Transmedia storytelling is a narrative approach that tells a story across multiple platforms and media formats. It enables creators to craft more complex and immersive stories, exemplified by multiplayer games like Shrapnel. Players increasingly crave these storytelling experiences, which allow them to engage with the stories on a deeper level.

Tech Wire Asia had the opportunity to interview Marc Mercuri, chief blockchain officer at Shrapnel, for deeper insights into how transmedia storytelling extends gaming across various media platforms.

In transmedia storytelling, creators enhance experiences by allowing audiences to interact with the stories through diverse media, such as comic books or short films.

Mercuri notes that digital distribution has simplified and economized this process for Shrapnel. “Our comic books, for instance, are available in print, but we also release them as NFTs and give them out as awards. This has been a great way for audiences to connect with the content,” he added.

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Shrapnel‘s innovative approach in game development and storytelling

Shrapnel‘s foray into short films, including live-action ones, has seen widespread distribution. These films have been well-received, garnering attention at film festivals and winning awards. They offer a unique opportunity to tell diverse stories within the game’s world.

Generally, the title alone excites people about games. Allowing them to further explore and engage with the game world enhances this engagement. Mercuri points out that Fortnite‘s collaboration with DC Comics featuring Batman, and Call of Duty‘s similar approach, exemplify this.

Mercuri elaborates on the lasting impact of transmedia storytelling, stating that it authentically creates awareness and attracts players more effectively than paid promotions. It fosters a deeper connection between players, the game world, and its characters, especially in first-person shooters like Shrapnel. The more players understand the game world, the more connected they feel to their characters.

“With so many things competing for our time these days, entry points vary,” Mercuri says. “You might have time to read a comic book on a flight, or watch a video while on the subway. These moments allow us to digest different aspects of stories and feel more connected to that world. Just like the games have to be fun, the stories must be engaging.”

He emphasizes that mediocre storytelling or game development won’t forge a strong connection with players. In fact, we’ve seen the cross-media narratives’ impact with Halo‘s novelizations and series by Paramount as examples of how expanded storytelling brings players closer to the game world. Assassin’s Creed‘s expansion through movies and films has similarly created engaging stories that captivate audiences.

“Moving away from that gaming genre to something like Pokémon, you’ll find an array of transmedia efforts, including great movies featuring Ryan Reynolds. In contrast, with manga, they got comics, collectibles, and cosplay,” he adds.

This approach has successfully created rich, immersive worlds for fans to explore beyond the game, allowing them to engage fully with characters and stories.

Challenges and opportunities in developing Shrapnel‘s gaming universe

For developers, however, this model presents unique challenges. Mercuri acknowledges the difficulty in managing a complex story across multiple platforms. While keeping track of different story threads is challenging, the goal is to unite them cohesively. Each story element must be accessible and contribute uniquely to the overarching narrative.

Mercuri cites game designer Neil Young’s term “additive comprehension,” which describes how each new piece of information reshapes our understanding of the fiction. Whether consumed together or separately, each element should provide a fulfilling experience, deepening the connection to the world.

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Shrapnel integrates transmedia storytelling across different platforms, which presents a unique challenge. As a multiplayer first-person shooter game, Shrapnel inherently has limited opportunities to narrate its story within the game itself.

“Therefore, we’ve produced a series of comics and a collection of live-action video shorts. These pieces explore the origins of its world and the backstories of its factions and characters,” he explained. “We shot the videos on a virtual production stage, similar to the techniques used in shows like The Mandalorian.”

Shrapnel integrating virtual production stage similar to The Mandalorian. (Source – Shutterstock)

Mercuri believes Shrapnel is pioneering in using actual game assets and the Unreal Engine for production. The game’s assets are brought into the production, blending the characters’ on-stage actions with the game’s world displayed on the screen. It’s not just an approximation of the game; it is the game, which is an innovative approach.

Using blockchain technology in the new era of first-person shooter games

Shrapnel‘s use of blockchain technology in creating the world’s first blockchain-powered transmedia first-person shooter game is notable. Mercuri shared insights into how this integration plays a crucial role in the company’s strategy.

In Shrapnel‘s near-term future setting, asteroid mining is common. As many sci-fi narratives suggest, things often go wrong. A collision with the moon has led to asteroids, termed ‘Shrapnel,’ raining down on Earth. This event has given rise to ‘sacrifice zones’ where a unique material called sigma is found. People venture into these zones to collect sigma and sell it to interested families.

Shrapnel‘s game uses blockchain primarily to empower creators. Players can create and sell stickers, skins, and other items for characters and weapons within their profiles.

“We’ve enabled the combination and remixing of these assets, termed ‘Insignias,'” Mercuri said. “If someone creates something exceptional from our work, we can also benefit from it. Our goal is to have assets that can be created, sold, and include embedded royalties to compensate the creators.”

He discussed another common scenario where players purchase various in-game items. Typically, these assets are non-transferable, locked within the game. Some players even resort to selling their accounts. However, in Shrapnel, players have complete ownership of their assets, allowing for free trading.

Shrapnel‘s assets are designed to be ‘bridgeable,’ meaning they can be transferred across different blockchains. This flexibility is vital, as players may choose to use their assets on other chains, possibly as collateral for loans. Shrapnel incorporates innovative blockchain features to support this functionality, something which has not been available in new first-person shooter games before.

Additionally, Shrapnel is developing the GameBridge platform, which aims to simplify blockchain item composability and interoperability. This platform allows the integration of Shrapnel‘s features into other platforms. “The game world we’ve created incorporates elements of finance, commerce, manufacturing, and supply chain management. Despite this complexity, the blockchain component is seamless and unobtrusive to the gaming experience,” Mercuri emphasized, comparing it to the unnoticed TCPIP protocol in multiplayer games.

A unique feature of Shrapnel‘s game is its extraction shooter format, where the stakes are real. Players can create, trade, and in-game, claim items from other players. Successfully extracting these items allows players to keep, sell, or trade them, adding a thrilling layer to the gameplay.

An X user explains how Shrapnel is supporting creators. (Source – X)

Data security is always a factor for any new first-person shooter games

In the context of data security and user privacy, balancing innovative technology like blockchain with the imperative of safeguarding user data is crucial.

