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NFTs and super brands: A deep dive into web3

NFTs and super brands: A deep dive into web3

In a world where technology evolves at lightning speed, it’s no surprise that the business landscape is constantly shifting. One of the latest and most talked-about developments is the rise of NFTs (Non-Fungible Tokens) and their integration into the strategies of “super brands.” To shed light on this topic, a panel discussion featuring experts from various fields share insights on the complexities of NFT adoption among super brands.

Super brands are more than just products or services; they are cultural phenomena. These brands have transcended their industries to become status, identity, and aspiration symbols. Their power is not limited to marketing; it extends to influencing consumer behavior, market trends, and even social movements. The bond between super brands and their fans is built on trust, shared values, and a sense of belonging.

NFT Panel
Investor Anndy Lian hosts a panel at web3wave discussing the potential of NFTs for brands.

The Quest for Fan Engagement

Dan Mitchell, representing Oracle Red Bull Racing, introduced himself as the Web3 lead. Before entering the world of cryptocurrency and Web3, he had worked extensively in advertising, collaborating with global brands on brand strategy and advertising campaigns. Dan discussed how the Red Bull Racing team utilizes Web3 technology to engage racing fans, emphasizing the importance of putting fans at the core of their strategy.

Formula 1 teams understand the hunger of their fans. The desire to feel emotionally connected to the team, to access exclusive content, and to engage with their favorite drivers is palpable. However, with most fans unable to attend races in person, finding innovative ways to bridge the gap is the challenge.

The question that often arises is, “How do we best use Web3 technology to provide fans with emotionally engaging experiences?” Whether it’s about getting closer to the drivers, accessing team principals like Christian Horner, or offering exclusive perks through loyalty reward programs, the potential of Web3 in enhancing fan engagement is vast.

Dan explained:

“We are using Web3 technologies to engage with our fans. It has been a unique journey for our side, and thanks to Bybit, we understand how to manage Web3 a lot easier.”

The Challenge of NFTs and Utility

As the discussion at the NFT conference suggests, Web3 technology, particularly NFTs, should be invisible to the end-user. It’s not about slapping an “NFT” label on a product or experience and expecting it to succeed. The true success lies in crafting an exceptional underlying experience for customers.

Anndy Lian, a book author and licensed fund manager in Singapore, shared his expertise. He discussed the rapid evolution of NFTs, emphasizing their potential as a gateway to larger communities and technology adoption. Andy also highlighted the importance of utility tokens and the value of creating meaningful user experiences.

“NFT gaming is more than just owning a digital sword; it’s about the experience and usefulness it provides within the game. Formula 1 discovered this when they first experimented with NFTs by offering digital helmets and race suits without any clear purpose. Fans were left wondering what they could do with these digital assets. Our partnership with Oracle Red Bull Racing on the newly launched Velocity Series addresses these concerns. We collaborate with successful NFT artists to incorporate racing characteristics into the art. In this case, the value and usefulness are in the art itself, not just as an NFT, as Anndy stated.”

Learning from Mistakes and Customer-Centric Approach

Liverpool Football Club’s early NFT launch serves as a cautionary tale. They released NFTs without a clear utility, mirroring traditional merchandise. However, they understood their audience better when they partnered with Meta for NFT-based clothing. They used terminology their fans understood, focusing on “collectible avatars” and “coins” instead of complex NFT jargon. This approach led to a highly successful project, with three million wallets opened on the first launch.

Reddit, another big brand, ventured into Web3 by offering customizable avatars without emphasizing NFTs, but instead focused on user identity and opinions. This strategy resonated with their audience and resulted in significant success.

The above points were highlighted by Tom Downing, representing the British Interactive Media Association. He highlighted his role in educating brands and businesses about Web3, and he mentioned a Web3 education business called “Roster3,” which offers an accredited mini-MBA in Web3.

The Reality Check

However, amidst all the excitement, it’s essential to remember that not every Web3 venture is groundbreaking. Some may still appear gimmicky. The key is to offer a unique technology that brings transparency, accountability, and genuine value to users. In the case of NFTs, simply replacing traditional offerings with digital versions won’t suffice.

Ben Radcliffe, representing Amber Group, a crypto-native financial services firm, echoed Anndy’s point. He emphasized the need for brands to understand the “why” behind their Web3 initiatives and how these initiatives can create value for users. He has also highlighted the challenges and opportunities for super brands entering the Web3 space. He emphasized the need for brands to have a legitimate reason for adopting Web3 technology beyond just chasing the latest trend.

Conclusion

The potential future directions for super brands in the Web3 space is positive. The possible expansion areas, include NFT ticketing, fan-based tokens, and immersive experiences in the metaverse. Andy emphasized that brands should focus on delivering value and experiences to users with a long-term perspective.

As the panel discussion concluded, it became clear that super brands are taking significant steps into the Web3 world. While NFTs provide exciting opportunities for fan engagement and revenue generation, brands must be strategic.

The success of Web3 initiatives hinges on providing genuine value and creating immersive experiences for users. In this fast-evolving landscape, the future of super brands in Web3 holds the promise of exciting developments and innovations.

