Asia has a growing crypto developer community w/ BUIDL Asia, APAC DAO — SlateCast #33

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Kryp­toSeoul founder Eri­ca Kang and APAC DAO co-founder Nicole Nguyen joined CryptoSlate’s Aki­ba to talk about the poten­tial in the Asian mar­kets and their joint event BUIDL Asia.

BUIDL Vietnam

Kore­an-based Kryp­toSeoul is a group of cryp­to enthu­si­asts who came togeth­er to cre­ate an ecosys­tem, fos­ter growth and sup­port glob­al blockchain projects. In addi­tion, the team offers trans­la­tion, meet­up, and com­mu­ni­ty man­age­ment ser­vices to decrease Asia’s alien­ation from the cryp­to world.

Viet­nam-based APAC DAO, or the Asia-Pacif­ic Decen­tral­ized Autonomous Orga­ni­za­tion, is a com­pa­ny com­prised of entre­pre­neurs and investors to sup­port Web3 start-ups to flour­ish and grow.

Eri­ca and Nicole’s friend­ship dates years back. The two com­pa­nies co-host­ed BUIDL Asia 2022, which took place in Viet­nam to bring the com­mu­ni­ty togeth­er to serve both com­pa­nies’ joint effort– grow­ing a cryp­to ecosys­tem in Asia. To pro­mote the idea of spread­ing across the region, BUIDL Asia was host­ed in Viet­nam, which made it the first con­fer­ence that took place out­side Korea.

Eri­ca said:

“Cur­rent web 3 sys­tem is very small, with these activ­i­ties we’ll moti­vate the com­mu­ni­ty to expand. What we’re try­ing to do here, oth­er than webi­na­rs and hackathons, we want to cre­ate a space for them to actu­al­ly com­mu­ni­cate across dif­fer­ent communities.”

The event took place on Sept. 23–24, and host­ed over 35 speak­ers that gave solo talks, made pre­sen­ta­tions, joined pan­el dis­cus­sions, and held workshops.

Setbacks for the Asian community

“The Asian com­mu­ni­ty needs sup­port,” Eri­ca said. Even though it is much eas­i­er for cryp­to-lov­ing Asians to find a place to exer­cise their pas­sion, there are still sig­nif­i­cant set­backs for the Asian community.

The first one of them is the lan­guage bar­ri­er. Eri­ca men­tioned that all pri­ma­ry project doc­u­ments are released in Eng­lish and include sig­nif­i­cant issues when trans­lat­ed into the local lan­guage. In addi­tion, Cryp­to Twit­ter also oper­ates Eng­lish-based, which con­tributes to the infor­ma­tion asym­me­try in the Asian region. “This,” Eri­ca said, “Puts the Asian mar­ket a bit back in terms of speed and depth.”

The sec­ond prob­lem aris­es from the cryp­to community’s Twit­ter and Dis­cord-ori­ent­ed growth. Nicole and Eri­ca said that the top social app in the region is Face­book. While the region is try­ing to adapt to Twit­ter and Dis­cord, they remain very unfa­mil­iar to many.

Anoth­er prob­lem aris­es due to the frag­ment­ed struc­ture of the Asian cryp­to mar­ket. “The mar­ket is huge,” Nicole said, “But local­iza­tion and local part­ners are cru­cial.” In addi­tion, the Asian cul­ture val­ues face-to-face con­tact and com­mu­ni­ca­tion, which makes it hard­er for glob­al projects to enter the Asian markets.

Potential of the Asian markets

After list­ing the set­backs, Eri­ca and Nicole talked about the poten­tial of the cryp­to sphere in Asia.

Eri­ca described the cryp­to com­mu­ni­ty in Korea as a “small pop­u­la­tion, but good tal­ent.” Accord­ing to her, the devel­op­er com­mu­ni­ty and the builder mar­ket are keen on learn­ing and apply­ing what they have learned on Web3 projects.

Eri­ca said that they were try­ing to answer the community’s demand for edu­ca­tion and its move­ment toward exe­cu­tion. She stated:

“What we are try­ing to do is to bring about that inter­est in the builder space and not just talk about the price movements.”

Con­sid­er­ing the set­backs and the iso­la­tion of the Asian mar­kets, Nicole draws atten­tion to the resource­ful­ness and resilience of the builder com­mu­ni­ty in Asia. She said:

“…what they can do with sig­nif­i­cant­ly less resources, and with­out being able to rely on any of the cen­tral­ized par­ties to launch a project.”

In addi­tion to the strengths of the builder com­mu­ni­ty, Nicole and Eri­ca men­tioned that the Gam­ing and DeFi mar­kets in Asia are also huge, which could make the region a good choice for a test bet.

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