PopChill 拍拍圈完成 Pre-A 輪融資,目標亞洲最大時尚轉售永續電商平台,AppWorks 領投

編按:我們很高興宣布領投 PopChill 拍拍圈 的 Pre-A 輪募資,支持台灣網路產業中,少數擁有連續創業成功經驗的 Andy 郭家齊與 Kelly 廖家欣,期待他們新啟動的創業旅程,能一如過往繳出亮眼的成績。PopChill 拍拍圈新聞稿原文如下:

由網路連續創業家郭家齊與廖家欣共同創立的,新創時尚轉售平台 PopChill (拍拍圈科技),今日宣布開放 App 下載 (App StoreGoogle Play),並同時宣布完成 Pre-A 輪募資,本輪由AppWorks (之初加速器) 領投,主要投資者還包括中信創投、活水影響力投資、台灣文創天使投資基金。本輪投資金額為 6150 萬新台幣,加計本輪之前即已投入的 4000 萬新台幣種子資金,PopChill 為國內少數網路新創公司,產品尚未上線,就獲得創投青睞,累積募資金額超過新台幣 1 億元。拍拍圈表示,本輪資金將用於驗證商業模式及擴展台灣市場。

一般來說,創投偏好投資中晚期的創業項目,一間連產品都沒上線,沒有營運數字的新創公司,在任何市場成功募資的機率都很低,是甚麼吸引創投公司破例投資?以下從團隊、商業模式、市場、趨勢四點進行分析。

【團隊】連續創業,獲得市場關注

PopChill 由郭家齊、廖家欣共同創辦,郭家齊畢業於史丹佛電腦科學碩士,廖家欣畢業於台大管理學院工商管理學系,一位負責平台開發及底層技術,另一位負責行銷,兩位有共同 13 年創業的經驗。平台尚未上線即獲得創投資金的支持,主要原因是團隊為網路連續創業者,在台灣網路暨電子商務產業締造許多記錄,共同成立的一家公司被美國網路公司 Groupon 收購、一家公司成為台灣最快上櫃 50 億電商、一家公司成功登錄興櫃的經營實績,加上所選定的題目也符合近幾年投資者對ESG (環境、社會、治理) 及永續 (Sustainablility) 相關議題的趨勢。

【商業模式】結合 IG 與 eBay 的社群商務

PopChill 結合 Instagram 與 eBay 的新經濟模式,打開 PopChill 的 App 首頁,就能看到台灣各地女生衣櫥內服飾鞋包配件的美圖,且呈現方式類似 Instagram 的大圖,提供「逛」的新體驗,拍拍圈一大特色是主打這些時尚的商品貼文,都是使用者原創內容 UGC (User Generated Content),可以充分的展現出每一個賣家她的個人衣櫥風格和獨具特色的時尚品味,賣家每一次的商品貼文,都能觸及到追蹤她的粉絲,因此可以看見 PopChill 上的賣家會主動經營自己的 PopChill 帳號,頻繁地分享個人穿搭與各式流行單品,以及追蹤、拍手、愛心跟其他潛在買家進行互動,藉由平台機制的設計,這些互動都能高效的將衣櫥內具轉售價值衣物售出。PopChill 目前為一 16 人團隊,為提供使用者轉售自己衣櫃閒置衣物的服務,不同於傳統電商以「搜尋」為主,更像一本可以逛的可以買的線上時尚雜誌,用社群介面幫助賣家更容易把東西賣出去,買家也更容易買到心儀的商品。

【市場】台灣在二手購買偏好,排名大東南亞地區第二

據統計,台灣二手平台上,服飾配件是用戶最願意買 (52%) 和賣 (62%) 的類別。在過去三年中 (從 2018 年到 2020 年),時裝類別二手商品在需求和供應方面一直佔據首要位置。報告更指出在 2021 年台灣市場這一趨勢繼續快速增長,尤其是在女裝類別。

二手電商賽道加速期來了?其中又以 Fashion 為大宗?觀察歐美趨勢,這幾年時尚轉售平台漸趨成行,例如美國的 Poshmark 在 2021 年 1 月 IPO,英國的 Depop 在 2021 年 7 月,以 16 億美金的價格被電商平台 Etsy 併購。PopChill 觀察到時尚轉售風潮的興起,也預期這股風潮將在台灣及東南亞發生,因此目標成為台灣及東南亞的時尚轉售電商龍頭。

【趨勢】二手時尚新興消費者集中在 Gen Z 與千禧世代

PopChill 設定的目標族群中,其中 Gen Z 重視獨特性和多元包容性,他們不論是在消費或選擇工作時,都比上個世代更在意企業是否善盡社會責任,他們的環保和道德感較高,反對「即用即棄」的浪費行為,願意支持對地球永續發展的概念,根據國發會統計,台灣 Z 世代有 378 萬人,千禧世代有 517 萬人,這兩個世代對科技與社群媒體的仰賴度極高,無論是生活、娛樂或消費習慣都和數位密不可分。

郭家齊表示,從過去 13 年的創業經驗來看,台灣從來沒有置身在國際趨勢的發展之外,他觀察到國外在全品項綜合型平台如 eBay 等發展成熟後,陸續出現「細分領域」的用戶對用戶間的個人交易,其中又以Fashion為大宗,而更值得關注的,這類Marketplace的交易平台的新興消費者主要集中在千禧一代和 Z 世代。

PopChill 初期增長策略奏效

做為一個雙邊平台,就像 Airbnb 和 Uber 一樣,PopChill 初期面對的是每個平台初期最難解的「雞蛋問題」。買家要有足夠的賣家才會願意使用,同時賣家也要有足夠的賣家才會使用。PopChill 解決雞蛋問題的方法,是在開站前先召募了超過 500 位賣家,上傳了 1 萬個物件,以此先解決雙邊平台的賣方問題,以此吸引早期的買家進來使用。這些早期的種子用戶會願意在拍拍圈還沒有上線時,就願意響應加入,多數人表示很大的原因是拍拍圈真的解決了他們的痛點,還有,他們認同永續時尚的概念,希望能為地球的可持續性發展也貢獻一份心力,這件事情對經歷過共享經濟浪潮的年輕世代來說很有意義,接受度和認同感也相對高。

如何過好生活、同時又與環境共榮?

