Raymond Liao, the managing director at Samsung Next, says Web3 has shown a lot of potential but there is a challenge that players in the space must face – utility. He said the company is ready to dive into Web3 by investing in MachineFi, which is a term coined by the IoTeX project to describe a futuristic paradigm wherein machines become the major workforce that is powered by Web3 technologies.
Liao shared that Samsung Next wants to invest in blockchain, artificial intelligence (AI), and metaverse, thus the reason MachineFi has become an area of interest. He said IoTeX fits into several of their focus areas. Liao hopes the company can contribute to the further success of the MachineFi vision.
He also pointed out Web3 and how the crypto winter is an opportunity for investors. Liao believes 2022 is better than 2021 and is good for investors and product builders. He said that in the past the market returns were too inflated. The executive said that instead of looking on 10x returns, the industry should focus on implementation and face the challenge of utility to expand the Web3 ecosystem. Liao said its time to sit down and implement. There is a need for more utility out of the Web3 amazing infrastructure.
Liao also lauded NFTs in terms of their utility. He sees non-fungible tokens as a great tool in sports in terms of engagement and gave an example of NBA.