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From technologists to academics, governments to creators, Asia is embracing blockchain as a cornerstone of the new digital economy. It’s a historical moment that has been brewing throughout two decades of sweeping economic reform. Just over 20 years ago, Asia accounted for less than one-third of global GDP. By 2040, that number is forecast to increase to 50 percent. Recent McKinsey Global Institute research shows that China, Hong Kong, Indonesia, Malaysia, Singapore, South Korea, and Thailand were just seven of 71 developing economies considered ’long-term performers’ in that they consistently maintained at least 3.5 percent GDP growth for an entire 50-year period.
Furthermore, Cambodia, India, Laos, Myanmar, and Vietnam achieved at least 5 percent GDP growth over 20 years. The result has seen swift societal improvements such as longer life spans, improved literacy, and a fast-tracked digital transformation, industrialization, and urbanization. It is a change that has come incredibly fast, catapulting large population segments from low socio-economic backgrounds into the middle-class - and even the downright wealthy - within one generation. By 2030, it is estimated that one billion people in Asia will join the global middle class, thanks to economic growth and digital transformation.
While the Western world has been at the forefront of technological developments, it is Asia that is emerging as blockchain’s epicenter. Almost half of cryptocurrency trading occurs on exchanges in Asia, making the region a fertile ground for blockchain adoption. Hand in hand with blockchain’s increasingly pervasive presence is Web 3.0 and its disruption of Web 2.0 giants. Web 3.0 technologies have played a lead role in tipping the balance of power towards an internet that puts ownership - and financial reward - into the hands of creators and users.
While seemingly untouchable juggernauts such as Spotify and YouTube pocket billions from user-generated content - as well as personal data - Web 3.0 empowers users with the ability to maintain control of their work and potentially generate income from their endeavors. The burgeoning NFT art scene that blockchain networks such as Tezos nurture is one such example. The booming blockchain gaming industry is another, with a colossal community of play-to-earn (P2E) gamers embracing this new monetization model.
“The rising talent of Asian artists is testament to the fast growing NFT and Web 3.0 movement, which continues to gain momentum in the region,” says Katherine Ng, Head of APAC Marketing and Operations at TZ APAC. “What I’m most excited about with NFTs and Web 3.0 is the ability to bring financial inclusion to an expanding digital creator economy. Inherently inclusive and democratic, this decentralized ecosystem is showing artists they can be owners of the digital communities they create around their art while being fairly compensated.” Powering this Web 3.0 digital revolution in Asia is a tech-curious young population. Home to more than 4 billion people, Asia Pacific is home to 60% of the world’s youthful population. A consumer Technology Association study reveals that, relative to the US, a higher percentage of Asian consumers identify as early adopters of new technologies.
McKinsey Global Institute research reveals that industries such as virtual reality, autonomous vehicles, 3-D printing, robotics, drones, and artificial intelligence (AI) now account for nearly half of global investment in venture capital inside Asia. We’re already seeing this play out with the enormous pools of digital consumers supporting the thriving and innovative blockchain technology sector.
These era-defining innovations have also created new opportunities that weren’t possible just a few years ago. Built on a decentralized digital economy, Blockchain networks such as Tezos foster a strong foundation of community that rewards participation. NFTs are a prime example. For the first time, artists and creators can create their own digital artworks and access highly engaged crypto audiences who find value in their work. The opportunity to affordably mint digital creations and get paid (some, really well) by a global marketplace hungry for unique perspectives has transformed societal norms and broken through the traditional art world’s high barriers to entry.
Another powerful factor influencing blockchain adoption is that the Asian economy is increasingly looking inwards rather than out. With the continued development of new industrial capabilities and increased manufacturing of more products on home soil, there is less reliance on foreign imports. What’s more, Asia isn’t bound by the same tightly integrated trade entity as the European Union or NAFTA. Today, 52 percent of Asian trade is intra-regional, compared to just 41 percent in North America. This concept of a ‘self-contained Asia’ is also reflected in the opportunities blockchain technologies present across verticals as diverse as gaming, finance, and commerce.