線性經濟的商業模式,成為了全球主要的發展模式,正以前所未有的速度在消耗地球上有限的資源,如果時尚產業繼續往這個方向發展,到 2050 年時,將會為地球整體升溫 2 度的碳排放貢獻出 26% 的碳排放、造成 3 億噸不可再生資源的消耗、超過 2200 萬噸的塑膠微纖維流進海洋,時裝業將用掉世界碳排放預算的四分之一。

企業也是社會公民,應該善盡社會責任,在推廣 PopChill 的本身,也是推廣一種「如何過好生活、同時又與環境共榮?」的生活態度,PopChill 成立第一年即登錄成為社會創新組織成員,結合聯合國永續發展目標 SDGs12 負責任的消費與生產,希望兼顧經濟發展也能對環境友善,藉由科技或商業模式的創新應用,希望推動轉售有利於社會和環境永續發展的理念,成為台灣消費者要購物時的永續電商首選。

郭家齊:本輪資金將用來驗證商業模式的可行性

雖然這幾年台灣新創網路公司已較以往容易取得創投資金支持,但像 PopChill 於平台還未上線,即已取得創投投資,仍屬相當少見。AppWorks 合夥人程九如指出:「長期以來,我們積極支持 AppWorks Accelerator 生態系中的新創校友以及 Mentors。Andy (郭家齊) 與 Kelly (廖家欣) 是台灣數位產業中,極少數擁有多次成功經驗的連續創業者,在擔任我們加速器的 Mentors 多年期間,不僅經常與其他年輕創業者分享第一手創業經驗,面對產業最前緣變化所帶來的機會,也總能在極短的時間內因應並掌握。AppWorks 相當幸運,過去投資了他們共同創辦的創業家兄弟、松果購物兩家新創,最後都成功以 IPO 退場。這次再次支持他們新啟動創業旅程,期待能一如過往繳出亮眼的成績。」

據悉,創辦人及其家族自身在種子輪就投入 4000 萬的自有資金,從 0 到 1 搭建一個兼具社群及電商金流物流資訊流的交易平台,有一定的資金和技術進入門檻,對創投而言,創業者本身投入的資金多寡,很大程度代表了創業者對於這個項目的投入和信心,也表示創業者本身願意承擔大部分的風險,PopChill 經營團隊希望隨著創業公司證明其成功概率的增加,客戶群的增長和概念的驗證,在產品上線前完成 Pre-A 輪募資,團隊可以在專心在開發產品和提升客戶體驗上,有足夠的試錯空間,盡快找到可規模化的模式。

郭家齊表示:「創投的支持,除了是對 PopChill 的支持,也是對台灣新創的肯定。」PopChill 預計使用本輪資金來驗證商業模化,並加速規模化,期望能於上線2年內達到損益兩平。

初期採邀請制,養出社群黏著度後,將全面開放

拍拍圈 App 初期採邀請制,沒有邀請碼的一般民眾可以下載 App 後可以用手機號碼註冊並輸入邀請碼「popchill」即可免費加入,上傳商品不需上架費,目前僅開放上傳女性衣櫥內閒置用品 (包括服飾、鞋包、配件等)。PopChill 是走 C2C 輕資產的模式,也就是用戶自行上架,可以對衣物有絕對的訂價權,同時可以透過PopChill 經營屬於自己的個人帳號,創造自己與其他賣家的差異化,市場分析者表示:「PopChill 賣的其實不是衣服,賣得更多是這個用戶自身的穿搭風格和影響力,還有推廣永續發展的理念與精神。」

【歡迎所有 AI、Blockchain、NFT 與目標東南亞市場的創業者,加入專為你們服務的 AppWorks Accelerator

An Introduction to Renee Lin

Renee Lin, Associate (林佳昵 / 投資經理)

Renee is an associate mainly focused on investments. She joined AppWorks in 2021 with 10 years of experience in startups and venture capital. Always passionate about new technologies and untethered from traditional career tracks, Renee has held roles as a data scientist & head of insights at Rotor Videos London, an advisor at Microsoft Accelerator London, and a deputy manager at Waterland Venture Capital. She received her MBA from London Business School, holds a B.B.A in Finance from National Chung Hsing University, and is currently completing a second Masters degree in Computer and Information Technology at the University of Pennsylvania. Outside of work she loves music, is a keen drummer, and enjoys getting creative in the kitchen with a variety of cuisines.

Hi, I’m Renee. I joined AppWorks in November 2021 as an associate. To help you get to know me, I have put together my FAQ along with my bio.

1. What is your favorite thing about London after living there for 7 years?

It has to be the cultural diversity.

Many cities have the effect of making the people who move there water down their original culture in order to fit in better, but in London I felt that people had two identities. They keep their original culture but also take on the identity of a Londoner. I found that duality fascinating; it taught me very different perspectives on life, love, and how to live.

