Empowering Creators in Web3: Unlocking New Avenues for User Engagement – A Panel Discussion at Taipei Blockchain Week 2024

Empowering Creators in Web3: Unlocking New Avenues for User Engagement – A Panel Discussion at Taipei Blockchain Week 2024

This article summarizes a panel discussion from Taipei Blockchain Week on “Empowering Creators in Web3: Unlocking New Avenues For User Engagement.” Moderated by Anndy Lian, an intergovernmental blockchain expert. The panel featured Alex Casassovici (Founder of Azarus), Gemmy Wong (Crypto YouTuber, Gem Gem Crypto), and Giu Comia (KOL). The discussion centered around creator successes, Web3 user conversion, platform strategies, and advice for newcomers.

Community Building and User Acquisition:

Giu Comia highlighted the Philippines as a prime example of successful community building in Web3, emphasizing the popularity of video creation and the potential for large-scale user acquisition. He shared a success story of helping a Japanese project onboard 450,000 users in a short period during a bear market. Addressing concerns about lower investment levels from Southeast Asian users, Comia argued that mass adoption with smaller contributions from a large user base is preferable to a smaller group of high-value investors. He believes this approach fosters global adoption and simplifies compliance.

Leveraging Platform-Specific Strategies:

Gemmy Wong shared her success story of growing her YouTube channel by focusing on search engine optimization (SEO) and incorporating relevant keywords into her content. She advised smaller creators to focus on specific keywords to improve searchability and visibility. Wong also highlighted the importance of identifying the right platforms for engagement, noting that while she found success with individual direct messages (DMs), managing larger platforms like Discord proved challenging. She emphasized the value of targeted content that caters to specific search queries, citing examples like “top 5 projects to check out.”

Creating Engaging Experiences and Fostering Loyalty:

Alex Casassovici discussed Azarus’s success in creating engaging experiences through interactive livestreams and reward systems. He cited the example of a show that garnered 200,000 concurrent viewers, demonstrating the power of real-time engagement and incentivization. Casassovici emphasized the importance of providing value to both creators and viewers, enabling creators to monetize their content and viewers to earn rewards for their participation. He believes this creates a strong feedback loop that fosters loyalty and encourages further engagement.

Converting Web2 Users to Web3:

Anndy Lian agreed that converting Web2 users to Web3 requires the right product and approach. Comia stressed the importance of clear communication and relatable content, moving beyond complex concepts to showcase tangible benefits and real-world applications. Wong echoed this sentiment, emphasizing the need for a “buddy system” to guide newcomers through the onboarding process and address their concerns. She shared personal anecdotes of converting friends and family by patiently explaining the benefits and opportunities of Web3. All panelists agreed that relatability and trust are key factors in successful conversion. Comia added that focusing on the right projects and partners is crucial, as not all conversions are positive, and some can lead to negative experiences.

Platform Preferences and Strategies:

When asked about the best platform for Web3 engagement, Casassovici highlighted the importance of creating seamless experiences that integrate directly within existing platforms. He emphasized the need to avoid disrupting user flow and provide value within the context of the platform where users are already engaged. He mentioned Azarus’s focus on Twitch and YouTube as key platforms for their work. Wong and Comia both acknowledged the reach and virality of TikTok as a powerful tool for attracting new creators and users to the Web3 space.

Advice for New Creators:

The panelists offered valuable advice for aspiring Web3 creators. Comia encouraged newcomers to focus on consistent content creation, emphasizing the importance of showing up regularly and building a following over time. Wong advised creators to be patient and focus on research and learning, attending events and connecting with the community. Casassovici stressed the importance of authenticity and engagement, stating that success in Web3 is not solely about follower count but about creating meaningful interactions and building a strong community. Anndy highlighted the importance of genuine engagement over superficial metrics. He added that creators should focus on projects they believe in and avoid promoting projects solely for financial gain.

Key Takeaways:

  • Community is King: Building strong communities is essential for Web3 success.
  • Relatability and Trust: Converting Web2 users requires relatable content and building trust.
  • Platform Strategy: Choosing the right platform and integrating seamlessly is crucial.
  • Authentic Engagement: Genuine interaction trumps vanity metrics.
  • Patience and Persistence: Building a successful Web3 presence takes time and effort.

The panel discussion provided valuable insights into the evolving landscape of Web3 and the opportunities it presents for creators. By focusing on community building, user engagement, and platform-specific strategies, creators can unlock new avenues for growth and contribute to the mass adoption of Web3 technologies.

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”.

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Understanding South Korea’s Enhanced Crypto Rules for User Protection

Understanding South Korea’s Enhanced Crypto Rules for User Protection

South Korea is one of the most advanced and active countries in the world when it comes to cryptocurrency and blockchain technology. It has a large and vibrant crypto community, with millions of users, investors, and traders, as well as hundreds of startups, exchanges, and service providers. They are also ranked top 10 in terms of crypto adoption and trading by many different sources.

However, South Korea is also a country that faces many challenges and risks in the crypto space, such as hacking, fraud, money laundering, tax evasion, and market manipulation. These issues have prompted the government and the regulators to take a more proactive and stringent approach to crypto regulation, in order to protect the users, the industry, and the society from potential harm.

In March 2023, the National Assembly passed the Virtual Asset User Protection Act, which marked the country’s first step towards creating a legal framework for crypto assets. The act defines virtual assets as digital representations of value that can be traded or transferred electronically, and sets out the basic rights and obligations of the users and the service providers. The act also gives the Financial Services Commission (FSC), the main financial regulator, the authority to oversee and supervise the crypto sector, and to issue detailed rules and guidelines for its implementation.

