Asia Pacific market is dominated by NFTs and DeFi startups

Notwithstanding the uncertainty in the virtual currency industry and business concerns, a new study contains hard proof that crypto businesses have discovered a breeding ground for expansion through the Asia Pacific.

Indeed, according to combined research published by Canada’s financial reporting giant KPMG as well as world financial corporate entity HSBC labeled ‘Emerging Giants in the Asia Pacific,’ a fraction of all companies and startups are linked to digital money due to the rapidly cashless transaction and significant curiosity in digital currencies.

In aspects of the top twenty business market segments, blockchain startup companies have been numerous, particularly NFT and DeFi businesses. The research identifies 1,130 NFT powerhouses and 650 evolving DeFi mammoths, even among 6,472 gamers.

According to the study, the evolving blockchain participants involve Sky Mavis, a Vietnamese NFT games company, Dunamu, the operator of South Korean cryptocurrency exchanges, and Hyperchain, a Chinese decentralized blockchain corporation.

The NFT and DeFi subfields have defeated fields such as electric car charging networks, particle physics, advanced robotics, geosynchronous orbits, Internet technology safety, and those with these outcomes.

Increasing cryptocurrency adoption

The research evaluated 6,472 innovation businesses with approximately $500 million market values through 12 core market segments: Thailand, Taiwan, Vietnam, Indonesia, Malaysia, Hong Kong, South Korea, Singapore, Australia, Japan, India, and Mainland China, and interrogated development company leaders.

The study observed an increasing implementation of electronic investments across Asia Pacific territory, indicating that, while crypto commerce is currently prohibited through Mainland China, virtual currency implementation has increased through Hong Kong, Singapore, and a few developing markets such as India or Vietnam.

Per the ‘2021 Chainalysis Global Crypto Adoption Index,’ virtual currencies exchanges expanded eight times over the previous year, compensating for 14 percent of the global volume of transactions.

The review highlighted the ten largest Emerging Giant businesses in every one of the 12 identified industries, and five which had the possibility of becoming unicorns or corporate new startups highly prized at more than $1 billion, among some businesses researched.

It is still to be seen if Mainland China’s leading role in geographic technology developments will influence its country’s outlook toward digital money and encourage it to loosen restrictions on cryptocurrency exchanges and mining virtual currencies such as Bitcoin.