Samsung Next exec argues Web3 projects must face the challenge of utility
While Web3 has shown a lot of potential since its inception, some still believe utility is a challenge that players in the space must face, according to a Samsung Next executive.
In an interview, Raymond Liao, managing director at Samsung Next, talked about the company’s move to dive into Web3 by investing in “MachineFi,” a term coined by IoTeX to describe a futuristic paradigm in which machines become the primary workforce and are powered by Web3 technologies.
According to Liao, Samsung Next focuses on investing in blockchain, artificial intelligence and the Metaverse, to name a few, and this is why MachineFi has become an area of interest. He explained:
“So, you can see that what IoTeX is going after fits into several of our focus areas. […] And I hope we can contribute to the further success of the MachineFi vision. It is very exciting.”
Apart from MachineFi, the Samsung executive also talked about Web3 and how the crypto winter is an opportunity for investors. Liao said that this year is better than the last and is good for investors and product builders. In the past, the executive believed that market returns were “too inflated.”
In addition to that, the executive also highlighted that instead of focusing on 10x returns, the industry should concentrate on implementation and face the challenge of utility to expand the Web3 ecosystem. He said:
“It’s now time to sit down and implement. We need more utility out of this Web3 amazing infrastructure.”
Liao also praised the utility of nonfungible tokens (NFTs). According to the executive, NFTs have been a great tool in sports to build engagement, citing the NBA as an example.
Related: Web3 helps Taiwan secure information against cyberattacks
In January, Samsung announced that it would create an NFT aggregator that will be integrated into smart TVs such as the Micro LED, Neo QLED and The Frame. Within the built-in NFT platform, users will be able to discover and trade NFTs.
Meanwhile, Yat Siu, co-founder of Animoca Brands, said that the Web3 space needs more developers in order to become truly decentralized. The executive urged developers to make the switch from working on traditional platforms to working in the up-and-coming Web3 industry.