Web3wave Summit was organized on the 3rd of August in London. Experts from Binance, Bybit, Coinbase, Mastercard, Bitfinex, Huobi, Oxford University, and many others were present. Her Excellency Uddin, Member of the House of Lords, gave a keynote speech on her vision for Web3 and Metaverses. The event was supported by Benzinga, Coingecko, CryptoSlate, Seed.Photo, Blockcast.cc, Blockreview, Followin, Moledao, AOI, Custodiy, Bitverse, Riple, Tusima, Pollen Defi and Wishu Media etc.

 

Source: https://cryptoslate.com/nfts-and-super-brands-a-deep-dive-into-web3/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Blockchain beyond borders: A dive into global collaboration and innovation

Blockchain beyond borders: A dive into global collaboration and innovation

My name is Jenny Zheng, Co-Founder of Blockcast.cc, and I’m excited to share some incredible insights from my recent participation as a moderator at a recent talk show episode titled “Blockchain Beyond Borders: Building Global Bridges for Innovation and Adoption.”

The event took place in Dubai, where industry experts convened to dive into the transformative power of blockchain technology. Our panel included some remarkable names: Anndy Lian, an intergovernmental blockchain expert from Singapore; Kris Bennett, Co-Founder and Chief Learning Officer of the Blockchain Training Alliance in the USA; Raj Kapoor, Founder and CEO of the India Blockchain Alliance; and Shailesh Kunnath, Co-Founder of Masary Capital in the UAE.

Identifying peal solutions amidst the fluff

During our engaging discussion, we delved into the pivotal factors that define success in the world of blockchain. To kick things off, Kapoor underscored the crucial importance of solving tangible real-world problems with blockchain solutions.

Kapoor aptly pointed out the overabundance of proposals that lack substance, urging entrepreneurs to rise above the noise. According to him, true innovation requires addressing genuine challenges or elevating existing solutions to create a meaningful impact.

Critical criteria for sustainable blockchain projects

As the conversation flowed, I shared my perspective on the essential criteria I employ to assess blockchain projects. My focus rests on the urgency of addressing real-world issues, ensuring that projects demonstrate their ability to enhance solutions or tackle pressing matters.

I don’t stop at the financial aspects; I look deeper into the commitment and tenacity of project promoters. I also emphasise the value of validation, whether through a small customer base or a proof of concept.

Additionally, I gauge the dedication of project promoters and whether their family and friends have invested in their vision. These insights underline the intricate nature of project evaluation.

Perspectives on blockchain adoption

Bennett joined in to offer his unique take on blockchain adoption. He highlighted the common tendency to prioritise technology in emerging sectors, cautioning against overlooking practicality and tangible value.

Bennett challenged the notion that being first to market guarantees success, drawing a historical parallel to Amazon’s ascent in e-commerce. He emphasised the importance of conveying value without solely relying on technical jargon.

His advice? Entrepreneurs should articulate their solutions’ benefits independently of blockchain or crypto references. Moreover, Bennett stressed the significance of cultivating a well-rounded team with diverse expertise to drive success.

Community, education, and future growth

Lian shared his insights, shedding light on the role of education and community in nurturing blockchain growth. He emphasised that education should encompass entire ecosystems, including venture capitalists and regulators, not just individuals.

Lian applauded Dubai’s proactive stance in fostering blockchain education and innovation. Lian also stressed the vitality of a vibrant and supportive community for sustained blockchain adoption. He championed collaboration among stakeholders to propel the technology’s advancement.

Regulatory strategies for blockchain innovation

Shifting the spotlight to regulatory matters, Lian, drawing from his experience with governments and regulatory bodies, highlighted the evolving landscape of blockchain regulation. He acknowledged the challenges countries face in establishing regulatory frameworks for this emerging technology.

Lian emphasised the significance of cross-border transactions and the need for cooperation to ensure financial sector stability. He advocated for clear regulatory guidelines to nurture blockchain’s growth while safeguarding financial systems.

In conclusion

As we navigate the evolving world of blockchain, collaboration, education, and problem-solving, emerge as pivotal pillars for success.

The insights shared by our esteemed panellists underscore the dynamic nature of the blockchain landscape, revealing the need for innovative solutions, cohesive teams, engaged communities, and regulatory clarity to unleash the technology’s transformative potential on a global scale.

Amidst the opportunities and challenges, one thing remains certain: the journey to success is illuminated by innovation and collaboration. Stay curious and keep exploring the blockchain frontier!

 

Source: https://e27.co/blockchain-beyond-borders-a-dive-into-global-collaboration-and-innovation-20230823/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Risks and Rewards: A deep dive into Hong Kong’s crypto licensing regime

Risks and Rewards: A deep dive into Hong Kong’s crypto licensing regime

In recent times, Hong Kong has emerged as a key player in the global crypto market. The region’s location and regulatory environment have attracted many crypto investors and businesses. However, until recently, Hong Kong lacked a clear regulatory framework for cryptocurrencies, which raised concerns about investor protection and market stability. To address these concerns, Hong Kong’s Securities and Futures Commission (SFC) announced a new licensing regime for crypto exchanges in November 2021. The new regulations will require all virtual asset trading platforms operating in Hong Kong to obtain a license from the SFC, making it the first jurisdiction in Asia to implement such a regime.

