Samsung Next exec says Web3 projects need to meet utility challenge

Raymond Liao thinks 2022 is a good time for product makers and investors to focus on the Web3 space.
New
While Web3 has shown a lot of potential since its inception until today, some still believe that there is one challenge that players in the space have to face, which is utility, according to a executive of Samsung Next.

In an interview, Raymond Liao, CEO of Samsung Next, discussed the company's decision to dive into Web3 by investing in MachineFi, a term coined by the IoTeX project to describe a futuristic paradigm in which machines become the main workforce. powered by Web3 technologies.

According to Liao, Samsung Next is focused on investing in blockchain, artificial intelligence, and the Metaverse, to name a few, and that's why MachineFi has become an area of focus. He explained that:

“So you can see that what IoTeX is looking for fits into many of our focus areas. […] And I hope we can contribute to the success of the MachineFi vision. exciting."< /p>
Besides MachineFi, the Samsung executive also talked about Web3 and how the crypto winter is an opportunity for investors. Liao said this year was better than the previous one and good for investors and product builders. In the past, the executive thought market yields were "too inflated".

In addition to this, the exec also pointed out that instead of focusing on 10x returns, the industry should focus on implementation and address the utility challenge to expand the ecosystem Web3. He said that:

"Now is the time to sit down and implement. We need more use from this amazing web3 infrastructure."

Liao also praised non-fungible tokens (NFTs) in terms of their usefulness. According to the executive, NFTs have been a great tool in sports in terms of engagement, citing the NBA as an example.

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Samsung Next exec says Web3 projects need to meet utility challenge

Raymond Liao thinks 2022 is a good time for product makers and investors to focus on the Web3 space.

Samsung Next exec argues Web3 projects must face the challenge of utility

New

While Web3 has shown a lot of potential since its inception until today, some still believe that there is one challenge that players in the space have to face, which is utility, according to a executive of Samsung Next.

In an interview, Raymond Liao, CEO of Samsung Next, discussed the company's decision to dive into Web3 by investing in MachineFi, a term coined by the IoTeX project to describe a futuristic paradigm in which machines become the main workforce. powered by Web3 technologies.

According to Liao, Samsung Next is focused on investing in blockchain, artificial intelligence, and the Metaverse, to name a few, and that's why MachineFi has become an area of focus. He explained that:

“So you can see that what IoTeX is looking for fits into many of our focus areas. […] And I hope we can contribute to the success of the MachineFi vision. exciting."< /p>

Besides MachineFi, the Samsung executive also talked about Web3 and how the crypto winter is an opportunity for investors. Liao said this year was better than the previous one and good for investors and product builders. In the past, the executive thought market yields were "too inflated".

In addition to this, the exec also pointed out that instead of focusing on 10x returns, the industry should focus on implementation and address the utility challenge to expand the ecosystem Web3. He said that:

"Now is the time to sit down and implement. We need more use from this amazing web3 infrastructure."

Liao also praised non-fungible tokens (NFTs) in terms of their usefulness. According to the executive, NFTs have been a great tool in sports in terms of engagement, citing the NBA as an example.

Related: