The Next Web3 Wave is Coming from Asia

Murasaki BV
5 min readFeb 12, 2024

The digital frontier of Web3 is rapidly gaining momentum within the Asian market — particularly in South Korea, China, and Japan. The convergence of advanced technology and distinct cultures fosters an environment ripe with new business opportunities. For those considering expanding their Web3 services and IP beyond Asia, actively entering this evolving market presents an excellent opportunity for business expansion and growth.

In this article, let’s explore why Web3 is poised for success in the Asian market right now, and how Murasaki plays a pivotal role in supporting that success.

Table of Contents

1. Market Conditions in South Korea, China, and Japan
- Market Features in South Korea
- Market Features in China
- Market Features in Japan

2. Support from Countries Driving Market Conditions
- Support in South Korea
- Support in China
- Support in Japan

3. Challenges of Entering the Asian Market
- Challenges in South Korea
- Challenges in China
- Challenges in Japan

4. Navigating the Asian Web3 Landscape with Precision
- Creative Production
- Game Development
- Promotion
- Community Support

1 — Market Conditions in South Korea, China, and Japan

  • Market Features in South Korea:

The Web3 market in South Korea is propelled by over 200,000 active users, with approximately 15% engaging in token transactions on centralised exchanges. Particularly noteworthy is the “N-po generation,” which holds expectations for Web3 to help them get out of their hopelessness, leading the entire market.

Reference Article: https://note.com/shinnosuke47/n/n9ccdca741c43

  • Market Features in China:

China ranks among the top 2 or 3 globally in Web3 market transaction volume, reaching a market size of 2.5 Billion Yen (approximately 35b USD) as of 2021. The market is vibrant with DeFi (decentralised finance), driven by a strong desire for wealth and a deeply rooted investment culture.

Reference Article: https://blog.csdn.net/LokiSan/article/details/131548312

  • Market Features in Japan:

Japan’s Web 3.0 market is estimated to be worth 92 Billion Yen (627m USD). Strong content such as games, manga, and anime characterises the market, with a focus on community-based ownership and the culture of supporting favourite creators through NFTs. There is also anticipation for the sports betting market in the future.

Reference Article: https://service.xenobrain.jp/forecastresults/market-size/web3

2 — Support from Countries Driving Market Conditions

  • Support in South Korea:

In Q4 2024, the South Korean government plans to commence the trial operation of Central Bank Digital Currency (CBDC). This initiative will allow approximately 100,000 users to purchase goods using CBDC tokens issued by commercial banks. Simultaneously, regulations for Security Token Offerings (STO) are progressing, establishing a framework for the tokenization and circulation of assets.

  • Support in China:

The Chinese government is actively supporting the advancement of Web3 technology, focusing on promoting NFTs and decentralised applications (dApps). Despite strict regulations on decentralised assets, the advancement of Web3 technology remains robust, with particular attention on the flourishing DeFi sector.

Reference Article: https://coinpost.jp/?p=499825

  • Support in Japan:

As part of its digital strategy, the Japanese government is advocating for the promotion of Web3 and is implementing tax and regulatory frameworks. Significant progress has been made in regulating stablecoins, and the domestic circulation of stablecoins issued abroad is gradually being permitted.

3 — Challenges of Entering the Asian Market

  • Challenges in Japan:

Entering the Japanese market may pose significant hurdles due to linguistic and cultural differences, potentially requiring substantial time to build trust — requiring a strategic approach and a meticulous understanding of the local nuances and philosophy.

  • Challenges in South Korea:

In the South Korean market, success is tied to the excellence of the product and collaboration with Key Opinion Leaders (KOLs). Given the market’s sensitivity, a cautious approach is essential to ensure resonance and sustained impact with the local demographic

  • Challenges in China:

Entering the Chinese market involves overcoming high hurdles in technological and promotional challenges. Negotiating Initial Offerings (IO) can be challenging, and the promotion of tokens may face difficulties. The landscape requires a thoughtful approach, navigated with strategic precision that aligns with local business objectives.

Reference Article: https://coinpost.jp/?p=281690

4 — Navigating the Asian Web3 Landscape with Precision

  • Creative Production:

Harnessing Asia’s high creative prowess opens doors to delivering globally acclaimed, top-quality creative content. Dokyo stands as a prime example, showcasing the impactful achievements that are achievable within the Web3 realm. By embracing the continent’s unique blend of traditional artistry and technological innovation, businesses can create content that could resonate on a global scale.

  • Game Development:

By tapping into the diverse gaming cultures of Asia, where innovation and storytelling intertwine, businesses can position themselves to produce and develop games that transcend cultural boundaries. Exemplary GameFi titles in the region, such as Cyberstella, illustrate the capacity to create experiences that resonate with audiences worldwide. This fusion of technological expertise and gaming artistry enables companies to thrive in the ever-evolving global gaming market.

  • Promotion:

In crucial promotional endeavors, especially in countries like South Korea, collaborating with essential KOLs is indispensable. Tailored support and guidance from proficient local teams, armed with rich insights and expertise, also become instrumental in steering partners towards success in these markets. A strategic approach not only enhances visibility but also establishes an authentic connection with the local audience, which then ensures the resonance and effectiveness of promotional campaigns.

  • Community Support:

In the domain of community support, proficiency in local languages such as Japanese, Korean, and Chinese plays a pivotal role, enabling nuanced communication and a deeper understanding of cultural intricacies. Recognizing the unique nuances, customs, and cultural sensitivities associated with each language fosters a more meaningful connection with the demographic. This linguistic and cultural proficiency not only facilitates smoother community building but also ensures that businesses can navigate the landscape of Web3 ventures with ease, resonate authentically with each local audience, and build and foster trust.

The Web3 Asian market is rapidly expanding, with South Korea, China, and Japan holding the highest potential. Success in these markets demands comprehensive strategy across the board, with creative production, game development, promotion, and community support being among the pillars. The current narrative highlights the paramount importance of partnering with a proficient company — people who are adept in creative production, game development, promotion, and community support, such a partner will ensure a seamless entry into the thriving Web3 Asian market, with expansion and success being entirely feasible.

Murasaki PR: info@murasaki.community

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Murasaki BV

Murasaki BV - A blockchain game & creative media studio that specializes in Japanese games, anime media, NFTs, and manga.