TLDR - Taipei Blockchain Week 2023
Do you believe that NFTs are the future of business? Here are some discoveries I've made.
Hello! Kevin Wang here. I'm a devoted product manager by day, but come evening, I'm the force behind a Gen-AI Tool - tulsk.io. My mission is to simplify complex concepts in the web3 and AI worlds, making them easily accessible and adaptable for your knowledge and growth. Keen to dive deeper? Join the tulsk.io community. Your support is invaluable and ensures I can share insights for budding entrepreneurs like you. Let's journey together!
Taipei has such an incredible atmosphere and a huge shout-out to BUZHIDAO for organizing such a fantastic event to cap off the year in 2023. Here's a smooth rundown of what I've learned from the Scale Conference:
Cultural Transformation via NFTs: Businesses are shifting towards token-based memberships and community-centric engagement through Web3 innovations, bridging traditional and blockchain models to redefine user interactions.
The Value of User Loyalty: Partnerships in the NFT space, such as between Legitimate and Puma, highlight the importance of nurturing loyalty among current users to build sustainable growth, rather than solely acquiring new ones.
The Evolution of Digital Identity: Digital identities are viewed as lasting assets, with efforts to merge Web2 business strategies with the added value of Web3, envisioning them as inheritable and foundational elements of our online presence.
Simplifying Wallet Technology: Innovations in wallet technologies are leading to more accessible and secure experiences, integrating one-click access, self-custody, and enhanced security features to streamline digital transactions.
Regulatory and Educational Priorities: As Web3 takes shape, educating on financial literacy and navigating varied global regulations becomes vital, with some regions like Asia taking the lead in providing regulatory clarity, essential for industry growth and user confidence.
The following insights, combined with stimulating conversations at the Fireside Chat with Animoca Brands and the panel discussion on Simplifying Web3 Access through Wallet Innovations, provided a glimpse into how NFTs are revolutionizing our cultural experiences.
Reshaping Cultural Experiences: NFTs Transforming Art and Culture
0XAvenue: Integrates e-commerce data with blockchain for tagging user behavior, beneficial for cross-platform marketing and social engagement.
Moongate: Shifted from ticket sales to a membership model with token-restricted events, and expanded to 60,000 users.
0XAvenue: The importance of building identity around common interests, like communities for Nike NFT collectors, made possible by Web3.
Moongate: Venture capitalists are optimistic about the Web3 ticket market’s potential growth in 5-10 years, though there's currently insufficient market demand for NFT tickets. Loyalty programs are being explored as an alternative.
Legitimate: Emphasizes the importance of nurturing loyalty among existing users rather than just focusing on acquiring new ones. Collaboration with Puma started with 1,000 NFTs and has grown to 20,000.
Jeff: Digital Identity (DID) should be viewed as a permanent asset, passed down through generations. Persistent effort is required to instill the mindset of combining Web2 business models with the added value of Web3.
Simplifying Web3 Access: Innovations in Wallet Technology
Challenges: Overcrowded wallet solutions causing instability in DApp interactions, and tech-overloaded user interfaces during transactions.
Security Improvements: Self-custody wallets with mnemonic phrase storage, 2FA, password, and biometric identification to replace signing pop-ups.
Future Wallets: Potentially similar to one-click logins like Facebook Sign In, with a unifying app like WeChat or Alipay for a common ecosystem experience.
DID and Wallets: The ideal future might be one wallet for all scenarios but having multiple wallets managed under one primary wallet for convenience and privacy.
Trends: The trend is moving toward self-custody wallets for a better entry experience.
Fireside Chat with Animoca Brands
Web2 to Web3 Transition: Educating Web2 users on financial concepts essential for Web3.
Metaverse Thoughts: Educating the public on converting time spent into value, and context on platforms taking large cuts like Roblox with 75% tax.
Phygital Outlook: Successful NFT projects arise when brands share cryptocurrency value, allowing physical and digital connection.
Global Web3 Regulations: Clear regulatory boundaries in Asia, especially Hong Kong, are underdeveloped in the US despite growth in places like Miami and Florida. Cryptocurrency is less restricted in Japan and Southeast Asia.
Future Vision: Develop Sandbox's network effects by engaging users in the roadmap, and macro view on financial education for understanding digital asset ownership.
Understanding the insights from these panel discussions is quite insightful. However, blockchain technology can be complicated and might not always be easy to use. Making it simpler for people to use, while keeping it secure and powerful, is really important. This means we need to find the right mix of making things easy without losing the advanced features of blockchain, which isn't easy given how new and undeveloped many of the Web3 tools are.
Also, unlike older business models where companies had a lot of control, businesses in Web3 really depend on their communities to be involved and help shape things. This new way of doing things means companies need to think of fresh and creative ways to keep people interested and stick around.
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