In a comparatively small geographical area, I was able to have conversations with people from all over the world on every topic under the sun. These connections have made me embrace different ways of doing things and I have incorporated the elements that I appreciate, which have expanded my world view and made me much more open-minded.

2. Who do you admire?

Allen Lane, the founder of Penguin Books. I think he is someone who truly changed the way the world does business. By introducing cheap and high-quality paperback books in 1935, Lane unlocked massive demand for serious literature and opened up reading to millions of people, making it accessible to not only the wealthy, but anyone with an inquiring mind. He is an inspiration to me because his innovation demonstrated that businesses can really change people’s outlook on life, something I also believe.

3. Have you worked on any interesting side projects and what were your takeaways?

I grew my own YouTube gaming channel for PokemonGo from zero to over 1 million views in the first month of its launch. I developed the channel because it was fun, the timing was right, and I wanted to take the opportunity to get first-hand experience in social media analytics, which I was learning at the time.

My main takeaways are firstly, it is important to stay focused, motivated, and whole-hearted in pursuing your projects. Secondly, a motivated and talented teammate can make great things happen and make the process enjoyable. Finally, I learned more about my own potential, such as that I have the ability to generate interest and accumulate a following in a very short amount of time and that I can lean into my creativity when I need to.

4. What is your most-used emoji?

😆

5. What is one thing about you that surprises people?

I am a drummer and I’ve been playing drums for more than 20 years.

6. What has been inspiring you recently?

In Elon Musk’s autobiography, his friend shared a story about when both Tesla and SpaceX were almost on the verge of bankruptcy in 2008, what bothered Elon the most was the idea that people would stop believing in electric cars and space exploration, rather than the fact he could fail and lose his wealth. To me, this shows the power of belief. Having such a strong cause, like Elon, helps people not only to stay strong and driven during the worst times, but also to focus on others which perhaps would make a time like this more bearable.

Another recent source of inspiration was hearing that Warren Buffett estimates that he spends around 80 percent of his day reading. When asked the key to his success, he pointed to a stack of books and said, “Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest.” I know that it will be unlikely for me to spend 80 percent of my time reading, so I choose to instead use my time for reading better, by carefully selecting the source of my input every day and the materials that I use to learn new things.

7. What career did you dream of when you were a kid?

Secret agent / hacker.

8. What does data science mean to you?

Being a data scientist and head of insights before moving into my current role took me on an exciting journey, deepened my understanding of technology, and taught me a diverse way of thinking. Success in this field requires both logical and creative thinking, as finding insights through various experiments often needs a touch of exploration mindset on top of analytical thinking. This contradiction is what attracts me the most as I get to explore both ends of the spectrum and can feel my growth as I dive in deeper.

On weekends, I also love volunteering at non-profit organisations that harness the power of data science to make a positive impact on society. By devoting my time on these projects makes me feel fulfilled and that’s something I truly hope I can keep doing till I grow old.  

9. Why did you choose to go into venture capital?

I wanted to be in an environment where I could help advance technologies that make people’s lives easier and more enjoyable. I have always been fascinated by how breakthroughs in technology can advance the world. Nowadays, with just a smartphone, we can easily connect with people, the world, be entertained, manage our finances, and conduct investments. At night, I can switch off my lights without leaving my bed simply by saying “OK Google”, which brings me so much joy every time I do it. My goal is to help shape innovative technologies so that everyone can have that feeling of joy and enhance our experiences in life. 

10. What gets you out of bed every morning?

The spirit of exploration is what gets me out of bed every morning, as it continues to bring me abundant life experiences, from playing the drums in rock bands to scuba diving in the Great Barrier Reef. More importantly, it has helped me determine how to best draw on my passions and strengths to find fulfilling work and get to where I am today.

2021 大東南亞 Web3 生態系速覽,即將邁入大規模商業化

Antony Lee, Communications Master (李欣岳 / 媒體公關總監)

負責媒體與社群溝通相關輔導。加入 AppWorks 前有 18 年媒體經驗,是台灣第一批主跑網路產業的記者,先後任職《數位時代》副總編輯、《Cheers 快樂工作人》資深主編、SmartM 網站總編輯。畢業於交大管科系,長期關注媒體產業變化,熱愛閱讀商業與科技趨勢、企業與人物故事,樂於與人交流分享,期許自己當個「Internet 傳教士」。

自從 2009 年 AppWorks 創立、2010 年啟動每年兩屆的 AppWorks Accelerator 以來,我們便致力在大東南亞地區  (東協 + 台灣) 協助下世代的創業者,抓住數位革命的成長機會,嚴選本區域最具潛力的新創團隊進駐,輔導新創團隊尋找 Product-Market Fit、幫助成長期團隊建立 Sustainable / Scalable Business Models。建構在加速器的基礎之上,AppWorks 進一步打造新創社群、成為創投機構。

在 2018 年之後,區塊鏈、Web3 成為我們重點經營的領域,因為我們相信區塊鏈、Web3 帶來的巨大典範轉移,將為下世代的創業者,開啟大量的顛覆與創新機會。

2021 年,區塊鏈進入最高速成長的一年。在 DeFi、NFT、Gaming、Metaverse 等豐沛的創新應用下,吸引大量新資金、新用戶投入,區塊鏈的創業者們,正逐步建立起 Web3 各項重要的基礎建設,並即將邁入大規模商業化。

