Chung-Ang University to Issue Blockchain-Based Certificates

Report by Xangle and Tiger Research Explores Indonesia’s Web3 PotentialIn partnership with South Korean crypto data platform Xangle, Web3 consulting firm Tiger Research has released a report focusing on the Web3 market in Indonesia. This collaborative project also featured contributions from Jakarta-based blockchain game provider Avarik Saga and Hong Kong-headquartered metaverse company Animoca Brands.In the process of crafting this paper, teams from Tiger Research, Xangle, Avarik Saga, and Animoca Brands spent a week in Indonesia, conducting interviews with local experts.Photo by Nick Agus Arya on UnsplashPositive factorsThe report assesses Indonesia’s Web3 market as having significant potential. It highlights factors such as the country’s status as the world’s fourth-largest population, a youthful demographic with a median age of 30, political stability, and favorable policies towards Web3 technologies. The Indonesian government has adopted a favorable approach to the Web3 industry, providing a range of incentives to boost the growth of the Web3 gaming sector. Additionally, they have taken the initiative to establish a dedicated committee for the blockchain sector within the Indonesia Financial Services Authority (OJK).Crypto exchanges driving growthAs per the report, the Indonesian market is primarily propelled by cryptocurrency exchanges, with over 30 exchanges currently in operation. These exchanges serve a customer base of approximately 10 million individuals, which accounts for around 4% of the country’s population. This is comparable to the number of investors on the Indonesia stock exchange.Several challengesMeanwhile, the paper also highlighted several areas where the world’s largest archipelagic state faces challenges. One of these challenges is its non-fungible token (NFT) market, which has seen a consistent decline in recent months, hitting an all-time low. It was found that most individuals prefer global NFT marketplaces over local ones. Furthermore, concerning the development of the Web3 ecosystem, the shortage of blockchain developers has prompted startups to seek development services overseas.

The Sandbox Adds Singapore Virtual Neighborhood Lion CityMetaverse platform The Sandbox has announced the launch of Lion City, Singapore’s virtual neighborhood, during its inaugural Singapore Partner Day event.In a blog post published on Tuesday, The Sandbox project team outlined that Lion City is set to debut in September 2023 and will feature 512 plots of virtual land. With over 40 partners and 10+ studios, Lion City aims to showcase global and regional brands, along with established Web3 natives, representing Singapore’s culture in sports, fashion, entertainment, and technology within The Sandbox metaverse.Photo by Kin Pastor on PexelsRegional brand partnershipsThe Sandbox has attracted a range of local partners for Lion City, including MM2 Asia, ONE Championship, Mighty Jaxx Group, Spa Esprit Group, METAVI, Technology Development Centre (TDC) of ITE College Central, UKISS, Bandwagon, Renovi, Affyn, 8sian, The Engineers, Metaskull by Jacky Tsai x Froyo Games, Fabric of Reality, CreativesAtWork, Memotics, FXMedia, Kappou, The Parlour, Manifest, Vaniday, PengWine, LOFI, and Zodium. These partners represent various industries and will contribute to the diverse offerings and experiences within Lion City.Studio partnersMoreover, studio partners catering to the Singapore market will be an integral part of the Lion City experience. These studios include Smobler Studios, CGame Studio, Oceanus Media Global, and iCandy Interactive subsidiaries Lemonsky Studios and Hashcode Studio, New Moon Studios, Pangu by Kenal, and Clevereen. Collaborative ecosystem partners such as OKContract, Pinnacle, DIFY, and Peatix are also contributing to the development of the metaverse.Unlocking Web3 opportunitiesThe Sandbox emphasized the significance of Lion City as a gateway and launchpad for Southeast Asia. With over 400 global brands, including Singapore’s DBS Bank, already on board, Lion City has the potential to unlock new Web3 possibilities in the region. The supportive and collaborative ecosystem in Singapore will provide companies with opportunities to explore digital frontiers and test decentralized technologies.The project also announced the milestone during the Singapore Partner Day event held at the Marina Bay Sands Expo & Convention Centre. The event served as a platform for networking and sharing insights among The Sandbox’s partners.Keynotes were delivered by Sébastien Borget, the Co-Founder and COO of The Sandbox, and George Wong, the project’s Head of Singapore. They discussed the vast opportunities within the metaverse, and panel discussions with ecosystem partners took place, covering topics like intellectual properties (IPs) and the metaverse’s future, as well as the development of the open NFT metaverse.During the event, Borget highlighted Singapore’s regulatory environment, as being conducive to emerging technologies. He also emphasized Singapore’s position as an innovation hub for Web3 advancements.The metaverse faces new challenges in 2023, with the crypto market gravitating towards a more institutional-friendly approach, and questions surrounding its relevance. Recently, Borget had a clash with the SEC in the United States, disagreeing with the regulator’s classification of the project’s native $SAND token as a security.No doubt that experience has helped to underscore his appreciation for Singapore’s regulatory setup. Nevertheless, Wong described 2023 as an important and pivotal year for metaverse growth.

