Web 3.0 gaining momentum: Thailand attracts global investors

Chayapa Chutrakul, Chief Executive Officer of The Pink Lab
Chayapa Chutrakul, Chief Executive Officer of The Pink Lab

The evolution of the third generation Internet or Web 3.0 (WEB3) that brings deep learning capabilities in machine learning, artificial intelligence or AI and decentralized computing (Decentralization) is an important foundation in creating an online communication space and social networks.


It provides an opportunity for the "virtual world" to become a new space which can create “real experiences" that are immersive in new ways for users. People with ideas, business sectors and brands can create innovations or new business models and easily connect with people in virtual worlds globally. Real money is being traded and payment transactions are made in the form of cryptocurrencies/NFTs. (Non-Fungible tokens) are occurring which come with security, transparency and the verification of data accuracy and with identity of the owner by using the blockchain system.


The Global Tech Talk @SCBX NEXT TECH at Siam Paragon created a phenomenon by inviting world-class figures in the digital industry from many countries around the world to share their knowledge as speakers in the event. The opening of SIAM PARAGON NEXT TECH x SCBX, a tech community for learning in the future world, aims to inspire people to be smarter, better, and richer.  The event which took place on the 4th floor of Siam Paragon was a milestone for those interested in technology to gain knowledge and develop themselves in various fields including Web 3.0.


It is interesting that in the era of Web 3.0 Thailand is receiving interest from many global companies that are investing in Web 3.0 and related technologies and which are confident that in the future Thailand will be able to be a gateway for Web 3.0 and blockchain business platforms to further expand services in Asia and around the world in the future.


Thailand has the DNA of Web 3.0


Chayapa Chutrakul, Chief Executive Officer of The Pink Lab, said that Thailand is currently drawing attention from leading Web 3.0 and blockchain companies worldwide, as well as within Asia, for its potential for investment and collaboration. They are encouraging the business sector, industries and the new generation with ideas to leverage the advantages of this emerging technology, to create innovation and opportunities to learn new technology and to collaborate to share global experiences to co-create products that have an impact on users, businesses and society.


The evolution of Web 3.0 increases the potential to support decentralized data transactions between digital wallets on the blockchain. Its role is more than just platforms and technology, rather being "diversity and the future" which Pink Lab has divided into five categories for the use of Web 3.0 as a solution to create opportunities. These are: 1. Core technology, including blockchain and Smart Contacts; 2. Digital assets, such as Cryptocurrency and NFTs; 3. Decentralized Platforms, which include the metaverse; 4. Infrastructure; and 5. User interfaces through apps developed on the blockchain and digital wallets.


“WEB3 is a global phenomenon, so there must be collaboration. Thus, there has been collaboration between Siam Piwat and Pink Lab by which Thailand will benefit from this technology. This is beyond just talking about business profits but to look at WEB3 in a macro scale perspective and to get the answers to what Thailand needs, which is NextTech (technology of the future). This is the reason for opening the “SIAM PARAGON NEXT TECH x SCBX” Technology Community for Learning in the Future World in an area of over 4,000 sq m on the 4th floor of the Siam Paragon mall where many technology partners have joined both Thailand and the world,” Ms. Chayapa said.


This tech community will provide technology education, Co-Creation & Collaboration and Web 3.0 is an important component of this since the new generation and those in the industry are looking for a place to learn the best things in the world and what can be done to the market. It will also create a stage for users and people in the industry who can bring products from ideas to share with others or for the whole world to see.


The key to Web 3.0 is innovation. Various creations that will happen with this technology will depend on the "people" who have vision and on the underlying ideas behind groundbreaking products to move forward to fulfill dreams. Hence, the opening of the "SIAM PARAGON NEXT TECH x SCBX" area, which is a close collaboration between Pink Lab and Siam Piwat and is a project that responds well to the needs of Siam Piwat. It looks at creating things together (Co-Creation) with tenants, consumers, and most importantly people from all over the world to bring the best experiences for everyone to learn together. It's about creating innovation and there will be many products under the Web 3.0 concept released to the market.


