DeFi. Decentralized Finance. Just the name alone pulls you in, promising a song of welcome and acceptance. … revolutionizing finance in a way that is open to anyone with an internet connection. Here’s the thing—let’s get behind the curtain for a minute. Is this promise indeed coming true, particularly for the rich, dynamic, diverse artistic communities of Southeast Asia? I’m skeptical, and here’s why you should be as well.

Language Barriers Shut the Door?

It’s often daunting to try and understand the landscape of DeFi. Now you have to deal with staking, yield farming, NFTs on top of not knowing the language. For a majority of artists working in Southeast Asia, this is not a what-if scenario. It's the reality. While the Western crypto world often defaults to English, the region is a tapestry of languages: Thai, Vietnamese, Bahasa Indonesia, Tagalog, and countless others. And how can DeFi be really decentralized if all of the information, all of the interfaces, are mostly targeted towards one linguistic group?

This isn’t a matter of convenience, it’s a matter of accessibility. The absence of multilingual resources poses this immediate barrier to entry. This exclusion effectively shuts out a huge tide of potential users and creators. Think about it: a brilliant Indonesian painter, brimming with talent, is locked out of showcasing their work on a global NFT marketplace simply because they can't decipher the terms and conditions. Is that the future we want? A future where no financial freedom is tied to linguistic privilege?

High Fees Crush Emerging Artists?

Gas fees. The bane of every crypto user's existence. For Southeast Asian artists who are living on the edge, these fees can be an insurmountable expense. Minting an NFT, off-ramping funds, moving from one DeFi protocol to another – every single transaction eats into what are already paltry profits.

The Bank for International Settlements (BIS) highlights the risk of crypto aggravating wealth inequality. This is precisely what's happening. While wealthy Western investors can absorb these fees as the cost of doing business, emerging artists in Southeast Asia are effectively priced out. Without this opportunity, their art is lost, their voices muted, their potential untapped. We’re not referring to communities on the West side of Chicago where the median income is $46,000. For others, a $50 gas charge throws their entire budget into disarray. For some, it’s a week’s supply of food.

It's a bitter irony. This is how DeFi, originally thought to be a democratizing force, is actually doubling down on our fractured economy. In short, the same technology that was supposed to empower, in many instances, is actually disempowering. This is not only a technical issue, it’s a moral imperative. Are we creating a world in which only the rich will be able to afford to be part of it?

Cultural Bias Silences Local Voices?

Beyond language and fees, there's a more insidious barrier: cultural bias. The crypto space often centers on Western narratives and aesthetics. As a result, it tends to homogenize and erase the distinct artistic traditions of the Southeast Asian region.

Consider the kind of art that gets attention in the NFT world. How much of it in fact truly reflects the rich cultural heritage of the peoples of Southeast Asia. Are we deliberately uplifting and promoting the beautiful batik textiles of Indonesia, the artistic Wayang Kulit shadow puppets, and peaceful symbolism of Thai wats and temples? Or are these vibrant traditions getting washed away by homogenized, Western world music trends?

It is our duty to further elevate, cultivate and celebrate these vigorous and vibrant artistic expressions from Southeast Asia! This is NOT about tokenism. It’s about appreciating the inherent value & beauty of these cultures. It’s about building ecosystems where Southeast Asian artists are truly seen, heard and valued.

I think the answer is building localized DeFi communities. We need artist-centered platforms created by and for Southeast Asian artists, platforms that know and feel the pulse of their community’s needs and struggles. Platforms that are multilingual, provide subsidized transaction fees, and market diverse and culturally relevant art through targeted campaigns.

Done correctly, DeFi has the potential to be a powerful force for good. To do that, we need to make sure it lives up to its promise of being inclusive. Join us to build a future that lifts up the creative spirits of Southeast Asia. Join us in making sure that these stories and storytellers are recognized and revered. After all, a successful decentralized future is one where everybody’s at the table. The time for action is now. Let’s not allow DeFi to be another case of promises unfulfilled.

  • Support Southeast Asian artists: Seek out and purchase their work, amplify their voices on social media, and donate to organizations that support their artistic endeavors.
  • Demand inclusivity: Call on crypto projects to prioritize multilingual support and to actively promote cultural diversity.
  • Invest in localized solutions: Support projects that are building DeFi infrastructure specifically for Southeast Asian communities.
  • Educate yourself: Learn about the unique challenges and opportunities facing artists in Southeast Asia.

DeFi has the potential to be a powerful force for good, but only if we ensure that it truly lives up to its promise of inclusivity. Let's work together to build a future where the artistic voices of Southeast Asia are not just heard, but celebrated. Because a truly decentralized future is one where everyone has a seat at the table. The time for action is now. Don't let DeFi become just another broken promise.