As Singapore emerged as a cryptocurrency hub, the country quickly adapted to new developments in blockchain technology. The latest trend welcomed by local companies is NFTs.
Over the course of 2021, the NFT space has grown into a multi-billion dollar industry, and it looks like there is still a lot to do.
Although they have been primarily used in digital art so far, NFTs offer a range of opportunities for various industries, among which Potential use case From supply chain management to social media AR filters.
While consumers remain skeptical — Singapore’s NFT adoption rate lags far behind the global average — brands and startups are doing their best to ensure a first-mover advantage.
Here are nine companies making steady efforts to make NFTs a part of our everyday lives.
1. love, beauty
local fashion brand love, handsome First NFT launch in collaboration with Singaporean visual artist Kristal Melson.
title tiger bloom, the artwork follows the brand’s theme of walking with women. Myerson created this design based on the idea of female empowerment, showing a balance of femininity and ferocity.
10 servings tiger bloom Sold on NFT marketplace OpenSea on January 14th. They all sold out in just over four hours at 0.08ETH (~S$4,280). A user bought five copies and it is now back on the list at 2ETH each.
Love, Bonito has pledged to donate a portion of the sale proceeds to charity.The launch series is part of the Singapore Art Week programme titled Creative Intersection: Year of the Tiger. Its inclusion is a testament to how NFTs are establishing themselves in the arts and retail scene in Singapore.
2. mm2 Asian
One of the largest entertainment companies in Singapore, mm2 asian, is also dabbling in NFTs. Earlier this month, it announced plans to launch its own NFT marketplace, Metaviva.
Metaviva will operate across multiple blockchains – a feature not found in the most popular NFT marketplaces like OpenSea and Magic Eden. This might give the platform a slight edge.
However, that’s not to say there won’t be any competition. Singaporean platforms such as Rarible and Brytehall have already started minting NFTs and gaining a foothold in the local market.
On Metaviva, consumers will be able to purchase a range of NFTs, including artwork, audiovisual videos and merchandise. Actual props for movies and TV shows will also be for sale.
With a rich portfolio of film and television IP, mm2 Asia may be able to bring some of the most popular entertainment content in Southeast Asia into the world of NFTs.
republic Launched in 2020, it is the world’s first purely digital fashion brand. The brand promotes sustainability and ethical production in the fashion industry.
Republiqe’s digital clothing is an alternative to buying clothes that may only be used once — to show off or photograph on social media — and then toss them away.
Last year, the brand took the NFT trend for granted. In April and May 2021, Republiqe launched an exclusive clothing line as an NFT. The winning bidders all sent photos and had the outfits custom made for them.
Such one-to-one digital fashion pieces may become more commonplace as traditional brands begin to embrace the concept. In 2021, luxury fashion houses such as Gucci, Balenciaga and Balmain will be found venturing into the virtual world.
4. Mighty Jax
design studio mighty jax Worked with global brands like Cartoon Network, Warner Bros., DC Comics and Looney Tunes to create collectibles for their beloved characters.
The studio’s plans to enter the NFT space emerged as early as 2019, when it raised $2.15 million for a “blockchain-powered platform.”Since then, the platform has been named powerful psalm A total of $14.8 million was raised.
MightyVerse will use NFT technology to verify the authenticity of physical collectibles — a market today worth over $500 billion.
people who have been right click + save, Singapore’s first large-scale NFT exhibition, you can see the practical application of this technology.Exhibited is a Governor’s Moon Landing: Boss Edition. It was sold for 500,000 Dogecoins (about $125,000 at the time).
The figurine is embedded with a cryptographic message. Once scanned, the owner will be able to access and trade the collectible’s NFT counterpart. Through this, any future buyers can also verify that their purchases are not fake.
5. Chain reporting
It has been an eventful start to the year for Singapore-based media platform Chain Debrief.
On January 4, the publication announced that, Raised $900,000 in seed roundUsing the funds, it plans to build products that help users better understand the crypto space.
