A survey carried out by one of the Big 4 accounting firms, KPMG in conjunction with HSBC has revealed that non-fungible tokens (NFTs) and decentralized finance (DeFi) are more popular amongst Asian Pacific startups.
According to the report these communities are more in number when compared to other technological innovations like quantum computing and electric vehicle charging.
Electric vehicle charging infrastructure, quantum computing, and robotic processing automation was previously recognized as the top five sectors in the Asian Pacific.
The 14th and 15th positions were maintained by blockchain real estate and decentralized autonomous organizations (DAO) respectively. With this new result from the survey, they are all quickly getting relegated to the sidelines while blockchain takes the lead.
Blockchain Technology Gains Recognition in Asia
Formerly, in the collection of the top 100 emerging startup giants, only about five were blockchain related. Out of all five, only Catheon Gaming, a Hong Kong play-to-earn (P2E) gaming platform made it to the top 10 in ranking.
A total of 6,472 Asian Pacific startups in 12 Asian countries participated in the survey and it was discovered that over a quarter of them are blockchain oriented.
Generally, the Asian Pacific has recently experienced a spike in the number of technology-based startups springing up. Many businesses are shifting away from venture capital investments, thereby causing a decrease in the VC ecosystems.
Data from the survey showed that a larger percentage of the new technology giants were from Mainland China and India. About 32.8% of the new technology startups are companies in Mainland China while 30.1% are from India.
Japan came third place with about 12.7%, and Australia had the least number of blockchain-inclined startups with just 8.7%.
More Interest in NFTS
These emerging startups seem to be more interested in NFTs and following right after is DeFi. These NFTs are unique crypto assets that do not have the tendency to be interchanged or replaced. Once acquired, its ownership is conferred solely to the holder. Its distribution and circulation have no limits or boundaries as they can be designated by anyone.
Each NFT has a unique ID that cannot be tampered with. Ownership is transferrable from one holder to another. Non-fungible tokens are written with software code also known to as smart contracts that manage elements such as validating ownership and controlling the transferability of the NFTs.
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