「在去中心化的 Web3 世界中,是否會呈現出不同的區域發展特色?」一直是多年來,我們持續思辨的問題。在 2021 年,Web3 獲得大幅加速發展後,這個問題的輪廓逐漸顯現,我們發現,在大東南亞的主要市場中,來自長期截然不同的歷史、經濟、產業、社會、文化累積發展之下,正浮現出多元化的特色,驅動整個大東南亞的 Web3 生態系,展現出更精彩、更深化、更讓人期待的風貌。以下是我們對各主要市場在 2021 年的觀察與分析: 

印尼:投資加密貨幣,比投資股票更具吸引力

人口規模全球第四、大東南亞第一的印尼,估計仍有 66% 的人口,處於沒有銀行帳戶 (Unbanked) 的狀態,但也正因為如此,為印尼的 Web3 與區塊鏈發展,提供了絕佳的發展契機,印尼正進入由區塊鏈、加密貨幣推動的金融典範轉移,整體發展呈現出指數型、蛙跳式 (Leapfrogging) 成長的態勢。根據印尼貿易部 (Ministry of Trade) 統計,在 2021 年前五個月,印尼共有超過 650 萬人曾交易過加密貨幣,遠超過交易股票的 220 萬人,加密貨幣交易量從 2020 年的 44 億美元,成長至 2021 年前五個月的 250 億美元,成長率達 470%,加密貨幣已成為最受印尼民眾歡迎的投資類別。

相較於其他國家,印尼政府對於加密貨幣也相對開放。自 2018 年九月以來,陸續制定了一系列相關法律,皆象徵印尼政府的開放態度。包括加密貨幣、資產在印尼具有合法地位,可被視為商品 (Commodity) 來交易,由商品期貨交易監管機構 (The Futures Exchange Supervisory Board,簡稱 BAPPEBTI ) 作為主責的監管單位,交易所需取得合法執照,可合法交易共 229 種加密資產。

種種獨特的條件,讓印尼在交易所、錢包、資產管理以及其他 DeFi 領域上,發展快速。例如,2014 年成立的 Indodax,是印尼位居領先的交易所,用戶規模超過 470 萬。此外,隨著一般民眾對投資加密資產的接受度越來越高,像 NOBI 這類提供資產管理服務的新創,將是下一波值得留意的領域。

菲律賓:大量 End Users 推動產業成長

2021 年,Yield Guild Games 無疑是菲律賓最受矚目的 Web3 新創之一。從最初協助 Axie Infinity 招募、培訓玩家,累積到現在整個菲律賓有超過 1,500 個以上的 NFT 遊戲公會,共同進行數位資產管理,或為玩家提供遊戲獎學金等,Yield Guild Games 一路成為全球規模最大的 NFT 遊戲公會。蓬勃發展的產業生態,根據 Playercounter 統計,目前有超過四成的 Axie Infinity 玩家,來自菲律賓,是最大的單一國家,Play to Earn 能為玩家帶來實質收入,有效地緩解了 COVID-19 帶來的經濟與社會問題。

這種由大量新用戶加入,推動整體生態系成長的模式,是菲律賓發展 Web3 的特色。可以預期,在資金與用戶都蓬勃發展的帶動下,將會有更多不同領域的創業者,在這樣的基礎上推動各種創新應用,不論在 NFT 或是遊戲領域,都可看到更多元的成長潛力,例如,在今年推出菲律賓第一個 NFT Marketplace 的 Vention,或是建立遊戲公會管理與數據平台的 BlockchainSpace

新加坡:延續亞洲金融中心的優勢

向來有「亞洲金融中心」美譽的新加坡,長年以來,藉由政府開明的政策引導,逐步建立起區域內的地位。在 Web3 發展上,也可看到類似的發展軌跡,新加坡金融管理局 (MAS) 就是主導發展的單位,長期以來,對區塊鏈以及加密貨幣的發展,擁有相對開放與友善的立場。

早在 2017 年,MAS 就發布了「數位代幣發行指南」(A Guide to Digital Token Offering),確立了新加坡政府對於 ICO 的基本立場與政策,對於新創透過 ICO 募資的發行者以及相關平台,確立適用「證券暨期貨法」(Securities and Futures Act,簡稱 SFA) 監管。到了 2021 年 1 月,「支付服務法案」(Payment Service Act,簡稱 PSA) 相應推出,監管新加坡境內的所有加密貨幣、交易所以及數位支付等業務。

也因此,我們可看到各種與金融相關的 Web3 應用,正出現代表性的新創。例如,為 Web3 應用構建交易基礎建設、優化跨鏈交易體驗的 Biconomy;開發金融電子支付的 Xfers;提供加密貨幣交易、借貸、錢包等服務的 Vauld。未來在加密貨幣相關的資產證券化、證照合規、國際匯兌業務上,預期將可看到更多重要的進展。

台灣:龐大的數位市場、IT 工程師推動整體發展

在 Web3 生態系的發展上,相較於區域內的其他市場,台灣有兩大特色與優勢。第一,龐大的數位遊戲與娛樂市場。根據 App Annie 統計,2020 年,台灣民眾在 App Store 總共消費 24.4 億美元,約相當於印尼、泰國、越南、菲律賓、馬來西亞五國總和的 24.6 億美元;第二個,則是台灣長久在科技製造、軟硬體整合上,累積而來的 IT 工程師文化,優秀的軟體工程師,一直是台灣推動區塊鏈發展的核心。