Mercuri reflects on the importance of trust, noting that it takes a lifetime to earn but only a moment to lose. Treating privacy and security as paramount is essential, particularly when handling assets that players can own and trade.

He recounted his experience leading the blockchain business at Microsoft, emphasizing the permanence of blockchain transactions. “We’ve implemented multiple layers of security, drawing on our experience working with some of the world’s most security-conscious companies,” Mercuri said. This approach uses the insights gained from thousands of hours spent with top IT professionals globally.

We also explored concerns surrounding not just blockchain, but also generative AI in terms of security. When it comes to influencing developers, especially in integrating it into game development, balancing security is crucial. This is particularly important, considering the code generated by AI platforms can sometimes be incorrect. It’s essential to know when to use it and when not to, especially for a game like Shrapnel.

One challenge with generative AI is the confidence in its output, whether correct or incorrect. In coding, it depends on what you ask it to do and how you structure the prompts. For instance, writing code for a specific task is usually divided into several steps. Some of these may be commodity code—standard and time-consuming—while others could be more innovative and require problem-solving.

The challenge with developers in coding a game. (Source – X)

Generative AI can significantly expedite the process of writing commodity code. However, while AI can provide a general direction for new challenges, its solutions are not always 100% accurate. Current AI models perform well for most tasks, including smart contracts, although Shrapnel does not utilize them.

“The key is not to unquestioningly accept AI-generated code,” said Mercuri. “We conduct thorough testing, including integration tests, to ensure functionality. In my experience, generative AI can save considerable time when used judiciously, allowing us to focus on the creative aspects of game development.”

In the gaming industry, the focus is on nurturing innovative ideas. Automating routine coding tasks frees up resources to add value to the game, creating exciting and engaging experiences for players following Shrapnel‘s transmedia content and anticipating new developments.

Future trends: blending gaming and cinematic narratives

Looking ahead, Mercuri shared his and Mark Long’s (CEO of Shrapnel) excitement about recent adaptations of games like The Last of Us and Sonic. Reflecting on the original Super Mario Brothers movie, they note it likely wasn’t made by those who grew up loving the game. Today, however, we see big-screen stories told by people who have deeply engaged with these games for hours, and this passion is evident in the storytelling.

First-person shooter games will be different post-Shrapnel.

Previously, game adaptations seemed more driven by financial opportunity than passion. They were often made because arcade games were popular among children. Now, these film adaptations are passion projects, crafted by those eager to tell great stories and reach a wider audience.

As Shrapnel continues to push the limits of what’s possible in gaming, it stands as a beacon for future developments, promising a landscape where gaming, storytelling, and technology converge to create experiences that are as enriching as they are entertaining. With its innovative approach and forward-thinking vision, Shrapnel is poised to redefine the gaming experience for players of new first-person shooter games around the world.

The post Shrapnel unveils a new era in first-person shooter games with transmedia storytelling using blockchain appeared first on Tech Wire Asia.

When Web3 initially captured the tech community’s attention, it quickly became evident that it was more than just a fleeting trend. Featuring advancements like blockchain, metaverse technologies, and NFTs, Web3 promises to redefine the very fabric of the internet.

Web3 is steering us from a centralized architecture toward a more democratic, decentralized model. This fundamental shift is challenging the hegemony of established internet players. The key technologies fueling Web3 include:

• Blockchain: beyond cryptocurrency, it provides secure, transparent systems.
• Peer-to-Peer Payments: with the goal of eliminating middlemen.
• Non-Fungible Tokens (NFTs): unique digital assets that redefine ownership.
• Distributed Autonomous Organizations (DAOs): entities run by communities, underpinned by transparent voting systems.

Although still in its early stages, Web3 is ripe with innovation and potential. Its guiding principles, such as decentralization and shared value, have implications far beyond its current applications. The real hurdle is taking these principles into the mainstream.

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Caveats: Be wary of scams and risks in the Web3 space

While the blockchain ecosystem offers enormous potential, it is also rife with fraudulent Ponzi and pyramid schemes that lack real-world value. These deceptive practices exist solely to lure unsuspecting individuals into investing or participating in profit-driven pyramid structures.

A recent study by blockchain analytics company TRM Labs revealed that in 2022 alone, people globally poured US$7.8 billion into such crypto-based pyramid and Ponzi schemes. Moreover, the report stated that an additional US$1.5 billion in cryptocurrency was suspected of being used for illegal activities on darknets, and another US$3.7 billion was lost to hacks and other security breaches.

Cumulatively, TRM Labs indicated, an alarming US$9.04 billion in cryptocurrency was channeled into various forms of financial fraud schemes last year.

Even though these fraudulent activities have been exposed numerous times, a significant number of users continue to fall prey to them. These schemes frequently capitalize on social media hype, masquerading as the next big thing in the crypto space, like Bitcoin or Ethereum, and offer tantalizing high returns. Clearly, as we navigate the promising but complex world of Web3 technology, caution and due diligence are imperative.

So, is Web3 the internet’s next evolutionary phase or just a buzzword? Only time will tell, but the groundwork for transformative change is undoubtedly being laid.

How partnerships are molding Web3 technology

If you’ve been following tech updates, you’ve likely seen significant initiatives and partnerships shaping the Web3 ecosystem. Far from being merely theoretical, Web3 is transitioning into a space of practical applications and pivotal alliances. Examples range from Tencent Cloud’s debut product to innovative platforms like GameBridge for game developers.

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Tencent Cloud has introduced its first Web3-centric service, Tencent Cloud Blockchain RPC, in collaboration with blockchain service provider Ankr. Designed to equip Web3 developers with robust tools and infrastructure, this service aims to keep developers ahead in the ever-changing Web3 arena.

Tencent Cloud Blockchain RPC delivers reliable Web3 infrastructure. (Source – Tencent)

Developed alongside Ankr, this newly-launched RPC service allows developers to tap into and transact across multiple blockchains while ensuring the stability of its underlying node structure. Tencent Cloud Blockchain RPC enables low-latency engagement with blockchain networks, freeing developers to focus on creating decentralized apps.

This service simplifies blockchain transactions and helps businesses overcome the operational challenges and costs of running their own nodes. These can range from high operating costs to the constant need for maintenance and updates.

In addition, it mitigates potential disruptions from hardware failures, network issues, and security threats, ensuring more reliable application performance. And it also solves scalability issues, which standalone nodes often find challenging during high-traffic periods.

What Tencent Cloud Blockchain RPC offers

There will be two versions of the service. One is a public model with certain limitations, while the other is a premium Pay-As-You-Go version offering higher throughput. Plans for an enterprise-specific iteration with broader blockchain and regional coverage are also in the works. Future updates will incorporate additional supported blockchains and an advanced API service for both versions.

Tencent Cloud’s new service delivers high-concurrency performance, supporting up to 1,800 requests per second for each blockchain, a feat achieved through Ankr’s specialized node expertise. Leveraging a decade of cloud service experience, Tencent Cloud ensures high resilience, constant availability, and minimal latency.

GameBridge: Pioneering Web3 technology in gaming

In the rapidly growing Asia-Pacific gaming market, which is now worth over US$72 billion, incorporating blockchain technology has become essential for staying competitive. Yet conventional game developers encounter challenges; adding Web3 features to their current processes often proves to be costly, manpower-heavy, and disruptive, hindering the sector’s capacity for quick innovation and adaptation.

NEON, the studio behind the eagerly-awaited AAA first-person shooter Shrapnel, has revealed GameBridge, a next-generation Web3 game developer platform.

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Springing from the rigorous development of Shrapnel, GameBridge provides a streamlined path for game creators to include state-of-the-art content creation tools in their projects, as well as offering players an unparalleled degree of ownership over in-game assets.

The platform provides a wide array of services, from digital wallets to commerce solutions, all compatible with various blockchain networks and third-party services. Developers can speed up their timelines by a remarkable 75% and cut costs by up to 90% by using GameBridge as opposed to building similar features from scratch.

GameBridge acts as a comprehensive toolkit for game developers looking to incorporate Web3 functionalities. Its APIs and SDKs integrate effortlessly with key game engines like Web, Unreal Engine, and Unity, enabling access to a host of advanced features without affecting current workflows.

Featured in Shrapnel, GameBridge introduces a new level of asset ownership for players. Its capabilities allow gamers to buy, trade, and exploit their in-game assets across multiple platforms, unlocking unprecedented value and creative freedom.

Key GameBridge features:

• Introduces 18 revolutionary functionalities, including composable NFTs and advanced skill trees.
• Enables developers to populate their virtual worlds with player-owned assets, increasing engagement and retention.
• Offers seamless asset transfer across various gaming platforms, enhanced by game-specific metadata features.
• Creates a dynamic ecosystem for developers and gamers, complete with scheduled NFT-based rewards and marketplace features, all in compliance with KYC and AML guidelines.

Ed Chang, head of gaming at Ava Labs, views GameBridge as a game-changing resource that simplifies the incorporation of blockchain and NFTs for mainstream developers. According to Chang, NEON has effectively tackled complex technical hurdles, enabling more effective development with fewer resources.

Simplifying the incorporation of blockchain and NFTs for mainstream developers. (Source – Shutterstock)

Ivan Soto-Wright, Co-Founder and CEO of MoonPay, is excited to extend Web3 features to a new gamer and developer audience. MoonPay’s integration with GameBridge allows players to purchase NFTs through traditional payment methods, enhancing the in-game experience for a broader user base.

As we move further into an era marked by digital ownership, decentralized governance, and cross-platform utility, these developments make it clear that Web3 technology isn’t just a promise for the future—it’s actively shaping the present.

The post What’s new in Web3 technology and the market? appeared first on Tech Wire Asia.

Last year, integrated logistics company A.P. Moller-Maersk and its partner IBM terminated their digital supply chain solution, TradeLens, due to its failure to achieve “commercial viability.” This development raised doubts about the potential of blockchain technology in revolutionizing supply chain and logistics management beyond cryptocurrencies.

Despite the setbacks, industry pioneers have not abandoned their pursuit of blockchain applications in global trade. According to the South China Morning Post, Hong Kong-based Global Shipping Business Network (GSBN) is now the largest blockchain-based platform. The platform is considered an alternative to TradeLens. The company believes that a blockchain-based future for the industry is still on the horizon, but it may take another decade to materialize.

Blockchain supply chain: The rise of Chinese influence in the Web3 landscape

Since its launch in 2021, GSBN’s blockchain-based shipping platform has collaborated with major shipping partners such as Cosco, Orient Overseas Container Line, and Hapag-Lloyd. It has also formed partnerships with terminal operators like Hutchison Ports, SPG Qingdao Port, PSA International, Shanghai International Port Group, and Cosco Shipping Ports.

As GSBN currently runs the most comprehensive blockchain platform for cooperation in the shipping sector, the Web3 future of supply chains will likely be primarily Chinese. Hapag-Lloyd and PSA International, originating from Germany and Singapore, respectively, are the only significant players not headquartered in mainland China or Hong Kong.

Source – Shutterstock

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GSBN CEO Bertrand Chen explained that China’s significant investments in the industry contribute to its leading position in this field. However, he acknowledged that many current solutions are highly specific to the country, establishing connections between provinces or blockchains operating within a single location.

Chen observed that significant investment in a single sector, fueled by policy, raises the chances of success. Additionally, he noted that China’s financial commitment to this field would be advantageous to GSBN, as it would create more potential partners for collaboration.

GSBN has global ambitions, seeking to engage more European shipping lines and even hoping to bring Maersk on board someday, though Chen conceded this “may be slightly challenging.”

Although GSBN is the most significant player, other companies, such as smaller data platforms like New Zealand-based TradeWindow, are also attempting to implement blockchain technology. Several leading logistics companies have promoted their blockchain solutions but have yet to see much success.

Companies like DHL, Kerry Logistics, Deloitte, Kuehne + Nagel, Amazon, JD.com, and Alibaba Group Holding have all employed or implemented blockchain technology for logistics purposes in recent years. However, many of these companies have been relatively quiet about their blockchain supply chain initiatives over the last few years, even as some claim that the Covid-19 pandemic accelerated technology adoption.

Lessons from TradeLens: Overcoming perceptions and competition

Many industry professionals concur that digitizing documents and processes related to cross-border freight movement offers high cost and time savings. However, the industry’s fragmentation makes reaching consensus on new technologies and standards difficult.