One of the most critical issues blockchain technology addresses is financial parity. The Association for Southeast Asian Nations (ASEAN), comprising ten countries within the region, has shown support for the technology through its 2025 Strategic Action Plan. With a goal to deliver financial products and services to a broader, under-served community, including micro, small and medium enterprises, the Community Blueprint also outlines the need to “promote innovative financial inclusion via digital platforms.”
Put into practice, blockchain is opening up opportunities for many to engage with the finance sector for the first time. Despite solid economic growth in the region, more than 70% of the adult population in Southeast Asia remains either ‘underbanked’ or ‘unbanked’ due to cumbersome requirements or lack of access to formal credit history. And while cash remains king, crypto and other blockchain technologies have disrupted the status quo by offering a decentralized way for people from all socioeconomic backgrounds to participate in the economy. With privacy built into its DNA, an added layer of protection is provided that Web 2.0 services, governments, and banks don’t offer.
For emerging Asian countries, the option to bypass the limitations of conventional banking for the freedom of decentralized finance (DeFi) is a game-changer. Blockchain networks such as Tezos are at the forefront of this movement enabling brands, developers, and creators to bring their works to the masses with the potential to earn a living.
True to this theme, Katherine believes there are two choices in life: repeat or evolve. “Our first landmark NFT exhibition at Art Basel Hong Kong: NFTs and the Ever-Evolving World of Art, made waves in Asia’s tech, finance, art and media circles. For the first time, we achieved 50% Asian artist representation at the exhibition, the world’s largest and most prestigious global art fair.”
At an institutional level, blockchain’s broad spectrum applications show what’s possible in creating meaningful change. From government, education and health, institutions are fueling blockchain’s digital transformation across Asia as they explore ways to boost productivity, security, and transparency at scale.
With ambitious plans to strengthen its digital economy, Vietnam is transforming Ho Chi Minh City into a smart city by using blockchain technology to mitigate risk and streamline processes. In Indonesia, which is considered to have the most complicated election process in the world with 193 million people spread over 17,000 islands, blockchain technology has successfully improved the transparency and integrity of election results.
In the education sector, institutions are exploring the benefits of blockchain technology for record-keeping to enable students to take control of their accreditations without the need for an intermediary to verify authenticity. Another exciting possibility is using the technology to compile a virtual record of a person’s educational achievements throughout their lifetime.
From its inception and unlike traditional financial services, cryptocurrency and blockchain have never been the exclusive domain of mainstream middle and upper classes. By improving political processes, health systems, and providing financial and entrepreneurial opportunities to the marginalized and those that old-guard institutions overlook, blockchain technology has the capacity to be a catalyst for diversity and inclusion.
Not-for-profit Diversity in Blockchain is one of several groups committed to ensuring diverse people and communities are included in the artistic and creator opportunities blockchain presents.
As Katherine explains, there is a wealth of advantages these different perspectives can bring to NFT technologies. “My hope is to provide the best platform for Asian NFT generative artists to empower their art and voices and bridge the gap between the most serious art collectors and museum directors in the world. At the same time, sustainable spaces for representation are created when these digital creators are empowered to share their personal and collective identities through their art, without censorship and with true ownership,” she adds.
Singapore-based Tribe Accelerator is a global blockchain incubator that selects the most promising growth-stage startups tackling real-world problems and supercharges their go-to-market strategies through its worldwide network.
The accelerator team works with the portfolio companies to co-design go-to-market strategies through partnerships with Fortune 500 companies, governments, and tech companies to drive mass adoption of their solutions.
Crunchbase recognizes the organization as one of the top 100 accelerators in the world. To date, Tribe Accelerator’s achievements include:
Home to some of the largest global companies, 60% of the world’s youth population, 50% of all internet users, and the fastest-growing blockchain market, Asia is the new center of global consumption and the largest economy in the world. As the decentralization of the internet and the opportunities provided by blockchain technologies continue their march on every facet of society, a new century of Asian leadership is here and with it an innovative generation setting new standards of what’s possible.
