Web3 projects must face the challenge of utility – Samsung Next Executive

Jamal Molla
Written By Jamal Molla
Jamal is an English teacher and freelance writer with a passion for NFTs, metaverse, crypto and technology.

Although Web3 has indicated signs of prospects since it started, some people are still of the ideology that players within the sector have to face certain utility challenges. One of those with the perception that web3 projects must face the challenge of utility is the executive of Samsung Next, Raymond Liao. According to him, 2022 serves as the best time for investors and product builders to focus on the Web3 sector.

During an interview, the executive director expounds on Samsung’s Next intention to venture into Web3 as it invests in MachineFi. For those new to the industry, MachineFi is a phrase created by the IoTeX project to explain a futuristic shift where machines become the primary workforce driven by web3 technologies.

Liao explicates how Samsung’s Next objective is targeted at investing in Metaverse, blockchain, and artificial intelligence. These are just a few areas the company intends to focus on and why it has generated high interest in MachineFi. He said:

“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.”

Besides this (MachineFi), he also spoke on Web3 and the cryptocurrency market, which offers investors several opportunities. Liao noted that the current year looks better for product builders and investors than the previous year.

Furthermore, Liao highlighted that rather than generating 10x returns, the industry’s main focus should be on implementation and facing the utility challenge to spread the web3 sector. According to him:

“It’s now time to sit down and implement. We need more utility out of this web3 projects amazing infrastructure.”

The executive director also talked about NFTs, praising it based on its utility. He believes NFTs have become a relevant tool in sports, mentioning the NBA as an example because of the high engagement among fans. For many NFTs enthusiasts, this is something promising. Recently, StarkWare’s founder said that 60 million NFTs could be minted in a single transaction.

In January, Samsung announced it desires to create an NFT aggregator to be integrated into its Smart TVs, including the Frame, Neo QLED, and Micro LED. With this inbuilt NFT platform, Samsung users can find and exchange NFTs.

Yat Siu, Animoca Brands co-founder, said the web3 space still requires more developers for it to become fully decentralized. He urged developers to switch to the platform rather than work on traditional platforms.

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