Goh Puay Guan, an associate professor of supply chain at the National University of Singapore Business School, said, “When discussing trade documents and the value proposition of reducing the amount of paper used in transactions, there is definitely a cost-saving benefit. The challenge, however, lies in getting all companies on board, as the integration benefits can only be realized through a unified platform.”

For Chen and many others, the primary issue with TradeLens was not the value proposition of blockchain, but the perception that it was a Maersk product, which could be seen as a potential competitor to other platform users. Chen explained, “The fact that TradeLens was initiated by Maersk, from a business perspective, hindered its growth. This is because some of the customers they needed to attract would say, ‘I don’t trust Maersk.'”

Chen further pointed out that he doesn’t think there was a genuine threat to user data, and no proof exists that Maersk exploited or could have exploited data from TradeLens for a competitive edge. Nevertheless, the negative perception impacted its adoption.

Moving forward: Collaboration and shared standards for blockchain success

Following the announcement of TradeLens’ closure, many concurred that the problem needed to be more specific to blockchain technology. The key takeaway is that while blockchain applications in the shipping and logistics industry face challenges, they still hold promise for the future, particularly if companies can collaborate on shared standards and overcome trust issues.

The post Hong Kong’s GSBN eyes global blockchain supply chain ambitions appeared first on Tech Wire Asia.

Some of the most common uses of blockchain outside of crypto today are in the finance industry, healthcare, automotive, government services and retail industry as well. In finance, for example, blockchain can be used for cross-border payments and funds management thanks to its transparency and traceability features.

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While blockchain use cases have already been adopted by some organizations, there’s a growing demand for more capabilities. Tech companies around the world continue to research the technology, with many announcing new capabilities and breakthroughs.

Looking at blockchain investment, in 2021, a total of US$33 billion was invested in blockchain startups, with 43 of them moving on to become unicorns valued at over US$1 billion, according to Galaxy Digital, a crypto investment research firm. In 2022, more than US$30 billion were invested in crypto and blockchain startups. However, the amount of deals has declined every quarter in 2022.

In fact, one of the biggest announcements of bloclchain no longer serving any purpose came from shipping company Maersk, late last year. In November, the company announced that it is looking to withdraw its offerings and discontinue the TradeLens platform. The TradeLens platform was announced in 2018 and jointly developed by IBM and GTD Solution, a division of Maersk, as a blockchain-enabled shipping solution designed to promote more efficient and secure global trade.

Despite this, tech companies are still working on other blockchain use cases globally. Among the countries that are leading blockchain research and development include the US and the UK. In Southeast Asia, Singapore and Japan have been increasing the adoption of blockchain technology in industries as well.

As such China, which banned the use of cryptocurrencies in 2021 and imposed strict penalties on anyone using or working with cryptocurrencies, is also now looking to conduct more research and development in blockchain technologies. According to a report by SCMP, China’s ministry of science and technology has approved the establishment of the National Blockchain Technology Innovation Center (NBTIC). NBTIC will focus on developing software, hardware and fundamental theory on use cases that can benefit China’s economy.

Citing local newspaper reports, the new center will also focus on major use cases related to personal livelihoods, with the blockchain expected to be an important foundation for China’s new digital infrastructure. The establishment of the center comes at an interesting time, with China already having about 1821 blockchain companies in legal, financial, agricultural and intellectual property protection projects as of July 2021.

SCMP also reported that the NBTIC will be led by the Beijing Academy of Blockchain and Edge Computing, which is backed by the Beijing municipal government. The academy is already known for developing an enterprise blockchain called ChainMaker, which is equipped with technology to resist attacks from both classical and quantum computers.

The post China to focus on blockchain technology development, despite cryptocurrency ban appeared first on Tech Wire Asia.

Technology has played a crucial role in developing a consumer in each generation. From the invention of the printing press in the Renaissance to the widespread use of cell phones in the 21st century, technology has changed how people live and engage with the world.

For baby boomers, technology was a tool that altered the workplace. Computers and other forms of automation made it possible for businesses to run more effectively and efficiently, stimulating the economy.

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Gen Z and Millennials have grown up with access to technology. Social media and smartphones have revolutionized how individuals interact with one another and access information. They have also created new opportunities for content creation and sharing.

Technology will continue to be essential for a consumer in the future.

Technology is skyrocketing. IDC predicts that by 2027, blockchain technology will become widely mainstream, affecting over 70% of everyday consumer activities, including gaming, content creation, and e-commerce and determining the functional expectations of consumers. IDC released its most recent research, IDC FutureScape: Worldwide Future Consumer 2023 Projections – Asia/Pacific excluding Japan (APeJ) Implications, which includes several predictions.

The pandemic lockdowns restricted how much money people could spend on in-person entertainment, travel, dining, transportation, and other expenses. Instead, gaming, streaming, and content creation boomed, highlighting the stark differences between various generational groups.

According to Seng Keong Low, Research Director, Digital Native Business, IDC Asia/Pacific, the future customer was created due to pandemic-driven behavioral shifts and the mainstreaming of Gen Z and Millennials’ distinctive behaviors.

“Understanding the distinct habits of generational cohorts, building relationships with these younger consumers, and developing offerings that resonate with them will be key for a successful consumer business,” Seng added.

IDC’s top 10 future consumer prediction.

The future of consumers is likely to be defined by several trends and factors. IDC has listed its top ten future consumer forecasts to determine the most significant trends and associated areas of potential in APeJ as follows:

1 Privacy influences brand selection: By 2025, one-fourth of Asia-based consumers will reject businesses based on how clear and comprehensive their privacy policies are, driving companies to switch to a permission-based strategy.

Consumers care about how their personal data is being used. For example, users may not shop on apps that continue to bombard them with suggestions on specific products.

2 Device-as-a-service gains momentum: By the end of 2025, more than 10% of consumers globally with Asian roots will have started adopting device-as-a-service subscriptions rather than outright purchases for their personal electronics and smart home needs.

3. Independent content creation produces opportunity: By 2026, Asian consumers will spend more than US$ 20 billion on online independent content creator content, upending the dominance of traditional media organizations.

