS, TRX, and ATOM tokens, among others, by using their private keys. Executing a blockchain transaction is also secured through biometric verification.
Outlook for Web 3.0 in Southeast Asia
The Web 3.0 startups above show the region’s great potential to solve many local issues, especially employment opportunities. Unfortunately, there may also be increased personal data theft and dissemination threats to third-party criminal enterprises to sell the information.
Many challenges await Web 3.0 in Southeast Asia, from regional adoption, implementation, regulations, and financing to the cost of technology, poor infrastructure, and innovation fatigue. The pace of industrial evolution into a digital economy will also put a lot of strain on the demand for renewable energy sources.
Despite these dangers, ASEAN remains a region with tech-savvy citizens willing to adopt new solutions. Web 3.0 technology is the next phase in powering the Internet, enhancing user experience, and giving people power over their content.
The government must support the industry through better regulations and consistent funding as the ecosystem builds up. Countries like Singapore can position themselves as a Web 3.0 hub, where businesses will find a healthy business environment and regulations in place for success.