Despite the huge potential, the web3 revolution has displayed from its inception to date, some are still of the opinion that the space will face some challenges in utility.
The managing director at Samsung Next, Raymond, Liao, during an interview, spoke about the plan of the company to dive into the web3 space through investment in MachineFi, a concept built around IoTex projects which are used to explain the futuristic paradigm where machines powered by web3 technologies will be the primary workforce.
In the interview, Raymond Liao mentioned that Samsung Next investment is currently directed towards artificial intelligence, blockchain, and Metaverse, to mention a few, and that is the reason MachineFi is the main area of interest.
Aside MachineFi, Liao also spoke about web3 and the opportunities embedded in crypto winter for investors. He added that this year is much better than the previous, and it provides more opportunities for product builders and investors. In his opinion, the returns from the crypto market were quite inflated in the past.
Adding to his line of thoughts, the Samsung Next exec mentioned that the industry should be more focused on the implementation and solution of the utility challenges as a way of expanding the web3 ecosystem, instead of focusing on 10x returns.
Also read:Samsung’s Involvement in the Crypto Revolution
Talking about utility, Liao showered praises on NFTs (Non-Fungible Tokens) in terms of the utility provided. Citing an example of the utility, he mentioned how NFTs have been a good tool for creating engagement in sports, and he gave an example of the NBA.
Earlier in January this year, Samsung announced its intention to create an NFT aggregator, which will be integrated into their Smart TVs like the Neo QLED, The Frame, and Micro LED. These built-in NFT platforms will enable the product users to trade NFTs and even discover more.
Concern for Web3 ecosystem across the board
Also, speaking about the web3 space, Animoca Brands’ Yat Siu mentioned the need for more developers in the web3 space so that there can be true decentralization as envisioned. Yat Siu made a call for more developers to consider switching to the web3 pace from the other traditional and centralized platforms.
He believes that the lack of developers in the space will cause a market monopoly in the industry and the only way to have an evenly distributed market share is to have more standardized products from various developers.
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