4. Blockchain thrives and defines consumer expectations: By 2027, blockchain technology will become mainstream, affecting over 70% of typical consumer activities, including gaming, content creation, and eCommerce. This will define what consumers expect from these activities in terms of functionality.

One example of how blockchain is flourishing in the APAC region is through the use of decentralized finance (DeFi) platforms. DeFi platforms, which provide lower fees and quicker transaction times than traditional financial institutions, have become widely used in Singapore and China.

5. Shopping through voice: By 2023, up to US$ 30 billion more will be spent online in Asia, as more than 40% of smart assistant (SA) users utilize voice platforms to shop or make purchases.

6. Development towards the metaverse: By 2028, 5% of the top 1,000 Asian institutions will be managing a long-term, extensive digital twin (DT) project to benefit students, academics, and regional economic interests.

The Hong Kong University of Science and Technology (HKUST) is one example of this. The university plans to usher in the next digital era by creating the first physical-digital twin campuses in the metaverse to improve teaching and learning opportunities for its two campuses in Hong Kong and Guangzhou.

7. Off-premises dining thrives: By 2025, younger consumers will contribute to 65% of restaurant orders being for takeaway (delivery, pickup, or drive-thru), increasing the expansion of kitchen-only establishments and third-party food ordering applications.

8. Electric vehicle adoption reaches a tipping point: By 2025, electric vehicles (EVs) will quadruple their share of new consumer vehicle registrations, reaching 10%, speeding mainstream acceptance, reshaping ridesharing, and influencing public policy.

EVs are becoming more prevalent on Malaysian roads. High-end electric vehicles (EVs) from Porsche, BMW, Hyundai, Volvo, and Mercedes-Benz are now popular in Malaysia; presently, Tesla, MG, and Audi have also entered the market.

Source – Shutterstock

9. Payment wallets become mainstream: By 2027, more than 60% of urban transport users will incorporate mobility services into their digital payment wallets, enticing previously sceptical consumers to use the technology.

When it comes to online payments, Asia was the first region in the world where the use of e-wallets took off. With many e-wallet providers in the region, super apps like WeChat or Alipay in China, Grab in Singapore, Gojek in Indonesia, KakaoTalk in South Korea, and many others are the dominant forces.

10. Smart Sets drive content: By 2027, 30% of buyers of consumer flagship phones will utilize a Smart Set (a smartphone, watch, and earwear) for entertainment and navigation, motivating major brands to create content specifically for Smart Sets.

Blockchain technology to thrive, but what will it mean to IBM and MAERSK?

As mentioned above, IDC predicted that blockchain will thrive. However, Maersk (Maersk) and IBM recently decided to withdraw the TradeLens offerings and discontinue the platform.

IBM and Maersk are known for setting the benchmark for blockchain use cases. With its blockchain project, called TradeLens, it has demonstrated the potential of the technology to transform the global supply chain industry. TradeLens is a platform that uses blockchain technology to track and document the movement of goods across the supply chain from the point of origin to the point of destination.

The platform will shut down by the end of the first quarter of 2023. All stakeholders will ensure that clients are cared for during this procedure without disrupting their enterprises. Maersk will keep working on automating the supply chain and boosting industry innovation to decrease trade friction and encourage greater international trade.

“TradeLens was founded on the bold vision to make a leap in global supply chain digitization as an open and neutral industry platform. Unfortunately, while we successfully developed a viable platform, the need for full global industry collaboration has not been achieved. As a result, TradeLens has not reached the level of commercial viability necessary to continue work and meet the financial expectations as an independent business,” said Rotem Hershko, Head of Business Platforms at A.P. Moller – Maersk.

Technology has significantly impacted society in every generation, influencing how people live, work, and learn. Future generations will likely be substantially influenced by technology as it advances.

The post How has technology changed the lives of different consumer generational cohorts? appeared first on Tech Wire Asia.

It is safe to say that we are currently in a new era for money. Paper notes are disappearing as cash goes digital, and whether you like it or not, stablecoin are at the forefront of this financial revolution. In fact, fiat-backed stablecoins like USDC (USD Coin), issued by Goldman Sachs-backed crypto finance company Circle, are taking the helm, enabling global value transfer in a way that is not possible with legacy payment systems.  

While many cryptocurrencies are notorious for their volatility, USDC is designed to be 1:1 with US dollars, with Circle always holding exact cash to the same value as the stablecoin it has in circulation. For the most part of this year, USDC has climbed the stablecoin rankings, thanks to the continued rise of decentralized finance (DeFi) and Circle’s ongoing commitment to regulatory clarity.

Circle even announced plans to launch a euro stablecoin, starting June 30, 2022, based on Ethereum. The move would make point-to-point euro transfers across the world possible as it is the case with the US dollar already. The benefit of stablecoin for cross-border payments is clear: close-to-zero transaction costs and transaction settlement in near real time. All of which, legacy financial systems struggle to achieve this.

Tech Wire Asia got into a conversation with Circle Chief Strategy Officer and Head of Global Policy, Dante Disparte, at the Singapore FinTech Festival recently. Disparte shared how the opportunities to extend the perimeter of financial inclusion using cryptocurrencies, especially stablecoin, is often dismissed, because the concept itself is misunderstood, and evokes fear. 

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He also shared how the US-based issuer of the USDC stablecoin that has a market capitalization of more than US$43 billion, has received in-principle approval to offer digital payment token products and other services in Singapore. The approval is for a Major Payments Institution License granted by the Monetary Authority of Singapore (MAS), the city state’s central bank. It basically allows Circle to also provide cross-border and domestic money transfer services in Singapore.

The conversation below has been edited for length and clarity.

What is Circle and how does it make money with its stablecoin?

Well, circle is a sort of digital currency issuer. We are the issuer of the digital dollar or stablecoin known as USDC, which has taken the trust, the stability and what people understand about the dollar as the world’s global currency and transformed it into a digital currency, by inheriting the superpowers of the internet. That is our core business product. The next set of services and solutions are not retail customer facing, but business and institutional facing, which is how do you then send, spend, save and secure — I call the four S’s of hands.

That is Circle’s positioning in a nutshell. Another way to describe the company is we are to payments on the Internet, what a Google was to search, or what an Intel is to computer processing. We are really trying to build an infrastructure company that supports lowering the fundamental cost of financial services, and thereby increasing economic prosperity for people around the world.

