TZ APAC In Tezos Blockchain Adoption Push In Asia

TZ APAC, an entity supporting the Tezos blockchain ecosystem in Asia-Pacific, this week announced a “strategic commitment” to the region as it bolsters its efforts to grow the Tezos ecosystem.

Fast facts

• TZ APAC intends to deploy capital and resources across the region towards business development, marketing and project management to drive adoption of the Tezos blockchain, and to launch a partnership with Tezos India for developer education and recruitment. An ecosystem growth grant program has also been launched to provide funding of about US$5,000 for blockchain-connected projects tied to the Tezos ecosystem.

• According to TZ APAC, the Switzerland-based Tezos Foundation has committed more than US$50 million in grants since August 2020, and in Asia-Pacific, more than US$2.5 million in funding for over 200 projects in at least eight countries has been granted since Q2 2021.

• Launched in 2018, Tezos attracted immense attention thanks to its US$232 million initial coin offering, one of the largest at that time. Since then, Tezos has been integrated into BSN, China’s state owned blockchain-based service network and multi-chain lending platform ShuttleOne, which is developing a tokenization platform for real-world assets. Network activity on Tezos has grown 1,200% this year, with more than 5 million contract calls in the past eight weeks, according to data from TZ APAC.

• Tezos differentiates itself from other blockchains through its liquid proof-of-stake design, which does not require such enormous computing power as Bitcoin to solve complex algorithmic puzzles. The network is secured by the amount of Tez — the native cryptocurrency of the Tezos blockchain — staked to it. The network is 2 million times more energy-efficient than proof-of-work Ethereum, with significantly lower transaction (gas) fees, TZ APAC told Forkast.News.

• The blockchain has been especially popular for developers and creators of non-fungible tokens, with music NFT platforms such as Quincy Jones-backed OneOf and AmplifyX, as well as art NFT marketplace Hic et Nunc among many built on it. Formula One teams Red Bull Honda Racing and McLaren Racing are also partnering with Tezos to build and create NFTs for fan engagement.

• Julian Low, TZ APAC’s director of business development for Southeast Asia, told Forkast.News in an interview that NFTs had flourished on the Tezos network due to the blockchain’s energy-efficient design and lower gas fees. “NFTs are very hot right now, and we’re trying our best to support our community and build up the NFT ecosystem,” he said.

See related article: How NFTs are redrawing Asia’s art scene from artists to galleries