NFT Startups Dominate The Asia Pacific Market

Despite the volatility in the cryptocurrency sector and fears of market-wide difficulties, a new report has offered concrete evidence that crypto startups have found fertile ground for growth in the Asia Pacific.

Indeed, a joint study carried out by Canada’s accounting giant KPMG and international banking corporation HSBC titled ‘Emerging Giants in Asia Pacific,’ has shown that a quarter of all businesses in the region are related to crypto due to the fast-growing fintech adoption and the fact that “considerable interest has also shifted to cryptocurrencies.”

In terms of the top 20 industry subsectors, blockchain companies were the strongest in numbers, especially non-fungible token (NFT) and decentralized finance (DeFi) startups. Among the 6,472 players, the study identified 1,130 emerging NFT giants and 650 emerging DeFi mammoths.

As per the report, the emerging blockchain players included Vietnam’s NFT game developer Sky Mavis, South Korean crypto exchange owner Dunamu, and Chinese distributed ledger company Hyperchain.

With these results, the NFT and DeFi subsectors have beaten fields, including the electric vehicle (EV) charging infrastructure, quantum computing, robotic process automation, small satellites, Internet of Things (IoT) security, and others.

Sponsored Event