Modernizing Lunar New Year Traditions with Moonbeam x SightSea Labs

The Asia Pacific (APAC) region will light up with Lunar New Year celebrations on January 29th, bringing together countries like China, Bhutan, Japan, Malaysia, the Philippines, Indonesia, Singapore, South Korea, Thailand, Tibet, and Vietnam. The festivities invite us to question how we can merge blockchain technology and culture as we enter the Year of the Green Wood Snake, where themes of transformation, adaptability, and renewal take center stage.

The Springtime festival which lasts for fifteen days, hosts the world’s largest annual human migration; as millions travel to connect with loved ones, pay respect to their ancestors, and set financial intentions for the upcoming year. To better understand protect and grow this cultural tradition; Blockchain companies must look at merging technology to remain relevant in Asia’s rapidly evolving consumer ecosystem. The annual trend year on year, according to Matrixport, indicates a general upward trend of up to 20% of blockchain transactions during this holiday period. Offering an auspicious moment for companies to reflect on how they can merge their blockchain technologies with the cultural zeitgeist.

Blockchain’s adoption in APAC is rooted in the region’s cultural and historical values. Generational wealth, a cornerstone of the Lunar New Year, aligns naturally with blockchain’s capacity for secure, transparent asset management. According to a recent 2023 report from Chainalysis, it is estimated that 29% of global cryptocurrency transactions originate in Asia, driven by a convergence of cultural openness and government-backed DeFi initiatives.

In Vietnam, Lunar New Year celebrations are known as Tết. This year, Tết also serves as a spotlight for innovation with the Moonbeam Grants Program which supports SightSea Labs. A Ho Chi Minh City-based Web3 venture builder and social app, SightSea integrates trade, chat, connect, and earn functions for an interactive user experience. Within six months of launching its first product on the Moonbeam network, SightSea achieved over 1,190 unique address registrations.

Yet Moonbeam’s role in SightSea’s success goes beyond funding. With ultra-fast transaction confirmations and negligible fees, Moonbeam has ensured that SightSea Labs remains accessible in cost-sensitive markets such as Vietnam. SightSea launched its official app early this year, enabling fund transfers and reward features. Despite a soft launch, it attracted over 23.14K transactions in the last 30 days, making it a standout social app in the Moonbeam ecosystem. Moonbeam’s fast, low-cost infrastructure played a key role in this early success, allowing SightSea to scale rapidly. Building on this momentum, the platform expanded to BNBChain and formed KOL marketing partnerships with projects like Rene Verse and DIN, establishing itself as a rising player in the blockchain social app space.

A Lucky Red Envelope, or Envelopes

The iconic red envelope known as (ang pao) is a tradition that started during the Han Dynasty circa 200 - 220 AD. It is generally gifted to loved ones, friends, and employees; and it’s a way to share wealth and wishes for good fortune. Companies such as WePay have already created their own digital versions; however, blockchain including Moonbeam’s advanced features can offer further capabilities.

Smart contracts provide a distinctive and sophisticated attribute of Moonbeam that can be utilized beyond the basic digital 'ang pao'. Gifts can be configured to distribute cryptocurrency upon the fulfillment of events or specific goals; it's an added layer of customization and interaction beyond what existing providers can do. “Imagine a red envelope tied to a family’s shared goal, unlocking funds when a child completes their education or a small business achieves a revenue target,” says Yuki Pan of PaperMoon.

There are other creative ways to celebrate tradition through mediums such as NFTs. Pentas, for example, is an existing platform that features creators who produce traditional art digitally; focusing on heritage artwork related to Chinese calligraphy, traditional scenes as well as pottery and portraiture.

SightSea Labs on the other hand allows for an interactive experience by empowering users to visit popular landmarks that play host to popular Lunar New Year festivities; bridging cultural connections to a worldwide audience. “It’s about preserving what matters while finding new digital ways to engage a global audience, all while paying respect to cultural identity and traditions,” Pan exclaims.

Crowdfunding Meets Philanthropy

Confucian principles of collectivism and social harmony which are integral to the APAC DNA; also find a natural ally in blockchain’s transparency and collaborative frameworks through these potential avenues:

Pooled Investments and Philanthropy: DeFi platforms empower communities to pool resources for shared ventures or collective fundraising efforts. Blockchain’s transparency ensures trust and equitable distribution.

The Year of the Wood Snake centers on themes of transformation and renewal; qualities that align perfectly with blockchain’s innovative spirit. For Millennials and Gen Z, blending Lunar New Year traditions with blockchain tools offers an exciting way to honor the past while embracing the future.