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NFT analytics company Red Hare is launching Asia’s first non-fungible token (NFT) index, which tracks the most-notable NFT projects. Public figures and iconic brands have piqued the public’s interest in NFTs. In 2021, NFT marketplaces spent almost US$41 billion worth of crypto, but there is no standardized method to keep tabs on trends or trading activities of NFT projects.
Red Hare’s services include three key aspects: NFT indexes, NFT products accelerators and incubators and NFT projects incubator services (and more). For those who don’t know, an NFT index tracks market activity issued on the Ethereum blockchain. With the help of accelerators, founders and startups can access funding pools to support their expansion plans. Finally, a project incubator is a platform that facilitates the support of startups, digital artists and more in their NFT journey.
TMS sat down with Red Hare’s CEO, Anson Kwok (an avid NFT collector and investor), to discuss the company’s goal to become the top platform for everything related to NFT financialization.
Why Red Hare? Why now?
Kwok got involved in the crypto market in 2019, and many products and services were already available by that time. These included crypto projects and indexes. But the NFT market is still in its early stages and, according to Kwok, full of potential.
“I think this is the perfect timing to start Red Hare Analytics, because last year will be too early, but next year will be too late … because the market will be too saturated,” says Kwok. “And I think timing is the most important factor to determine whether a business is successful. The NFT industry has expanded more than 200 times from 2020 to 2021. If we’re able to achieve our vision to become the top NFT platform for financial decisions, we’ll be able to assist many people to achieve their financial freedom faster.”
Just as crypto companies emerged to offer products and services, Kwok believes that the NFT industry will undergo the same cycle. Despite recent market instability, Kwok sees it as the market correcting itself.
“Our team at Red Hare strongly believes that the entire NFT market will only gain bigger over time,” says Kwok. “And when you look back in history, there were bull runs and bear runs for cryptocurrency, like Bitcoin, right? Bitcoin has crashed several times in its history, but the fact is that Bitcoin hit its historical high last year.
“So I’ve seen several ups and downs in the markets for years, therefore, I will not overreact,” says Kwok. “I’m a huge believer in cryptocurrency and NFTs. So I think in this moment, just like Warren Buffett would say, ‘Be greedy when others are fearful and fearful when others are greedy.’ I think this is a good chance to get prepared to enter the market.”
Transitioning to crypto in Hong Kong
Kwok studied psychology at City University of Hong Kong before making a transition to crypto, where he established the Asia Blockchain Union in late 2020.
“I was very lucky to be introduced to cryptocurrency in 2019, and it was love at first sight,” says Kwok. “And no matter who you are, or where you are or your academic level or occupation, it just doesn’t matter. Everyone has equal access to the crypto market and the NFT market. That’s why I started to enter this business.”
As far as the NFT market in Hong Kong, Kwok says it’s surprisingly popular. In fact, the metropolitan Mecca could become Asia’s leading NFT center.
“Don’t forget that Hong Kong is an international financial center,” says Kwok. “So we should take advantage of this growing industry. There is already a growing awareness of NFTs in the local market.”
A letter to the skeptics
Anything that makes a lot of noise in the media arouses suspicion from certain groups. NFTs are naturally divisive. For the NFT skeptics, Kwok has some words for you.
“There are always people who argue about cryptocurrency and NFT markets. Actually, new industries are always controversial … What about Bitcoin? I mean, it has been around for more than 10 years. And the fact is, we can see that there is greater and greater market adoption of crypto.
“There is obviously absolutely no need to convince everyone,” says Kwok. “I’m not going to try and convince anyone to get into the crypto market or NFT market. I would rather they join when they are convinced themselves, and I would like to point out that the crypto market is going to reshape our daily lives. And the reality is coming sooner than we can all imagine.”
Getting into the space
Anyone confused? Kwok is here to explain – in plain words – how to get involved in NFTs. First, he asks you to think of your physical wallet. You’ll need a digital wallet to carry your NFTs and cryptocurrency. But that’s just the first step.
Kwok recommends opening a wallet in MetaMask, a free platform that supports various blockchains, including Ethereum. Now that you’ve secured a wallet, it’s time to explore the NFT marketplace. Kwok recommends using OpenSea for its clear instructions as you go through your purchase.
Want to know more about NFTs and how to get involved? Visit Red Hare’s website for more resources and tips.