In terms of growth, the way to maintain the utility value and the trust of USDC, which is our digital currency, is that we hold a corresponding amount of reserves comprise of cash and US government obligations or treasuries. We maintain all the banking infrastructure and the reserve management infrastructure for that. And that one way Circle generates revenue, is through managing that pool of money. 

In exchange, the user of USDC is getting open access — USDC is available across digital wallets in more than 191 countries — and so by virtue of having a digital currency like USDC, it now becomes sort of a medium of exchange for payments settlements for internet activity and digital asset activity. That would otherwise not be possible. Yeah. So that’s the two ways in which Circle generates revenues.

Dante Disparte is Chief Strategy Officer and Head of Global Policy at Circle, responsible for overseeing company strategy, communications, policy and public affairs.
Source: Circle

Is USDC actually positioned on four different blockchains?

No, it’s actually more than that, and that’s a feature not a bug. There is a difference between the internet and intranet. Once upon a time, the intranet was the network that companies use inside their four walls, and they were exclusive to participants inside their business. If you think about financial services today, it’s very much an intranet approach in most traditional financial services firms. 

If you’re a PayPal user, inside of a PayPal service, the walled garden, you typically get low cost movement of money. But if a PayPal user wants to pay a user of a different service, number one, it’s slow, number two, you have to pay a lot of fees, and number three, the services don’t speak to one another, from a technological vantage point. 

Circle, by contrast, believes in this concept of the internet of value, which is for money to become transmissible on the open internet, you need to support open infrastructure, and that open infrastructure are multiple public blockchains. Today, Circle and USDC is available across nine, public blockchains and 22 in total if you count what are known as bridges. It’s the most bridged or widely distributed asset across public blockchains. 

Because we want to support the most interoperable and low cost and high trust transmission of money on the internet possible. So we’re basically making a technology choice, that is open source versus beneficial only to certain.

So is this direction away from single blockchain?

Well, some people are of the view that there will be one blockchain to rule them all. Whereas I am of the opinion that this is an open, constantly upgrading, infrastructure. What is powerful about our business model is money meets Moore’s law, which is that you constantly benefit with the improvement of computer processing power. 

How is the presence of Circle like in this region?

Well, the joke is that Circle is headquartered on the internet, but the reality is that we’ve chosen as a business to follow the sun initially, which would mean that we have a regulated entity and a regulated presence in the United States. And that by choice, we would choose certain jurisdictions around the world that have high standards, around regulation, compliance, market integrity, and consumer protection. 

We have an in-principle approval as a major payments institution here in Singapore, which allows us to start to establish a physical presence and an operating presence in APAC. With a base in Singapore that has a high ceiling around regulation and operating as a payment systems innovation, which then allows us to also have a hub and spoke strategy for engagement across the Asia Pacific region.

Besides Singapore, what are your plans in the APAC region?

So Singapore breaks ground for us in the region, but there’s obviously many important markets,  countries and jurisdictions in Asia Pacific, many of which are technology forward, fintech forward. We would be looking at a host of different activities in the region, but beginning with a base in Singapore.

My hope is that we’ll see public private partnerships, on the one hand with the public sector, and the equivalent of a digital correspondent banking partnerships with traditional financial services firms and fintechs across the region. This is so that you don’t need a Circle Singapore to become a Circle Malaysia, Circle Indonesia, Circle Philippines, but rather through a platform model to create partnerships with entities that are already operating in each of those countries.

And when you say a platform model, could it be digital banks?

It could be digital banks, fintechs, e-commerce companies, or even merchant services firms. We basically want to help power other companies’ business models and it could very well be traditional banks, remittance companies, electronic wallets companies and so on that intend to have lower cost payments for their platform, their users and their services. That is one way we expect to grow throughout the region, without having to become a fully operating entity in every country, where our innovation is being used.

(Source – Shutterstock)

Central banks around the globe are looking to build their own digital version of their Fiats. Do you see that as a competition, something that might take market share from you, or it complements what you’re doing?

I have a paper published recently titled “The case against Central Bank Digital Currencies” and the first thing I would like to say is that a central bank digital currency is a domestic payments innovation. Number two, it ends up becoming over the long run the type of innovation that could very well compete with banks and compete with fintechs and with payments companies. 

In a world in which CBDCs have become prevalent, I highly doubt you would see this many people for a fintech conference anywhere in Asia, not in Singapore or any other country, because effectively the central bank is making a decision about becoming the retail payment system for its consumers or for its citizens. 

So I’m not a fan, but not because central bank digital currencies represent competition to Circle, but it’s ultimately because CBDCs represent a form of money that has too many societal problems banked into it. Critically, it’s a form of money that requires the public sector to make a 100-year technology bet. So if a CBDC is being built, the public sector has to make a 100-year bet against Moore’s law, and a 100-year bet against how people’s preferences, and financial and technological dependencies will evolve. 

For money to work, the typically independent neutral role of Central Banks has to stay exactly that, rules based competition. One last analogy is central bank digital currencies would be like a Civil Aviation Authority, choosing to fly planes and build jet engines, versus encouraging safe passage in the skies that are rules based. So I have a lot of fundamental problems and  even if they become prevalent, the likelihood is that central bank digital currencies would be wholesale innovations, as opposed to retail.

What are your thoughts about regulating the cryptocurrency industry? Do you think it’s a timely move? 

I would say hurry up and regulate it, because number one, there’s a reason Hong Kong is announcing a competitive fintech week to Singapore’s fintech festival. The jurisdictions are ultimately competing for the time, talent and treasure as people are building this future of finance and money. I would say to countries in the region, hurrying up and waiting is not a strategy.

There’s a reason these conferences are filled with 1000s of people, even in the darkest of crypto winter, you still see the enthusiasm and hundreds of millions of dollars of capital, innovation and investment is coming into this space. It would be a shame if other jurisdictions and other countries watched as certain countries that are fintech forward or technology forward, capture the market, while others are left behind. So this is a matter of nation state competition, as much as it is a matter of private sector competition. 

Would you argue that countries should actually look towards cryptocurrency more than CBDCs?

