Samsung Next exec says Web3 projects must meet utility challenge

Although Web3 has shown great potential since its creation until today, some continue to believe that there is a challenge that the actors in the space must face, which is the usefulnessaccording to a Samsung Next executive.

In an interview, Raymond Liao, CEO of Samsung Next, discussed the company’s move into Web3 by investing in MachineFi, a term coined by the IoTeX project to describe a futuristic paradigm in which machines become the main workforce powered by Web3 technologies.

According to Liao, Samsung Next focuses on investing in blockchain, artificial intelligence, and the Metaverse, to name a few, which is why MachineFi has become an area of ​​interest.. He explained that:

“So you can see that what IoTeX is looking for fits into several of our focus areas. […] And I hope that we can contribute to the success of the MachineFi vision. It’s very exciting.”

Aside from MachineFi, the Samsung exec also talked about Web3 and how crypto winter is an opportunity for investors. Liao said this year is better than last year and good for investors and product creators.. In the past, the executive believed that market returns were “too inflated.”

Besides that, The executive also highlighted that instead of focusing on 10x returns, the industry needs to focus on implementation and address the usability challenge to expand the Web3 ecosystem.. He said that:

“It’s time to sit down and apply. We need more utility from this amazing Web3 infrastructure.”

Liao also praised the non-fungible tokens (NFTs) as to its usefulness. According to the executive, NFTs have been a great tool in sports in terms of engagement, citing the NBA as an example.

In January, Samsung announced that it will create an NFT aggregator that will be integrated into smart TVs. such as Micro LED, Neo QLED and The Frame. Within the integrated NFT platform, users will be able to discover and exchange NFTs.

Speaking about Web3, Yat Siu, co-founder of Animoca Brands, said that the Web3 space needs more developers to be truly decentralized.. The executive urged developers to move from working on traditional platforms to working on the promising Web3 sector.

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Samsung Next exec says Web3 projects must meet utility challenge