“Pink Lab's experience has been providing services all over the world in many places, with customers from Europe, the United States and Asia. We both had fun and learned. Ultimately, we considered how to get people to learn from the best in the world. Currently, it is believed that many world-class leaders in this industry see Thailand is an interesting market. We have the DNA of Web 3.0,” Chayapa said.


South Korea's WEB3 sees an opportunity, team up with Thailand penetrate global market.


Simon Seojoon Kim, CEO & Managing Partner, Hashed, the largest Web 3.0 investment firm in South Korea, said that currently both Thailand and South Korea are emerging as key markets for Web 3.0 adoption, driven by the surge in digital currency (crypto) transactions that align with the global crypto ecosystem's continuous growth over the past decade.


South Korea has emerged as a pioneer of Web 3.0 and it is globally famous for having the highest bitcoin exchange premium (Kimchi Premium) and ranks as the world's second-largest centralized cryptocurrency exchanges (CEX) while Thailand has the world's top position in terms of cryptocurrency holders.


"We see opportunities to collaborate with Thailand, leveraging the strengths of both countries to further the adoption of blockchain and Web 3.0 technologies, creating new platforms to expand business and market opportunities throughout Asia, using Thailand as a central hub," said Mr. Kim.


He emphasized his belief that Thailand has a high potential in the WEB3-related industries, citing three key factors that "explain" this for Thailand, being: 1. Tourism, 2. Cultural heritage, and 3. Hospitality. Therefore, if "technology" is applied to industries related to these three aspects, Thailand will undoubtedly play a crucial role in the world of WEB3, as blockchain can be seamlessly integrated, he said.


Thailand's tourism sector ranks it among the top countries in the world, holding the 4th position in terms of generating revenue from international tourists, in the 5th position for global cultural heritage influence, and in the 4th as being one of the most desirable tourist destinations globally. Simultaneously, Thailand boasts the highest number of cryptocurrency holders, ranking 1st globally. This demonstrates a robust foundation for the blockchain industry.


From this strong point, It can be seen that Thailand has the potential to be a center for tourism platforms that can be distributed throughout the world, based on a "Just go and do it" business model, following the same principles as AirBnB using New York as its center as a destination for many tourists.


“Working together will create a great scenario where the strengths of each country complement each other. Thailand has the highest number of crypto holders in the world. South Korea has the highest crypto profit rates in the world. Thailand has tourism assets while for service sector businesses and culture South Korea is a leader in content.  And Thailand has many tourists traveling from around the world while South Korea has many technology developers,” said Mr. Kim.


Furthermore, there are intriguing examples of interesting platforms in the tourism and service industries that will leverage the potential of Web 3.0, that will be built on blockchain-based decentralized platforms. These platforms aim to create a fully inclusive ecosystem using the blockchain infrastructure, allowing users to have complete ownership of digital assets, create digital wallets and create a Digital ID system for airport check-ins, as well as to facilitate various service payments. Additionally, a range of apps will be developed on top of this platform, including payment & exchange apps, membership & loyalty apps, DAOs for global tourists, and memorial NFT apps, among others.



Partnering with SCBX to create space for WEB3


In addition, Hashed has recently collaborated with a partner in Thailand, SCBX, to launch ShardLab, a research and development area for testing various technologies on Web 3.0. This includes enhancing smart accounts to facilitate easier interactions with blockchain through Account Abstraction. Additionally, there are several other pioneering projects spanning various industries aimed at harnessing the power and usage of WEB3 and blockchain technology in Thailand. This collaborative effort seeks to address the challenges in the Asian region and the content industry, with the goal of both countries working together to become a gateway to the WEB3 market.


Hojin Kim, CSO of UNOPND and CEO of ShardLab, said ShardLab is an important innovation arm of Hashed. Therefore, this collaboration, apart from responding to the Thai market, also looks to cover the Southeast Asian market which is considered a hot region for the Web 3.0 market which aims to offer blockchain-based technology to solve existing pain points in the market which is applied in real applications to help create an impact in terms of innovation for the industry.


Within ShardLab, there are three main components: 1. Research, development and the testing of pilot projects that can be commercialized. 2. Training programs for WEB3 developers and 3. Building business ecosystems for Web 3.0

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