100%. There’s a couple of really good reasons why. Number one, do you want to create jobs? Number two, do you want to provide real last mile end users with better, faster, cheaper forms of payment? Number three, do you want to have cyber resiliency in your economy? Remember, the word crypto comes from cryptography and the word cryptography is applied science  around keeping all of these internet connected systems safe, and disaster resilient and having redundancies in these services. 

Much of the traditional financial system is single source of failure architecture, single source of failure databases, amassing massive amounts of personally identifiable information on end users. That architecture needs a systems upgrade. Crypto and blockchain are two fundamental technologies that live hand in hand.

The post Circle lands in APAC. How are they winning the stablecoin war with USDC? appeared first on Tech Wire Asia.

BigPay, the fintech arm of Asia’s leading low-cost airline AirAsia, has made its foray into the cryptocurrency space through a partnership with Singapore-based crypto payment firm TripleA. The Southeast Asian challenger bank announced its latest feature – Crypto top-up – allowing its users to seamlessly convert their crypto assets into cash spendable on their BigPay debit cards.

In a statement to the media, BigPay sad the cryptocurrencies currently accepted for top up are Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Tether (USDT), with plans to increase accepted currencies in the near future. The latest feature comes as an addition to BigPay’s existing two top-up methods – credit and debit cards. “BigPay’s launch of the new feature will be a transparent conversion process that does not entail hidden fees for the user as is seen in many crypto to fiat transactions,” the company said on Thursday.

BigPay’s CEO and co-founder Salim Dhanani stated that “we believe in a regulated financial system which takes the best of both crypto and traditional finance – to increase efficiency and value to the end-user. We want to enable users to interact with digital assets in a safe and secure way and facilitate overall interoperability”.

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The collaboration with Triple A allows BigPay to tap into over 300 million crypto owners worldwide. “With the addition of this new payment method, we are also pleased to continue enabling accessible and transparent digital financial services for BigPay’s customers.” TripleA’s CEO Eric Barbier noted.

Recently, BigPay added three new services to its Major Payment Institution (MPI) License issued by the Monetary Authority of Singapore (MAS): account issuance service, domestic money transfer, and e-money issuance service. Under the Payment Services Act 2019, BigPay is licensed as a MPI to carry on the business of cross-border money transfer service, as well as the new services on offer.

BigPay claims that the company has more than doubled its user base in Singapore this year and will be accelerating its growth further with the issuance of the three new licenses. The firm said it currently holds four out of seven key regulated activities under the licensing framework.

Earlier this year, after almost a year of delays, BigPay finally enabled cashless and contactless QR payments on its app, completing its offering as an e-wallet player. The fintech platform was also one of the contenders of the digital banking license in Malaysia but failed to make it through.

Over the last five years, BigPay claimed to have helped over two million Malaysians get access to digital financial services while successfully adding a range of regulated financial products on top of the e-money account, such as international remittance, micro insurance and recently, digital personal loans.

The post Capital A’s fintech arm BigPay makes a foray into the cryptocurrency space appeared first on Tech Wire Asia.

When talking about digital financial services, decentralized finance (DeFi) should be mentioned because of its potential to enhance these services. The term is common in the cryptocurrency industry; DeFi attempts to dismantle the decades-old financial system by democratizing banking, lending, and trading control – leaving it in users’ hands rather than a centralized authority.

Changing the banking industry

DeFi is revolutionizing the financial industry with protocols that can get beyond conventional financial intermediaries, linking consumers directly to the markets and services they require using Ethereum’s decentralized architecture. DeFi is creating a new paradigm for trade, lending, and banking.

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DeFi is well positioned for expansion in the Asian market, particularly the Southeast Asian region, where the population is comparatively young and tech-savvy.

Fintech News Singapore reported that Vietnam and Thailand have staked claims as the second and third most active nations in engagement with DeFi platforms. Similarly, the value locked in Ethereum smart contracts increased significantly during the past year in the Philippines, Indonesia, and Singapore.

Cake DeFi’s solution to revolutionize DeFi

One of the many fintech businesses accelerating DeFi is Cake DeFi. At the Singapore FinTech Festival, the company announced the launch of its B2B vertical, Cake DeFi Enterprise. The new vertical will make it easy, transparent, and self-custodial for institutions to use DeFi products and services.

At the start of 2022, the total value of assets locked in DeFi protocols had increased from US$1 billion since 2020 to more than US$200 billion. With a Serviceable Addressable Industry of US$47 billion, the company will expand and introduce Cake DeFi Enterprise to cater to the growing institutional market as well as to digital asset managers eager to explore further DeFi investment products on other blockchains.

According to U-Zyn Chua, CTO and Co-Founder of Cake DeFi, the firm will scale its transparent and trusted paradigm by introducing Cake DeFi Enterprise to offer a secure gateway to decentralized finance for institutions. A significant increase in business inquiries over the past year, indicates a need for institutional DeFi services.

“Our unique full self-custodial solution will allow institutional clients to retain full control and ownership of their digital assets while enjoying the yield and transparency of DeFi. Our new B2B vertical Cake DeFi Enterprise supports the Singapore Government’s direction on digital asset innovation. We are committed to building the B2B digital asset infrastructure and uplifting Singapore’s blockchain ecosystem to drive innovations in fintech,” said Chua.

Full self-custody, total transparency, and streamlined fund management are the three selling points of Cake DeFi Enterprise’s enterprise-grade DeFi solution for institutions. In the initial phase, Cake DeFi Enterprise plans to introduce DeFi services, including liquidity mining, token swaps, and lending. Over time, the range of services will be expanded.

Cake customers will be able to fully control their keys with DeFi Enterprise’s fully self-custodial solution, maintaining full ownership of their digital assets. Therefore, customers will have total transparency when moving funds to DeFi products and services on-chain and tracking their yields. Multi-signature wallets, multiple approvers, and sub-account setups simplify and secure fund administration.

The post Cake DeFi powering the future of DeFi with a new enterprise-grade solution for institutions appeared first on Tech Wire Asia.

Flipverse is a virtual reality e-commerce platform allowing customers to shop for products and experiences in a 3D environment. The interactive virtual shopping destination was reportedly developed in partnership with social giant Meta and Ethereum Layer-2 scaling startup Polygon, and is slated to be launched in India in time for Diwali, when major retail sales activity can take place.