Real-world asset (RWA) tokenization, the conversion of tangible assets into digital tokens on a blockchain, is gaining momentum in the United Arab Emirates (UAE), according to a number of industry professionals working in the sector.Photo by ZQ Lee on Unsplash‘No lack of demand’Scott Thiel, founder and CEO of Dubai-based RWA token marketplace Tokinvest, recently outlined to Cointelegraph that the company is experiencing “no lack of demand” for tokenized RWAs. Thiel believes that demand is coming from real estate developers and large property owners who “want to explore how they can use this as an alternate means of financing or selling their property.” The Tokinvest CEO explained that a booming property market in the UAE,  particularly in Dubai, is contributing towards RWA tokenization demand in the country. He stated: “What’s the hottest real estate market in the world? Well, I think today it’s probably Dubai, and so, everyone would like to own a piece of this or to get access to the economic benefits of being a participant in that marketplace.” RWA tokenization dealsLast year, Liv Digital Bank, a subsidiary of Emirates NBD, the second largest bank in the UAE, signed a deal with RWA tokenization firm Ctrl Alt. At the time, Ctrl Alt CEO Matt Ong pointed to a Boston Consulting Group report that forecast a $16 trillion business opportunity with regard to the tokenization of global illiquid assets by 2030. In January, MANTRA, a layer-1 blockchain project that focuses on RWA tokenization, inked a $1 billion deal with Damac Group, an Emirati property development company. The objective of the partnership is to bring transparency, security and access to Damac’s assets using blockchain. Last month, MANTRA was awarded a Virtual Asset Service Provider (VASP) license by Dubai regulator, the Virtual Assets Regulatory Authority (VARA). MANTRA Co-founder and CEO John Patrick Mullin described the license award as “a validation of our purpose, which is to provide developers and institutions with a purpose-built RWA Layer 1 Blockchain, that’s capable of adhering to real world regulatory requirements.” Proactive regulationIt is with regard to regulation that many in the industry feel that the UAE is gaining the upper hand where RWA tokenization is concerned. Tokeninvest’s Thiel provided input into the formulation of VARA’s regulatory framework back in 2022. He said that the authorities there have taken a proactive approach to digital asset regulation, with a genuine desire to provide regulatory clarity. The Tokinvest CEO was sufficiently impressed by the regulatory approach in the UAE to relocate the company there. Back in January, VARA awarded the company a trading license for its tokenized RWA marketplace. Commenting following the announcement of the Damac deal, MANTRA’s Mullin complimented the UAE authorities on their business-friendly approach: “The UAE has shown time and again that they can lead the crypto industry in innovation.”  In a series of posts on X recently, Julian Kwan, CEO and founder of IXS, a Singapore-based institutional bridge for tokenized RWAs, cited the Damac tokenized real estate deal while asserting that tokenized “RWAs are no longer a concept — they are an unstoppable financial movement.”