在 2021 年,台灣也搭上全球的 NFT 熱潮,進入早期發展階段。在龐大的數位遊戲與娛樂市場基礎上,越來越多的台灣區塊鏈新創,開始以 NFT 打造產品、服務以及商業模式,而歌手、藝術家、遊戲商、文創商品平台,以及多位 YouTuber,也先後開始推廣 NFT,使得 NFT 在這一年快速獲取大眾的關注,未來極具發展潛力。

自 Ethereum 問世開始,就不斷有台灣本地的優秀工程師,展開各種在區塊鏈領域的探索,成為驅動產業推進的關鍵力量。2021 年,已有新創在全球區塊鏈產業中嶄露頭角。例如,團隊擁有超過 10 年、多次創業經驗的 Perpetual Protocol,提供虛擬做市商 (vAMM) 實現永續合約解決方案;開發智能合約錢包的 Blocto,隨著 Flow 躍居一線公鏈而崛起,超過 80% Flow 鏈上的用戶,都使用 Blocto 進行 FLOW Token 質押,在跨鏈應用上,也已支援包括 Ethereum、BSC、Solana、Avalanche (c-chain)、Polygon 等一線公鏈。

泰國:後發先至的蛙跳式成長

雖然整體產業仍在發展早期,但 2021 年泰國整體 Web3 發展,可用蛙跳式成長 (Leapfrogging) 來形容。6 月,完成 E 輪融資的電商物流供應商 Flash Express,才正式成為泰國第一隻獨角獸,在 11 月,泰國第一隻 Web3 獨角獸,緊接著誕生,交易所 Bitkub 將 51% 的股份,以 5.35 億美元出售給擁有百年歷史、泰國第一家本土銀行 Siam Commercial Bank,等於在 5 個月的極短時間內,泰國連續跨越 Internet 與 Web3 時代的里程碑。

在 Bitkub 這樣的指標案例出現後,泰國 Web3 發展的後勢,值得讓人期待。包括 Bitkub Mafia (前員工)、Web 2.0 時代的成功創業者,都將陸續加入 Web3 的創業浪潮中,一如其他國家正在上演的故事。

事實上,已經可以看到更成熟、更進階的 Web3 應用出現。例如,開發跨鏈資料預言機 (Oracle) 的 Band Protocol,以及 Metaverse 遊戲公會 GuildFi,都是在既有產業生態系上的基礎上,繼續創新與整合。此外,也出現了像 Knowhere.art 這樣的 NFT Marketplace,相信不久後,將會在 NFT 領域看到更突破性的進展,因為長年以來,曼谷就是亞洲時尚與設計之都,擁有發展 NFT 創作者經濟的絕佳土壤。

越南:Axie Infinity 帶來的巨大效應

提到越南的 Web3 產業,知名度最高的,莫過於 NFT 遊戲 Axie Infinity 開發商 Sky Mavis。根據 CryptoSlam 統計,自 2018 年上線以來,Axie Infinity 上的 NFT 交易總金額超過 37 億美元,日活躍用戶超過 200 萬,並在近期完成 1.52 億美元的 B 輪融資。

Sky Mavis 寫下的成就,對越南的影響,可從兩個面向觀察。第一,帶動越南本地的 NFT 遊戲生態系成長,並吸引國際資金投資更多新創,進而成為生態系更加成長的能量,例如,Sipher 在 10 月,就從美國、韓國投資人手中獲得 680 萬美元的種子輪融資。另外像 My DeFi PetThetan Arena 等,也都是值得留意的 NFT 遊戲新創。

第二個,則是越南民眾對於區塊鏈以及加密貨幣的高接受度。根據 Chainalysis 2021 年「全球加密貨幣接受度指數」(Global Crypto Adoption Index) 的調查,越南排名高居第一,在 On-chain value received、On-chain retail value received、P2P exchange trade volume 三大指標中,皆位居全球前五名,可以預期,各種 DeFi、錢包、資產管理的創新模式,例如提供 DeFi 流動性中心 (Liquidity Hub) 的 Kyber Network 等新創,將會是下一波值得觀察的重點。 

結論:

回顧 2021 年,Web3 生態系在大東亞獲得全面性地推展。印尼在投資加密貨幣的開戶人數,超越股票而躍居投資主流;菲律賓則正由 End User 帶動生態系成長;新加坡持續將「亞洲金融中心」的優勢,延續至 Web3 領域;台灣正由優秀的軟體工程師推動創新應用;泰國在出現第一隻 Web3 獨角獸後,預期將吸引更多優秀創業者投入這塊領域;越南則有讓人眼睛一亮的 NFT 遊戲生態系。

儘管加密貨幣的價格總是變化劇烈,但在這樣的基礎上,我們相信 Web3 的長期價值。展望 2022 年,大東南亞整體 Web3 產業更大規模的商業化,非常讓人期待。 

web3.GSEA Snapshot  2021 由 AppWorks 製作,有任何指教與建議,請 email 至 a@appworks.tw。感謝以下 AppWorks 的朋友,在過程中提供的協助:Peter Ing (Co-Founder of BlockchainSpace)、Leo Pham (Manager of Access Ventures)、Hung Nguyen (CEO of Spores)、Tri Pham (CEO of Kardiachain)、Ben Minh Le (CRO of M3TA)、TN Lee (Co-Founder of Pendle Finance)、Lawrence Samantha (Founder of NOBI)、Eagle Su (Marketing Specialist of Zombit)

製作協力:Asosiasi Blockchain Indonesia

【歡迎所有NFT、Blockchain / DeFi、AI / IoT 以及目標 Southeast Asia 的創業者,加入專為你們服務的 AppWorks Accelerator

web3.GSEA: 2021 Greater Southeast Asia Web3 Ecosystem Map

Original file for download: web3.GSEA Snapshot 2021

Jun Wakabayashi, Analyst (若林純 / 分析師)

Jun is an Analyst covering both AppWorks Accelerator and Greater Southeast Asia. Born and bred in America, Jun brings a wealth of international experience to AppWorks. He spent the last several years before joining AppWorks working for Focus Reports, where he conducted sector-based market research and interviewed high-level government leaders and industry executives across the globe. He’s now lived in 7 countries outside US and Taiwan, while traveling to upwards of 50 for leisure, collectively highlighting his unique propensity for cross-cultural immersion and international business. Jun received his Bachelors in Finance from New York University’s Stern School of Business.

