On Tuesday, Yat Siu, the co-founder and chairman of Animoca Brands, a Web3 game development and investment company, claimed that Asian enterprises are more inclined to adopt and invest in Web3 technologies than their North American equivalents.
According to Siu, who spoke at the Outer Edge conference in Los Angeles, sizeable global game publishers, along with their 400 portfolio companies, are actively involved in the advancement and acceptance of technologies such as non-fungible tokens (NFT) and the metaverse in various parts of Asia such as Japan, Korea, Hong Kong, and Southeast Asia. This level of engagement is higher than that of their counterparts in the United States.
Siu noted that the severe crypto winter that impacted many U.S.-based enterprises last year had discouraged many U.S. companies from investing in Web3. In Asia, though, interest in blockchain investment remains strong.
According to him, the adoption, readiness, and willingness to purchase a product are higher in Asia, particularly in Japan, Korea, and Southeast Asia, compared to other regions.
Yat Siu also asserted that intellectual property (IP) development is more advanced in Asia and that the “pro-capitalist” attitudes of investors in the region have pushed their investments in Web3 technology.
He noted that a significant portion of the population in the United States tends to deviate from capitalism as it does not appear to be effective. In contrast, many people in Asia have a strong inclination towards capitalism due to their personal encounters with the benefits it has provided them throughout their lives.
He added that there is some truth to the joke that the “American Dream” is more evident and thriving in Asia than in the United States, especially considering all the aspects of Web3 that they previously discussed.
Asian nations have recently taken steps to adopt Web3 on a national scale. In an October policy speech, Prime Minister Fumio Kishida of Japan stated that the nation’s digital transformation efforts would include investments in NFTs and the metaverse. In November, the Japanese Ministry of Digital Affairs announced that it would establish a decentralized autonomous agency to explore Web3 technology further.
In January, the South Korean government said it would develop a metaverse replica of its capital city, Seoul, to assist the nation in enhancing its virtual public services.