One such product is Pulse, a dashboard that tracks the activity of decentralized applications across blockchains. Chain Debrief will provide exclusive access to Pulse for some of its users, including holders of the upcoming NFT Collection enlightened mouse.
With 888 unique NFTs, enlightened mouse Demonstrates its view of the intense competition in society in which people are forced to compete for money, power and status. The Chain Debrief team believes that cryptocurrencies offer alternative pathways through which individuals can escape this struggle and live more fulfilling lives.
6. Alethea AI
A Singapore-based company that is already disrupting the NFT industry as we know it, Alice AI Technologies are being developed to create intelligent NFTs (iNFTs).
These NFTs will be interactive and intelligent. With artificial intelligence training, they will be able to answer questions and engage in conversations with their owners.
Alethea AI created its own Metaverse Noah’s Ark as a residence for iNFTs. The company released its first collection called “The Revenants” last year. It consists of animations of 100 famous historical figures who may be reborn in the metaverse.
Subsequently, Alethea AI released Personality Pods – an important part of iNFTs that will give The Revenant their own unique personality.
These pods act as the soul of each NFT, with emotional and intellectual characteristics. They are designed to evolve over time, allowing iNFTs to perform increasingly complex functions, such as writing poetry and playing games.
Users can also train iNFTs by themselves. They can engage in virtual debates with their ghosts, allowing them to build their knowledge base and engage in more meaningful conversations.
7. Vivid Three
vivid three It has been a leader in VFX in Singapore for almost two decades. The graphics company has been early adopters of virtual reality and is doing the same with NFTs.
Nearly a quarter of NFT sales in 2021 will be gaming-related. Top games generate millions, and their most active users earn up to four figures a month just by playing. Through its investment in emerging NFT startup GammaR, Vividthree hopes to explore the application of NFT technology in the industry.
GammaR will capitalize on the rise of blockchain gaming in 2022. The startup plans to work with independent developers to integrate NFTs and blockchain technology into their games.
Vividthree believes this will be a way to acquire game IP and tap into new revenue streams beyond digital content production.
Founded in 2018, buzzing Aims to provide augmented reality solutions for retail and commercial businesses in Singapore. Since then, the brand has transformed into a Metaverse startup.
Leveraging blockchain technology, BuzzAR will bring creative-to-money functionality to its photo editing software HappyToon later this year. HappyToon uses AI technology to turn static images into animated avatars and memes. Soon, users will be able to convert these edits into NFTs using BuzzAR’s upcoming platform, CryptoToon.
CryptoToon explores the use of cryptography in social media — an area where it has yet to find mass appeal. With such ventures, users may get paid for the type of content they typically post on platforms like Instagram and Facebook.
fabricated is an upcoming NFT project created by Clement Chia and David Lee. The pair are co-founders of motion graphics company Offset SG.
Featuring stunning animated visuals, Imaginary Ones aims to spread good vibes throughout the metaverse. A sneak peek of the project features depictions of pop culture figures like Batman and Goofy Punk, whose bodies are made of balloons.
After launching its Twitter account on January 12, the project gained 24,000 followers in the first 24 hours. Since then, the number of followers has exceeded 60,000.
Although it remains largely under wraps, some crypto influencers have included Imaginary Ones on their list of the most promising NFT projects.
Just like Vividthree, this is yet another example of the crypto world offering new opportunities for those in the creative space.
Why does all this matter?
Through the efforts of these companies, NFTs are entering the real world. They are no longer just an internet phenomenon.
In fact, more and more use cases are coming to light, and NFTs are starting to disrupt existing industries as a result.
In due course, social media platforms may have their own sustainable economies, and your Amazon packages may be tracked on the blockchain. Even if it’s not immediately obvious, NFTs are starting to gain legitimacy, and they will only become more common in the future.
Featured Image Credit: Love, Bonito / Vulcan Post / BuzzAR via Medium / Chain Debrief