Founded in 2009, AppWorks is a leading startup community and venture capital firm built by founders, for founders. We are committed to backing the next generation of entrepreneurs in Greater Southeast Asia (ASEAN+Taiwan) and helping them to facilitate the region’s transition into the digital age. Building off the firm’s decade-plus of experience, AppWorks works closely with early-stage founders to achieve product-market fit, while helping growth-stage companies establish sustainable business models at scale.

Starting in 2018, blockchain was incorporated in the firm’s core mandate. We believe that the technology is currently driving a massive paradigm shift, opening up new disruptive and innovative opportunities for the next generation of entrepreneurs as the world transitions into the web3 era.

In 2021, blockchain entered a mass adoption phase. With the emergence of new innovative applications such as DeFi, NFTs, GameFi, and web3 infrastructure, an unprecedented number of new funds, retail investors, and users have flocked to the crypto world, creating a flywheel effect that has facilitated the formation of key web3 infrastructure that we believe will usher in a new era of large-scale commercialization.

“As the world decentralizes, will development vary between different countries and regions?” This is a question that we’ve mulled over years. With the accelerated development of blockchain, we recognize that, in fact, regional dynamics have become more pronounced. We found that in Greater Southeast Asia’s major markets, the confluence of different historical, economic, industrial, societal, and cultural contexts has resulted in crypto adoption taking different forms. The emergence of diversified crypto markets is driving growth in the region to meet different market conditions and leading to new business models and approaches in the industry that can be applied globally.

The following is an overview of our analysis and views on each major market in the region:

Indonesia: Crypto Investment Outstripping Public Equities

Indonesia, the world’s fourth largest population and the largest in GSEA, is estimated to have an unbanked population of 66%. Based on market size alone, Indonesia has become an important market for the development of blockchain. Indonesia is entering a financial paradigm shift driven by blockchain and cryptoassets, and overall development is trending towards exponential growth. According to statistics from Indonesia’s Ministry of Trade, during the first five months of 2021, more than 6.5 million people in Indonesia traded cryptocurrencies—far exceeding the 2.2 million who traded public equities—totaling US$25 billion in cryptocurrency transactions, compared to US$4.4 billion over the same period in 2020, representing year-on-year growth of 470%. With statistics like these, it comes as no surprise that cryptocurrency has become the most popular investment category among Indonesian retail traders.

Compared with other countries, the Indonesian government is relatively positive towards crypto. Since September 2018, a series of laws have been enacted, signaling the open attitude of the Indonesian government. The Commodity Futures Exchange Supervisory Board (BAPPEBTI) oversees cryptocurrency-related issues and has provided legal frameworks for licensing and trading. Currently, Indonesians can legally own and trade a total 229 different cryptocurrencies.

Indonesia’s crypto landscape is underlined by the rapid development and adoption of exchanges, wallets, asset management tools, and other DeFi applications. For example, Indodax, established in 2014, is Indonesia’s leading exchange with more than 4.7 million users. With increasing acceptance of investment in cryptocurrencies by the general public, new areas of development, such as investment platform NOBI, that provide asset management services that cater to crypto users will mark the next wave of growth.

Philippines: Massive User-Driven Growth

In 2021, Yield Guild Games (YGG) broke out in the Philippines and became a global phenomenon. Evolving from its initial function of assisting Axie Infinity in recruiting and training players, YGG is now home to more than 1,500 NFT game guilds based in the Philippines. YGG provides players with digital asset management, game scholarships, and community support—becoming the world’s largest NFT gaming guild.

According to Playercounter, more than 40% of Axie Infinity players hail from the Philippines alone. Play-to-earn has proven to provide meaningful income to users, effectively alleviating economic pressure caused by the pandemic for many users.

This model of massive user acquisition to drive ecosystem growth is a unique characteristic of blockchain development in the Philippines. We anticipate that with the mass inflow of capital and users, there will be a corresponding entrepreneurial response that will lead to the creation of new and innovative applications in the Philippines. We have seen this trend emerge with projects like NFT marketplace Vention and gaming guild management and data platform BlockchainSpace.

Singapore: Leveraging the Strength of Asia’s Financial Center

Singapore has always been known as Asia’s financial center, building off the government’s proactive policies over the past several decades. A similar trajectory is also taking shape in the country’s blockchain development. The Monetary Authority of Singapore (MAS) is the leading regulatory body overseeing cryptoassets, and has long demonstrated a relatively open and friendly stance on the development of blockchain and cryptoassets within the city-state.

As early as 2017, MAS issued “A Guide to Digital Token Offering” which established the Singapore government’s policy framework for ICOs, issuers and related platforms, under the purview of the Securities and Futures Act (SFA). In January 2021, the “Payment Service Act” (PSA) was launched, regulating all cryptocurrencies, exchanges, and digital payment services in Singapore.

