Cryptocurrency

NFTs and GameFi invades Asia

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For the past few months, cryptocurrencies, NFTs, and GameFi (which are all powered by blockchain technology) have been on the rise. It is getting clear by now that they wouldn’t just be a fad, but a permanent part of our culture.

Axie Infinity, for example, which is currently the most popular play-to-earn game today, has proven blockchain’s capability to revolutionize industries, like the gaming industry. 

Global venture capital firm True Global Ventures (TVG) recently raised over US$100 million for its TGV 4 Plus Fund, which has the big potential to be the next blockchain unicorn. 

According to Kelly Choo, one of TVG’s partners, they recognize the massive potential of play-to-earn games such as Axie Infinity in developing nations. 

“In Europe or the U.S. that could only mean maybe just a week’s worth of living expenses. In Asia, one of the exciting things about this whole play-to-earn is that a lot of people are actually putting food on the table,” Choo said. 

Animoca’s rise

Just this year, Animoca Brand, a Hong Kong-based blockchain gaming company, has successfully raised US$1 billion, pushing it to a unicorn status. 

Animoca, which is currently one of the leading NFT and GameFi companies in HongKong, and supported by TVG, has even managed to raise another US$5O million to its already big fund. 

And Animoca will just be the start of Asia’s success when it comes to blockchain ventures. Choo said that with the region’s vibrant technology sector, more blockchain unicorns will surely arise in the future and make an impact on the world. 

NFT’s domination

Choo said that even with NFT’s rapid rise, its application is currently limited to arts, games, utilities, and domain names. But in the future, according to Choo, NFTs’ application would be broader and companies can tap into this expanded use to create new revenue streams. 

 

Image courtesy of Cointelegraph News/YouTube

Jet Encila

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Jet Encila

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