Many investors and industry players have welcomed the move, seeing it as a positive step towards making Hong Kong a major player in the global crypto market. The new licensing regime is expected to attract more institutional investors to Hong Kong and improve the transparency and credibility of the crypto industry in the region.

However, some investors and industry players remain cautious and have raised concerns about the potential risks associated with the new regulation. In this opinion article, we will explore the opportunities and risks associated with the new Hong Kong crypto regulation, compare it with Singapore and South Korea, and discuss whether China is likely to back out.

Pros and Cons

The new Hong Kong crypto regulation presents several opportunities for the industry. Firstly, the licensing regime allows for the creation of new crypto exchanges, which will attract more investors and create more jobs. The new exchange, called Huobi Hong Kong, will focus on institutional investors and high-net worth individuals. This is good news for the industry as institutional investors are known to bring stability and liquidity to the market.

Secondly, the new regulation is expected to attract more foreign investment into Hong Kong. Hong Kong’s strong determination to regain the title of global crypto center is reflected in the series of policies and statements issued by the Hong Kong Monetary Authority. This is expected to create a favorable business environment that will attract foreign investors and companies to Hong Kong. This will benefit not only the crypto industry but also the overall economy of Hong Kong.

Thirdly, the new regulation is expected to enhance transparency and reduce the risk of money laundering and fraud. The Hong Kong Securities and Futures Commission has taken a regulatory approach to cryptocurrencies, which contrasts with recent actions in the US of regulation by enforcement. This approach will help build trust among investors and promote long-term growth in the industry.

Although the new Hong Kong crypto regulation presents several opportunities, it also comes with some risks. One of the biggest risks is the potential for increased market volatility. The crypto market is notoriously volatile, and the creation of new exchanges and the influx of more investors may exacerbate this. Moreover, there is the possibility of fraud and manipulation, which can further increase volatility and undermine investor confidence.

Secondly, the new regulation may lead to a concentration of power in the hands of a few large exchanges. This can lead to a lack of competition, which can result in higher fees and a decrease in innovation. This is a problem that has been observed in other industries, such as banking and telecommunications, where a lack of competition has resulted in poorer service and higher prices.

Thirdly, there is the risk of government interference. While the Hong Kong government has been supportive of the new regulation, there is always the possibility that it may change its stance. This could lead to a situation where the government restricts or bans crypto trading altogether. This would have a devastating impact on the industry and its investors.

Comparison with Singapore and South Korea

Hong Kong is not the only country in the region that is looking to regulate the crypto industry. Singapore and South Korea have also taken steps to regulate the industry. Singapore has been proactive in its approach, establishing a regulatory framework that encourages innovation while protecting investors. This has made Singapore a major player in the crypto market, with several major exchanges based in the country.

South Korea, on the other hand, has taken a more cautious approach. In 2017, the government banned initial coin offerings (ICOs), citing concerns about fraud and money laundering . However, the ban was lifted in 2018, and the government has since established a regulatory framework that requires exchanges to register with the Financial Services Commission. While this has led to a decrease in the number of exchanges in the country, it has also improved investor protection and reduced the risk of fraud.

Compared to Singapore and South Korea, Hong Kong’s new crypto regulation is more similar to Singapore’s approach. Both countries have taken a proactive approach to regulation, with a focus on promoting innovation while protecting investors. However, Hong Kong’s new licensing regime is more focused on institutional investors, while Singapore’s regulatory framework is designed to cater to a broader range of investors.

Possible Backlash from China

Finally, there is the question of whether China is likely to back out of the new Hong Kong crypto regulation. China has been cracking down on the crypto industry, with a ban on ICOs and cryptocurrency exchanges in 2017. However, there are indications that China may be softening its stance. In 2019, President Xi Jinping stated that China should accelerate the development of blockchain technology. Moreover, in 2021, several Chinese companies announced plans to enter the crypto industry.

Despite these positive signs, there is still a risk that China may object to the new Hong Kong crypto regulation. China sees Hong Kong as part of its territory and may view the new regulation as a challenge to its authority. If this happens, it could lead to a deterioration of relations between Hong Kong and China, which would have far-reaching consequences for the industry and its investors.

Conclusion

In conclusion, the new Hong Kong crypto regulation presents both opportunities and risks. While it is expected to attract more investors and create a favorable business environment, there is also the potential for increased market volatility, concentration of power, and government interference. Compared to Singapore and South Korea, Hong Kong’s approach is more focused on institutional investors, but shares a similar emphasis on promoting innovation and protecting investors. Whether China will back out of the new regulation remains to be seen, but there is a risk that it may object, leading to a deterioration of relations between Hong Kong and China.

 

Source: https://www.financialexpress.com/blockchain/risks-and-rewards-a-deep-dive-into-hong-kongs-crypto-licensing-regime/2998952/

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j