Web3 projects must face the challenge of utility and it is something that the whole industry must address, according to a Samsung Next executive.
Even though Web3 has demonstrated a lot of potential since its beginnings, one executive from Samsung Next believes that the utility issue is one that competitors in the industry must address.
The managing director of Samsung Next, Raymond Liao, spoke in an interview about the company’s decision to invest in MachineFi, a term used by the IoTeX project to define a futuristic paradigm in which robots replace humans as the main workforce and are driven by Web3 technology.
Web3 Projects Must Face The Challenge Of Utility
According to Liao, Samsung Next prioritizes investing in blockchain, AI, and Metaverse, to name a few, which is why MachineFi has drawn attention. He detailed this:
“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.”
The Samsung CEO discussed Web3 and how the crypto winter is a chance for investors in addition to MachineFi. This year is better than the last, according to Liao, which is positive for investors and product developers. The CEO had previously thought market returns were over exaggerated.
The CEO said that the sector should concentrate on implementation and meet the issue of utility to build the Web3 ecosystem rather than focusing on 10x returns. He claimed:
“It’s now time to sit down and implement. We need more utility out of this web3 amazing infrastructure.”
The Practicality of NFTs
Liao has lauded the practicality of nonfungible tokens (NFTs). The CEO claimed that NFTs have been a fantastic engagement tool in sports, using the NBA as an example.
Samsung said in January that it will develop an NFT aggregator that would be included into smart TVs such the Micro LED, Neo QLED, and The Frame. Users will have access to the integrated NFT platform where they may find and exchange NFTs.
Web3 requires more developers, according to Yat Siu, the co-founder of Animoca Brands, in order to become genuinely decentralized. The CEO advised developers to transition from working on established platforms to the burgeoning Web3 sector.
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