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This is a big move for Flipkart, which has been working on the project for over two years. Flipverse is built on top of the Polygon blockchain and powered by eDAO, and will be made available on desktop and mobile devices, although the first phase will only be introduced for Android smartphones.

At a media briefing earlier this week, Flipkart said “a wide range of brands” including Puma, Nothing Phone, Nivea, Lavie, Tokyo Talkies, Campus, VIP, Ajmal Perfumes, and Himalaya, are partnering to set up ‘experience theatres’ on Flipverse.

These brands will offer customers a range of experiences, including product demonstrations, virtual try-on, and even games. Flipkart said it will also offer a range of virtual events and experiences such as concerts, stand-up comedy acts, and cooking classes.

The company said Flipverse is the “first of its kind” in India and that it is working on bringing “global brands” to the platform in the coming months. Flipkart said that the idea is to have millions of users experience Flipverse, and onboard consumers to the future of e-commerce shopping.

The company’s executives also acknowledged that its Web3 offerings are experimental. Still, they said they are confident it has legs to eventually become a critical part of Flipkart’s future.

The launch of Flipverse is a part of Flipkart’s larger business goal of becoming an immersive “entertainment destination” for Indian users. In addition to shopping and gaming, the metaverse will also offer various social experiences, such as concerts, movie screenings, and sports events.

With more than 200 million active users, Flipkart is one of India’s largest e-commerce platforms. The company is known for its innovative approach to customer loyalty, and its SuperCoins program is a key part of that strategy.

SuperCoins are loyalty points that can be earned by shoppers when they make purchases on Flipkart.com, and can be used to redeem a variety of rewards, including discounts on future purchases, digital collectables from partner brands, and more.

Flipkart’s SuperCoins program is just one example of how the company uses gamification to improve the customer experience. By offering a wide range of rewards and providing an engaging shopping experience, Flipkart is able to keep shoppers coming back for more.

Flipkart is not the only company looking to enter the metaverse space. Facebook, Nvidia, and Microsoft are all working on their metaverse projects. It will be interesting to see how Flipkart’s offering stacks up against these behemoths.

Naren Ravula, VP and head of product strategy and deployment of Flipkart Labs, said, “The future growth of e-commerce will be influenced by the immersive technologies of today, and metaverse is one of the significant revolutions in this arena with immense potential.”

In a recent interview, Polygon co-founder Sandeep Nailwal said that e-commerce is one of the killer use cases for the metaverse. “Combining top brands with Flipkart’s e-commerce expertise in a virtual environment stands to revolutionize online retail as we know it,” he added.

The post Flipkart gets creative with its e-commerce metaverse idea appeared first on Tech Wire Asia.

Imagine having the ability to interact with individuals who live in a different city — but not via social media, a phone conversation, or a video call — rather, through the metaverse. Well, it’s definitely doable now.

The metaverse is the next step in internet development that aims to blend real-world and virtual experiences. Some see it as a virtual version of the real world that exists online. Others see it as a change in how people can engage with their environment through the use of technologies like blockchain, augmented reality (AR), and virtual reality (VR), to mention a few.

The digital versions of some of the world’s most well-known brands has already been put to use in numerous instances, such as Gucci’s art installation in Roblox to increase brand awareness, Coca-Cola’s introduction of NFT collections featuring its recognizable brand callbacks, and even Hyundai’s metaverse initiative to introduce the thrill of driving and the brand’s advocacy for sustainable transformation.

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These virtualized worlds have been evolving for some time now, and there will be lots of opportunities to explore within these universes. And as the technology advances, city leaders will have a fascinating chance to influence how the metaverse is developed.

Guess what? Sharjah, the third-biggest emirate in the United Arab Emirates (UAE) and its largest metropolis and its most family-friendly destination, has got its very own city in the metaverse – and it looks so realistic to boot.

Sharjah city is in the metaverse

Sharjahverse, a new generation of metaverse tourism for the Emirate of Sharjah, has been introduced by Multiverse Labs in collaboration with the Sharjah Commerce & Tourism Development Authority (SCTDA). Sharjahverse, built on the Multiverse Labs platform, is an important turning point because it is the first real city-scale metaverse, with practical economic and social applications.

The 2,590 square kilometer (1,000 square mile) Sharjahverse project not only promotes the emirate to a wider audience and strengthens the local tourism industry, but it also gives locals the opportunity to work at Sharjah’s famous landmarks in the metaverse. It is a photorealistic, physically accurate metaverse that encourages the emirate to be a top travel destination by opening up scaled-down trade, innovation, and creativity.

A new way of thinking is necessary, according to Khalid Jasim Al Midfa, Chairman of the Sharjah Commerce and Tourist Development Authority (SCTDA), to turn the mass market tourism sector into next-generation, sustainable practices.

“Virtual tourism in Sharjahverse will provide unprecedented access to almost any location, personalized guest experiences and enhanced entertainment. Multiverse’s groundbreaking and AI-driven approach will help push the limits of imagination and promote Sharjah as a destination of excellence,” he added.

The realism of Sharjah’s metaverse

The platform of Multiverse, according to Chairman Khalid Jasim Al Midfa, Director Sheikh Salim Mohammed Al Qassimi, and the marketing division at SCTDA, is so realistic that it is used globally for simulations, services, and AI optimization in addition to being used for recreation. It incorporates player-owned creations, social interactions, and avatars created from real-world portraits that are absent from other digital twin platforms.

“That’s why we call Multiverse the first true metaverse; it’s far more than just land or a game. We look forward to unveiling the use cases we have been developing with partners in the coming months. It’s enabled by our advanced generative AI and incredible team,” they said. “We recently joined the NVIDIA Inception program and we used NVIDIA RTX™ technology for our projects. The creation of something on the scale of Sharjahverse just a year ago would have been impossible.”

It is quite amazing to see what technology is capable of now, especially as more and more of our daily activities are taking place online. The metaverse is expanding, and given how photoreal Sharjah City is recreated, it undoubtedly calls for significant computational resources and financial investment. Although useful, this transition to the metaverse alters how we interact with the city and compels us to re-evaluate our objectives for the city.

Right now, visitors at GITEX 2022 can experience Sharjahverse first-hand, and design their own lifelike avatar on the first and second floors of the Digital Sharjah booth.

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