Non-Fungible Tokens (NFTs) are making waves globally, reaching their zenith in 2021-2022, with Asia emerging as a hotbed for rapid adoption across various sectors such as gaming and art. Finder’s October 2022 report places India, Vietnam, Hong Kong, and Singapore at the forefront of global NFT ownership.
Balthazar’s research estimates a global NFT trading volume of approximately US$30 billion in 2022, with 35% originating from Central and Southeast Asia, according to Gitnux. This article delves into key Asia-centric NFT projects propelling regional adoption, drawing data from Cryptoslam.io and Coingecko.
Azuki
Azuki, a manually drawn 10,000-piece digital art collection minted on the Ethereum blockchain, has significantly impacted the NFT Profile Picture (PFP) category. With unique characteristics like hair, eyes, and background, Azuki boasts an all-time trading volume of US$1.08 billion and an April 2022 peak base price of 31.8 ETH.
CyberKongz
Created by Myoo in March 2021, CyberKongz stands as one of the earliest PFP NFT projects. This 1,000-piece Genesis Collection, featuring randomly generated 34×34 pixel gorillas, introduced innovative NFT mechanisms like the $BANANA token utility, breeding capabilities, and play-to-earn. CyberKongz’s all-time trading volume reached US$211.9 million, with a peak base price of 23 ETH in June 2022.
Beanz
A branch of Azuki, Beanz is a collection of 19,928 NFTs airdropped to the community. Depicted as a small species sprouting from the ground, Beanz serves as a companion to Azuki. Boasting a trading volume of US$279.3 million, Beanz achieved a peak base price of 6.9 ETH in May 2022. In 2023, its highest floor price hit 1.98 ETH on January 10, representing a 71.3% decline from the peak.
Karafuru
Hailing from Indonesia, Karafuru combines gacha games and generative art technology in its collection of 5,555 2D generative NFTs resembling real-world toys. With a trading volume of US$134.3 million, Karafuru’s peak base price reached 2.9 ETH in April 2022. In 2023, its highest floor price was 2.7 ETH on June 22.
Superlative Secret Society
Created by Prasetyo Budiman from Indonesia, the Superlative Secret Society comprises 11,106 NFT profile pictures (PFP). With an all-time trading volume of US$19.2 million, Superlative achieved a peak base price of 0.149 ETH in February 2022. In 2023, its highest base price was 0.036 ETH on May 28.
Meanwhile, throughout 2023, the NFT market experienced a substantial decline, according to Dune Analytics, NFT trading volume plummeted to US$466 million (Rp. 7.1 trillion) in September 2023, compared to the US$17 billion (Rp. 261.4 trillion) NFT trading volume in 2022.
However, there remains a chance for the NFT market to recover, considering the myriad projects circulating in the digital asset market. Statista projects the 2024 NFT market to reach revenues of US$336.2 million, with an anticipated annual growth rate of 9.08% (CAGR 2024-2028), reaching a total of US$476.0 million in 2028. The average revenue per user in the NFT marketplace is projected to be US$31.0 by 2024.
Conclusion
Asia is a driving force in shaping the future of digital assets through its dynamic NFT landscape. The discussed projects illustrate the region’s commitment to NFT innovation, signaling potential growth in the 2024 market.
These endeavors showcase Asia’s influence in the transformative digital ecosystem, contributing to the broader narrative of technological advancement and the redefinition of digital ownership. As the journey unfolds, Asia’s NFT landscape stands as a pivotal player, propelling the evolution and expansion of the region’s impact in this groundbreaking space.
