As the Web 3 space grows, we see increased competition for market share. Home to many crypto start-ups, three resilient Malaysian crypto projects that may eventually compete with the giants we see today.
So, let’s look at three crypto projects from the country and the immense potential they hold for the future.
Founded in 2021 by @isyirsyad, Pentas is an NFT marketplace built on the Binance Smart Chain. It currently ranks #9 on the network by volume and #8 by active users.
While marketplaces are not uncommon, Pentas finds its edge in creating value for its users. It celebrates culture and heritage through spotlighted collections on its main page.
Currently, minting single NFTs cost about 0.002 $BNB, with royalties set by the creator. Pentas takes a 2.5% cut with each sale as well.
The platform is undoubtedly well-positioned to capture a large share of the local NFT interest, which saw big spikes recently. Many well-established artists in the country have already launched their successful NFT projects.
They also recently launched Pentas Skool, a platform to educate users on blockchain technology and experiences. Along with its founder, who constantly engages and educates the community on Web3, Pentas has managed to cement a place in the local scene.
Forum is a social project aiming to bridge the various worlds of Web3.0 together. Founded in 2018 by Yi Feng Go, it recently attracted millions in investments from notable names such as KuCoin Labs, Huobi Ventures, and AU21 capital.
Currently, the application functions as a social media hub for those interested in cryptocurrency. Boasting more than 200,000 users, participants are rewarded in $XTM, their native currency.
$XTM can be used for Defi, purchasing NFTs, and tipping creators, all built into Torum. Users can also find clans and companies within site, contributing to its network effect.
The project’s rebranding towards a metaverse theme resonates strongly with today’s crypto community. They are planning not only a mobile app soon but also MMORPG integration, multi-wallet support, and a money market.
Though the rebrand is still in its infancy, user participation should pick up as more extensive features get rolled out.
EDT, or Experiential Design Team, is a company that seeks to merge the real and virtual worlds using AR (Augmented Reality) technology. Founded by @FarizHanapiah.NFT, they are making ambitious pursuits within the metaverse, including games, apparel, art, and experiences.
Having worked with mainstream companies like VANS and Baskin Robins, their projects have proved successful and are something to keep an eye on.
They are hosting a public event with Sunway Mall and Peugeot, a car manufacturer and distributor. Users can get immersed in the experienced, interacting with the virtual world via their smart devices.
Having real-world applications is one of a team’s most bullish long-term catalysts. At the same time, not an application; their influence in Web3 could be a vital driving factor in what other projects to keep an eye out for.
Diversity drives innovation.
While many Web2 products hail from the West, Web3’s decentralized spirit means that strong competitors will emerge from new regions. Coupled with how quickly information spreads today, there is no doubt that some of these projects will eventually reach a global audience.
As Malaysian interest in Crypto grows, it will be interesting to see what new developments eventually arise.
[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]
Featured Image Credit: Chain Debrief