On July 19th, we had the privilege of hosting a discussion with four NFT builders from various Asian countries. During the conversation, we explored the current state of NFTs in different Asian nations, gaining insights from their unique perspectives on the topic. Each participant expressed their individual views and thoughts on the world of NFTs.
Host: Fiona (Foresight News)
Co-host: Kate (AntiAntiNFTs Club)
Special host: Tung (AntiAntiNFTs Club)
Guest Speakes: Akim (VeryLongAnimals), Ariel (HashKey NFT), Tin (SeekHYPE), Hato(HatoGenesis)
Editor: Kean （Foresight News）
Interpretation of NFT
NFTs have emerged as a solution to bridge the language barrier in the world of art and communication. With NFTs, language becomes secondary, and the focus shifts to the artwork itself. You don’t need to comprehend a specific language to appreciate and enjoy art, making NFTs an excellent way to connect people worldwide through the universal language of creativity.
Emphasizing the power of community, NFTs thrive on the support and engagement from like-minded individuals. Being part of an NFT community, like the vibrant Azuki Elementals, brings immense backing to your projects and ideas. As you join such a community, the support you receive can be truly transformative, giving your initiatives the boost they need to succeed.
However, the dynamics of the NFT community have experienced a shift over time. In the past, the sense of community was more all-encompassing, with a tight-knit, inner-circle vibe. Lately, though, the community has expanded its horizons, with members embracing platforms like Twitter to extend their reach. This transformation has also influenced the priorities of NFT projects. While culture and vibe once played a central role, the focus has shifted toward branding. Successful projects are now built upon the founders’ backgrounds or the team’s image, moving away from the traditional emphasis on the community’s story.
NFTs Revolutionizing Traditional Web2 Business:
With NFTs, Web2 businesses can forge stronger community engagement. SeekHYPE, for instance, launched an epic NFT collection in collaboration with Vietnam’s top transportation company. The goal is to cultivate loyalty among users, filter high-tech adopters, and offer NFT holders exclusive access to future high-tech products and collections.
NFTs also open exciting doors for traditional businesses to connect with new customers. There’re quite many already out there, such as Starbucks, Sony, etc. As different Web2 companies enter this space, they infuse new energy and create vibrant vibes. NFT is also an excellent opportunity for businesses to thrive and expand their reach.
The NFT Scene of different market in Asian
Japan boasts several advantages in the NFT landscape. The country’s strong pop culture, with iconic creations like anime and manga, creates a fertile ground for the NFT community to flourish. Abundant talented creators and artists contribute to a diverse range of captivating artworks, fueled by the country’s rich cultural heritage, including video games and VTbers. Furthermore, the Japanese government’s positive stance on NFTs, recognizing them as distinct from fungible tokens, adds regulatory support to the ecosystem.
However, Japan also faces certain challenges. The language barrier hampers international marketing efforts since most Japanese citizens don’t speak English fluently. Additionally, the relatively older population, average age of 48, can be a hindrance to fostering a dynamic and youthful community. Moreover, NFTs in Japan tend to be on the pricier side, making it less accessible to young enthusiasts. To address this, some initiatives provide NFTs to young individuals for free to build a thriving community.
Despite the obstacles, Japan holds promising opportunities. Collaborating with international influencers and creators can bridge the gap between Japanese talent and the global community. By uniting their creative forces, Japan can unleash its NFT potential on a global scale.
Vietnam holds several advantages in the NFT space. The availability of affordable human resources facilitates NFT projects’ development and growth. The country boasts a vibrant art culture, similar to Hong Kong, providing a fertile ground for numerous potential projects, particularly in blockchain gaming. An encouraging trend is the increasing participation of the younger generation in NFTs, as they readily embrace and adopt new technological advancements.
However, Vietnam does face some challenges. Language barriers persist, although they are gradually diminishing with the growing global reach. Additionally, some people remain skeptical about the NFT and Web3 world due to the absence of a legal framework.
Yet, these challenges create unique opportunities. The lack of a legal framework for crypto and Web3 in Vietnam grants projects the freedom to launch with relative ease. This favorable environment allows for experimentation and innovation, attracting new ventures and creative ideas to thrive within the Vietnamese NFT market.
Hong Kong’s Vibes
Hong Kong possesses a host of advantages for the thriving NFT market. Its well-established financial industry and supportive regulatory environment attract investments, fostering a conducive climate for NFT projects to flourish. The city’s vibrant art scene, steeped in contemporary art and design, provides a rich pool of talent and potential collaborations for NFT endeavors. Hong Kong’s multicultural ambiance with diverse communities and traditions opens doors for NFT projects that can reflect and celebrate local cultures and identities.
However, Hong Kong does face certain challenges. The high cost of living can pose hurdles for smaller NFT projects and startups seeking to establish themselves in the city.
Yet, this dynamic environment presents exciting opportunities. The NFT market in Hong Kong is still relatively small and developing, making it a prime space for growth and innovation. The city’s unique cultural heritage and creative talent offer vast potential for the NFT space. Hong Kong’s long history of artistic innovation translates well into the NFT realm, fostering creativity and experimentation. Additionally, the government’s policies encouraging industry development attract more Web3 companies to set up their bases in Hong Kong.