Web3.0 space can face utility-based challenges: Samsung Next’s Raymond Liao

According to Cointelegraph, Raymond Liao, managing director, Samsung Next, spoke about the company’s initiative to explore the Web3.0 space by investing into MachineFi

In January, Samsung made the announcement that it will be creating a NFT aggregator for integration into smart televisions
In January, Samsung made the announcement that it will be creating a NFT aggregator for integration into smart televisions

While it is of the believe that Web3.0 has a lot of potential since it came to exist, some still believe that there is a utility-related challenge which players in the space must face, a Samsung Next executive said, as stated by Cointelegraph.

According to Cointelegraph, Raymond Liao, managing director, Samsung Next, spoke about the company’s initiative to explore the Web3.0 space by investing into MachineFi, a term coined by the IoTeX project to describe a futuristic paradigm in which machines are considered as the primary workforce powered by Web3.0 oriented technologies. Liao also mentioned about Samsung Next’s focus on investing in blockchain, artificial intelligence (AI), metaverse, among others.

On the basis of information from Cointelegraph, apart from MachineFi, Liao emphasised on Web3.0 and how the cryptocurrency winter can be an opportunity for investors, while noting on the point that this year will be better than the last for investors and product builders. In the past, Liao had the believe that market returns were inflated than they were to be. Moreover, Liao highlighted that instead of focus being made on 10x returns, the industry should concentrate on implementation and face the challenge of utility to grow the Web3.0 ecosystem. 

Furthermore, Cointelegraph mentioned that Liao praised non-fungible tokens (NFTs) in terms of utility and as a tool for sports based engagement. In January, Samsung made the announcement that it will be creating a NFT aggregator for integration into smart televisions such as Micro LED, Neo QLED and The Frame. Within the built-in NFT platform, users and investors will be allowed to discover and trade NFTs. According to Yat Siu, co-founder, Animoca Brands, the Web3.0 space needs more developers in order to become completely decentralised. The executive requested developers to make the switch from working on traditional platforms to working in the up-and-coming Web3.0 industry. 

(With insights from Cointelegraph)

Also read: How can interest be earned through cryptocurrency savings accounts

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