The Managing Director of Samsung Next has stated that Web3 projects might have to face the challenge of utility.

In web spite of the enormous potential that the web 3.0 revolution has demonstrated from the moment it was first introduced until the present day, there are still those who believe that the space will face some difficulties in terms of its utility.

During an interview, Raymond Liao, the managing director of Samsung Next, discussed the company’s intention to enter the web3 space by investing in MachineFi. MachineFi is a concept that is built around IoTex projects, which are used to explain the futuristic paradigm in which machines that are powered by web3 technologies will be the primary workforce. Liao’s comments were made in reference to the plan of the company to dive into the web3 space.

In the interview, Raymond Liao explained that Samsung Next’s primary focus is on MachineFi because the company is currently allocating its resources toward AI, blockchain, and the Metaverse, among other things.

In addition to MachineFi, Liao also discussed web3 and the opportunities presented to investors by the ongoing crypto winter. He also said that this year is much better than last year and that it gives product builders and investors more chances to make money. He thought that the returns from the crypto market were a lot higher in the past than they are now.

In continuation of his train of thought, the executive from Samsung Next mentioned that the industry should be more focused on the implementation and solution of the utility challenges as a means of expanding the web3 ecosystem rather than focusing on 10x returns. He said this as an addition to what he had previously said.

Participation of Samsung in the Ongoing Blockchain and Cryptocurrency Revolution

While discussing the topic of utility, Liao heaped praise on NFTs (Non-Fungible Tokens) in terms of the utility that they provided. He mentioned how non-traditional wagers (NFTs) have been a good tool for creating engagement in sports, and he gave the NBA as an example in order to illustrate this point. He was citing an example of the utility of this practice.

Earlier in January of this year, Samsung made public its plan to develop an NFT aggregator. This aggregator will eventually be incorporated into Samsung’s Smart TVs, such as the Neo QLED, The Frame, and Micro LED. With these built-in NFT platforms, product users will be able to trade NFTs and even learn more.

Concerns regarding the Web3 ecosystem on a global scale

Yat Siu, who works for Animoca Brands and was speaking about the web3 space, also mentioned the need for more developers to work in the web3 space so that there can be genuine decentralization as it is envisioned. Yat Siu has issued a challenge to the community of software developers, urging them to seriously consider moving away from more conventional and centralized platforms and toward the web3 platform.

He is of the opinion that the lack of developers in the space will lead to a market monopoly in the industry, and that the only way to have an evenly distributed market share is to have more standardized products from a variety of developers.