As a result, there has been an emergence of several new blockchain-related applications. For example, Biconomy, which builds transaction infrastructure for blockchain applications and optimizes cross-chain transaction experience; Xfers, a developer of financial electronic payments; and Vauld, a service provider covering cryptocurrency transactions, lending, and wallets. In the future, we expect more projects coming out of Singapore in cryptocurrency-related asset securitization, license compliance, and international exchanges.

Thailand: From Late Mover to Frontrunner

While Thailand’s blockchain ecosystem can be considered quite early, 2021 marked an acceleration point with several milestones. In November, Thailand’s first blockchain unicorn was born as crypto exchange Bitkub sold a 51% stake worth US$535 million to Siam Commercial Bank. Paired together with logistics provider Flash Express’s newly minted billion-dollar valuation, Thailand welcomed its first unicorns of the internet and Web3 era respectively within a five-month period.

Bitkub’s success is galvanizing the Thai blockchain ecosystem, demonstrating that Thailand can develop scalable blockchain infrastructure. Bitkub alumni and seasoned Web2 entrepreneurs are diving into Thailand’s blockchain space, just as we’ve witnessed in other markets.

In fact, we can already see the emergence of more mature and advanced Web3 applications. For example, the emergence of cross-chain data oracle platform Band Protocol and metaverse gaming guild GuildFi show the level of innovation and reiteration happening in the market. We believe that in the near future, we will see more projects in the NFT space, building off Bangkok’s rich fashion and design industry and the country’s active NFT artist community.

Vietnam: The Axie Infinity Effect

When it comes to Vietnam, the most well-known player is Sky Mavis, the developer behind the killer NFT-based game Axie Infinity. According to CryptoSlam statistics, since its launch in 2018, the total amount of NFT transactions on Axie Infinity reached more than US$3.7 billion, with more than two million daily active users, culminating in Sky Mavis’s recently completed US$152 million Series B round of financing.

The impact of Sky Mavis’s success on Vietnam can be observed from two perspectives. First, it is driving the growth of Vietnam’s local NFT gaming ecosystem and attracting international capital to accelerate development and adoption.  For example, in October, Sipher raised US$6.8 million in seed financing from major global investors. In addition, there’s been a surge in casual and semi-casual GameFi projects coming out of the woodwork including My DeFi Pet, Mytheria, Thetan Arena, and Faraland

Second, Vietnamese users have demonstrated high levels of acceptance for blockchain and cryptoassets. According to the 2021 Global Crypto Adoption Index survey conducted by Chainalysis, Vietnam ranked first globally in terms of overall adoption. Among three indicators, on-chain value received, on-chain retail value received, and P2P exchange trade volume, Vietnam ranked in the top five in the world. We anticipate that new applications in DeFi, wallets, and asset management like we see with Kyber Network’s Liquidity Hub will highlight the next wave of blockchain innovation in Vietnam.

Taiwan: A Huge Digital Market Driven by Engineering Talent

Compared with other markets in the GSEA region, Taiwan has two notable characteristics and advantages in blockchain development. First, Taiwan is home to a massive digital gaming and entertainment market. To illustrate this market size, according to App Annie, in 2020, Taiwanese consumers spent US$2.44 billion in the App Store, equal to total spending from Indonesia, Thailand, Vietnam, the Philippines, and Malaysia combined. Second, Taiwan has accumulated a wealth of engineering talent across manufacturing, software, and hardware integration. This talent pool has formed the core of Taiwan’s blockchain industry.

In 2021, Taiwan also joined the global NFT wave with early-stage activity. Leveraging the island’s fertile digital gaming and entertainment market, Taiwanese founders are adopting NFTs to create products, services, and new business models. Musicians, artists, game publishers, and influencers have embraced NFTs to build public awareness and tap into this new digital format of ownership, demonstrating immense promise for large-scale commercial adoption of NFTs. 

Since the advent of Ethereum, Taiwan’s local engineers have continued to explore the frontiers of blockchain development, becoming a key driving force in the crypto world. Taiwan is home to several notable projects led by seasoned teams, including Perpetual Protocol, which provides Virtual Automated Market Maker (vAMM) to implement perpetual contract solutions; smart contract wallet Blocto has become the go-to wallet for Flow—with more than 80% of Flow users trusting Blocto for Flow Token pledges. In cross-chain applications, Blocto also supports Ethereum, BSC, Solana, Avalanche (c-chain), and Polygon, among other mainstream public chains.

Bright Days Ahead

Just a few years ago, you’d be hard pressed to find the words web3, blockchain, DeFi, or NFTs uttered anywhere outside of niche crypto spheres in this part of the world. Now, sentiment from founders and investors across the region have evidently shifted from “why web3?” to “how do I get a piece of it?”—largely in this past year alone. 

Taiwan is at the forefront from a technical perspective, with an unparalleled engineering pool in terms of cost and performance; Indonesia is emerging as massive market for web3 consumers, now with crypto traders outnumbering stock traders by severalfold; Philippines is in a close second, with everyday users showing an uncanny demand for GameFi to make ends meet; Thailand’s historically nascent ecosystem is expected to garner significantly more attention now with their first crypto unicorn; Vietnam, given Axie’s success, is quickly distinguishing itself as a the world’s NFT gaming hub; and lastly, Singapore’s position as the region’s financial and management hub will likely extend into the web3 era.

