If there's one belief I hold steadfastly, it's this: the epicenter of influence in the crypto and Web3 world is undeniably shifting towards the East. I'm convinced that Asia is on a trajectory to become a formidable force in crypto and Web3 in the not-so-distant future.
From the bustling crypto trading hubs of South Korea, and Japan to the emerging markets of Vietnam and the Philippines, Asia's influence in the crypto world is growing. Later this year, Hong Kong is poised to be China’s experimental playground in crypto with retail-friendly policies, even as Mainland China itself remains mostly shut off.
What’s going on?
Asia is a hotbed for technological innovation. Companies and developers from China, South Korea & Singapore companies are often at the forefront of new trends in tech.
The regulatory environment in Asia (ex-China) is generally more friendly toward crypto
Asia boasts high rates of mobile penetration and digital literacy, providing the perfect breeding ground for the adoption of digital currencies. With smartphones becoming increasingly affordable and internet access expanding, more and more people in Asia are getting connected to the world of digital finance.
In many parts of Asia, a significant portion of the population is unbanked or underbanked. Crypto offers an alternative for these individuals to participate in the financial system, via cheaper, faster cross-border remittances and P2P payments.
My personal goal is to spend more time in Asia’s burgeoning Web3 ecosystems — and identify early trends that the rest of the world may be slower to catch on to.
🚀 The Vibrant Energy of Vietnam
Last week, I made a trip to Vietnam, a country that's making its mark in the world of cryptocurrency. With a population of 98 million, it was touted by some that nearly 50% of its people have used crypto, making Vietnam the global leader in crypto adoption.
On chatting with locals there, the “50%” statistic is probably way overinflated.
User numbers are driven up by airdrop farmers with thousands of wallets each
Most “normies” still think of crypto as a scam or get-rich-quick scheme
Stepping into Vietnam, you're immediately struck by an energy, a vibrancy that's hard to put into words. The population is young, dynamic, and ready to hustle. While language can pose a barrier, those proficient in English have a significant edge on the international stage.
Another compelling statistic: A 10-person Web3 startup based in Vietnam with $5M in funding can have an 18-year runway. Compare this to a paltry 3.4 years in Singapore and 2.9 years in the US.
My friend Leslie thinks it’s even less:
Web3 products are inherently global from the get-go. This means that the geographical location of your team becomes less of a concern. We're still in the early stages of Web3 adoption, and it's uncertain when we'll hit that inflection point. Therefore, having the ability to build and iterate over the years without the constant worry of depleting funds is a significant advantage.
I strongly believe that more teams should consider offshoring parts of their operations. With the rise of technical talent in places like Vietnam, it's an opportunity that shouldn't be overlooked. Of course, this strategy hinges on finding trusted local leaders or partners who can effectively manage these offshore operations.
💰 Growing VC Interest in Vietnam
One of the most telling signs of Vietnam's potential is the interest of venture capitalists (VCs) from other countries.
I’ve met VCs from various countries dedicating time to Vietnam, establishing a local presence, and scouting around for their next big startup hits. The valuations in Vietnam are generally more reasonable, making it an attractive market for investors.
The question in everyone’s mind is: Who is going to be the next Sky Mavis/Axie Infinity?
For anyone looking to get involved in Vietnam, there are several major ecosystem builders there:
Kyros Ventures, a top local VC and ecosystem builder, is a great contact if you're looking to access the Vietnamese market.
K300 Ventures is another prominent VC from Vietnam, investing both locally and beyond.
Coin98 Wallet, often referred to as the "Binance" of Vietnam, has an exchange, media, and venture arm
Ancient8 is Vietnam’s largest Web3 gaming guild and infrastructure layer for GameFi
🎨 The Rise of NFT Communities
The NFT community in Vietnam is also beginning to flourish. The Anti Anti NFTs Club (AANC), the largest NFT community in Vietnam, is led by co-founders Farrier Ng and Tin. I met both of them in person and can attest that they are wonderful, passionate folks. AANC is dedicated to education, research, and helping people secure jobs in the NFT industry.
One of the highlights of my trip was the opportunity to meet Twitter friends in person at side events. The Avocado DAO open bar was particularly memorable, where I met incredible people from around the world.
Several other NFT-related projects are making their mark in Vietnam. Just a few:
Aura Network, a Cosmos-based NFT chain
SeekHYPE, an NFT marketplace
Darenft, an NFT infrastructure protocol
Oxalus, a social commerce for NFTs
🎙️ NFT Panel discussion highlights
While I was in Saigon, I participated in a couple of NFT panels. Jotted down some notes as I prepped for these interesting questions, and thought I’d share them.
1. NFTs are in a real bear market. Much liquidity has also left the NFT space when it comes to trading. TLDR: Are we dead yet?
There are two main groups of people in NFTs today: Traders & Builders
From a trader's perspective, NFTs are pretty much dead. When prices just keep going down, there is no opportunity to make money and traders leave. But they will be back when prices start moving again, I can guarantee you.
From a builder’s perspective: If you’re immersed in the space, talking to startups and founders every day, you cannot help but be excited about the future of NFTs as a technology tool. I count myself in this camp.
2. The original concept of NFTs is one of a huge promising narrative, power to the people, power to creators, and unprecedented utility. Where are we and what are some tangible examples you have seen of progress in this vertical?
I believe that almost everything will have some form of NFT representation — well, at least everything digital. NFTs are essentially the property rights layer for the internet.
Luxury brands like Louis Vuitton, and huge consumer brands like Nike and Starbucks are already doing something substantial with NFTs. For example, Nike is using NFTs as a new tool for building a brand among digitally native younger audiences and engaging with them.
Today, social media is oversaturated. These brands are paying attention to Web3 because it’s a green field opportunity to reach a new, digitally native audience that is set to become a crucial market segment in the coming decades.
3. How can we get there? The narrative of digital asset representation isn’t new and the answer is always “soon”.
The key to progress is onboarding more creators into the space and making it easier for them to express their creativity using Web3 tools. This includes artists, entrepreneurs, musicians, influencers, and more.
IMO, we need to onboard the next 1 million creators to get the next 1 billion users into web3.
4. What are some of the challenges and opportunities of creating a decentralized IP or brand?
One thesis I hold on to quite strongly is that the next big consumer IP company will be built using web3 rails.
You don’t need 8-figures in funding to build toward the next Pokemon or Disney. Anyone can bootstrap (or with limited funding) and build an early community around their creative vision using NFTs.
It follows the law of numbers: many will attempt and fail, but a few will succeed beyond our wildest dreams.
NFTs will form the base layer for new IP creation: whether it be movies, games, or anime. More on this in an upcoming blog post.
With an early community, creators get feedback much more quickly, allowing them to iterate fast on what works and shelf what doesn’t work. A much leaner process overall.
Your community is more incentivized to participate and stay loyal, because of ownership.
The biggest challenge of course is time (it takes years) and making the right choices for your brand.
I’m a big fan of David Horvath, the creator of Ugly Dolls. He writes about how character brands can choose the route of evergreen ubiquity, or the shorter-lived fast & furious type of growth. And it all boils down to the choices you make. His substack is an excellent read.
🌱 Early Days for Vietnam x Web3
After attending conference sessions at GM Vietnam and engaging in numerous conversations, it's clear that the Web3 ecosystem in Vietnam is in its infancy but certainly headed in the right direction.
It won’t take off immediately — more like 2026 to 2030 if I were to guess. But I anticipate Vietnam becoming a solid player in the Web3 ecosystem in the coming years.