Any doubts of whether or not web3 is here to stay were certainly eroded by the massive strides that the regional ecosystem has taken in 2021. Looking forward, the development and adoption of web3 is looking especially bright. Although crypto markets will likely ebb and flow in the coming months and years, with the occasional bears and dips, many stakeholders across the value chain have already gotten taste, and will likely only want more. 

The 2021 Greater Southeast Asia Blockchain Ecosystem Map is authored by AppWorks. For inquiries, please write to a@appworks.tw. For this survey, thanks for several friends’ assistance: Peter Ing (Co-Founder of BlockchainSpace), Leo Pham (Manager of Access Ventures), Hung Nguyen (CEO of Spores), Tri Pham (CEO of Kardiachain), Ben Minh Le (CRO of M3TA), Rémy Perettieny (CEO of Reminiscense), TN Lee (Co-Founder of Pendle Finance), Lawrence Samantha (Founder of NOBI), and Eagle Su (Marketing Specialist of Zombit)

In partnership with: Asosiasi Blockchain Indonesia

【If you are a founder working on a startup in SEA, or working with AI, Blockchain, and NFT, apply to AppWorks Accelerator to join the largest founder community in Greater Southeast Asia.】

Why We Invested: Lorien Gabel, Co-founder and CEO of Figment

David Wu, Associate (吳戴文 / 投資經理)

David is an Associate mainly focused on investments. He previously lived in the US, but was drawn to the Greater Southeast Asia region by the growth opportunities and the wonderful people here. He spent the first five years of his career as a consultant at IBM, where he became intimately familiar with the enterprise software and services needs of Fortune 500 companies. Later, he focused on building predictive models and solving optimization problems for large companies, and gained an appreciation for the role of data and algorithms in our lives. He joined AppWorks in 2020 after receiving his MBA from Columbia Business School, and also has a B.S. in Mathematics from the Ohio State University. In his free time, he tries to stay active and is always looking for opportunities to hike or trek, often seeking the trail less traveled.

2021 was a banner year for retail cryptocurrency adoption. The most exciting up-and-coming projects and meme coins alike have entrenched themselves into dinner table conversations for tens of millions of retail users, while the Coinbase IPO legitimized the space for many institutional observers. 

However, remarkably, we are still in the early stages of development in other segments of the crypto space. The first wave of institutional investors have been around for a while, but it’s still a drop in the bucket for traditional institutions managing trillions of dollars in assets. 

Today, we announce our investment into Figment, one of the largest independent enterprise staking service providers in the world. Of course, at AppWorks, no investment could be made without having strong conviction in the founding team, and we found an exceptional founder in Lorien Gabel. 

A serial founder with the heart of a warrior

When we first met Lorien we could immediately feel a calm sense of depth, wisdom, and ambition. A veteran founder of the web1 era, which enabled millions of ordinary people to publish and read content on open protocols, Lorien has long been fighting for and brings a special passion for the principles of decentralization. 

And with three successful exits under his belt, Lorien brings more than a few battle scars as a tech entrepreneur. He built the first of his many ventures, one of the early internet service providers, with his brother in their 20s, before being acquired by what became the largest consumer ISP in Canada. Their second company, a web hosting service, was another early mover in the web1 days and was acquired by AT&T Canada. And now they’re back at it again with Figment. 

Despite being told by many investors early on that he was building a commodity business, Lorien never gave up, taking it on as a personal challenge to emerge from the pack while always keeping an eye on the long game. In hindsight, it is not the least bit surprising that he and his team have been able to build a unicorn in just a few short years.

But Lorien isn’t stopping here. While the results thus far speak volumes, we are even more impressed by his determination to take Figment into the future. We weren’t surprised to hear that the team never even considered recent acquisition offers, given Lorien’s passion for solving intellectually challenging problems, his warrior-like mentality towards finding a way to emerge from a highly competitive landscape, and his sheer drive to create outsized impact in the web3 ecosystem.

Exploding demand for staking as crypto is legitimized

Figment provides staking infrastructure for institutional asset holders and custodians, allowing crypto asset holders to earn yield by participating in the upkeep of the network. Tokens belonging to this exploding asset class, proof-of-stake tokens, utilize a more environmentally-friendly consensus mechanism while generating yield for holders. 

Staking is not a trivial task and involves frequent node infrastructure updates. High performance and execution is required, as nodes that do not perform as expected are punished financially, hurting staked token holders. As one of the largest players in the space, Figment has the resources to deploy teams of researchers and engineers to ensure high performance across several chains and play a critical role in the governance of each chain.

As staking service providers consolidate into a small handful of dominant players in a market expected to reach US$50 billion in just a few years, we believe in Figment’s ability to emerge as one of the top players and create tremendous value, something we have already recognized as a loyal customer ourselves.

Unlocking the next frontier

We’re excited to see how Figment will evolve under Lorien’s leadership, and we have a feeling that the business will look very different in five to ten years, as any great business does. As an operator of node infrastructure, they are in a unique position to offer indispensable services to web3 developers just as the developer flywheel is beginning to take off. Figment has already demonstrated remarkable promise in their web3 explorer Hubble, developer platform DataHub, and search service. 

At AppWorks, we look for great founders who seek to create significant impact and move their respective industries forward. We’re honored to have the privilege to partner with Lorien and the entire Figment team as they continue to push the envelope on enterprise-grade staking and the rapidly evolving web3 development landscape.

【If you are a founder working on a startup in SEA, or working with AI, Blockchain, and NFT, apply to AppWorks Accelerator to join the largest founder community in Greater Southeast Asia.】