The FSC has been working on drafting and proposing various rules and regulations to supplement the act, and to address the specific and emerging issues in the crypto space. The latest proposal, which was announced on December 10, 2023, aims to enhance the consumer protection and the transparency of the crypto industry, by imposing new requirements and standards for the virtual asset service providers (VASPs), such as exchanges, wallets, and custodians.

The new rules, which are scheduled to take effect on July 19, 2024, are open for public comment until January 22, 2024. They are based on the following principles and objectives:

  • To protect the users’ assets and interests, by requiring the VASPs to segregate the users’ deposits from their own assets, and to hold sufficient reserves in cold wallets, which are offline and more secure than hot wallets, which are online and more vulnerable to hacking. The VASPs must also pay fees to the users for using their deposits, and provide insurance or mutual aid coverage, or a reserve fund, to compensate the users in case of losses or damages.
  • To prevent the misuse and abuse of the users’ assets and information, by prohibiting the VASPs from engaging in unfair or fraudulent practices, such as insider trading, price manipulation, false or misleading disclosures, or blocking the users’ withdrawals without justification. The VASPs must also comply with the anti-money laundering and counter-terrorism financing rules, and report any suspicious transactions to the authorities.
  • To enhance the transparency and accountability of the VASPs, by requiring them to disclose their ownership structure, business scope, risk management system, and financial statements, and to obtain a license from the FSC. The VASPs must also disclose if they own or hold any crypto assets, and report their transactions and balances to the FSC on a regular basis. The FSC has the power to inspect, audit, and sanction the VASPs for any violations or non-compliance.
  • To promote the innovation and development of the crypto industry, by providing a clear and consistent legal framework, and by encouraging the VASPs to adopt the best practices and standards in the global market. The FSC also plans to support the research and education on crypto and blockchain technology, and to foster the cooperation and communication among the stakeholders, including the government, the industry, the academia, and the civil society.

The new rules, however, do not cover some of the emerging and controversial aspects of the crypto space, such as non-fungible tokens (NFTs), decentralized finance (DeFi), and metaverse. NFTs are unique and indivisible digital tokens that represent various forms of digital or physical assets, such as art, music, games, or collectibles. DeFi is a term that refers to the decentralized and peer-to-peer applications and platforms that provide various financial services, such as lending, borrowing, trading, or investing, without intermediaries or central authorities. Metaverse is a term that describes the immersive and interactive virtual worlds that are powered by blockchain and other technologies, such as virtual reality, augmented reality, and artificial intelligence.

These aspects pose new challenges and opportunities for the crypto industry and the society, as they involve complex and novel issues, such as intellectual property rights, data privacy, consumer protection, taxation, governance, and social impact. The FSC has stated that it will monitor and study these aspects, and will consider introducing separate and specific rules and regulations for them in the future, in consultation with the relevant authorities and experts.

In my opinion, the new rules proposed by the FSC are a positive and necessary step for the crypto industry and the society in South Korea, as they aim to provide a more robust and comprehensive regulatory framework that can balance the interests and needs of the users, the service providers, and the regulators. The new rules can also enhance the credibility and legitimacy of the crypto sector, and can foster its growth and innovation, by aligning it with the global standards and trends.

However, I also think that the new rules are not sufficient and perfect, as they still leave some gaps and uncertainties in the crypto space, especially regarding the emerging and dynamic aspects, such as NFTs, DeFi, and metaverse. These aspects require more attention and research, as they have the potential to transform and disrupt various sectors and domains, such as culture, entertainment, education, healthcare, and governance. They also raise new ethical and social questions, such as the ownership, identity, and participation of the users and the creators, and the impact and influence of the virtual and the real worlds.

Therefore, I suggest that the FSC and the other authorities should adopt a more proactive and adaptive approach to crypto regulation, by engaging and consulting with the stakeholders and the experts from the crypto industry, academia, civil society, and international organizations, and by devising a regulatory framework that is based on evidence, research, and consensus. They should also create a conducive and enabling environment for crypto innovation and adoption, by providing legal clarity, certainty, and protection to the users, investors, and businesses, and by fostering a culture of education, awareness, and collaboration.

South Korea has a unique opportunity and potential to become a leader and an innovator in the crypto and the Web3 space, but it also faces a critical choice and a challenge. It can either embrace crypto and Web3 as a catalyst and a partner for growth and development, or it can reject them as a threat and a competitor for control and dominance. The former would open up new horizons and possibilities for South Korea and its people, while the latter would close them off and isolate them from the rest of the world. The choice is clear, but the challenge is not easy. South Korea needs to act fast and act smart, before it is too late.

 

Source: https://www.securities.io/understanding-south-koreas-enhanced-crypto-rules-for-user-protection/

What are the primary reasons behind South Korea's active role in cryptocurrency and blockchain technology?

South Korea's robust involvement in crypto and blockchain is due to its large and active community, which includes numerous users, investors, and startups. Ranked among the top 10 in global crypto adoption and trading, the nation's tech-savvy populace and vibrant ecosystem drive its pivotal role in this domain.

What recent regulatory steps has South Korea taken in the crypto space?

In March 2023, South Korea passed the Virtual Asset User Protection Act, a pivotal move towards establishing a legal framework for crypto assets. This act provides the Financial Services Commission (FSC) with oversight authority and empowers it to set detailed regulations for the crypto sector.

Could you highlight the objectives and principles of the latest crypto regulations proposed by the FSC in South Korea?

The FSC's recent proposal, scheduled for implementation on July 19, 2024, focuses on safeguarding user assets and interests, preventing misuse, enhancing transparency, and encouraging innovation in the crypto sector. Anndy Lian added that these measures aim to fortify consumer protection, align with anti-money laundering regulations, and foster a more accountable and secure environment.

What key areas do the new regulations in South Korea overlook in the crypto space?

Anndy Lian said that the proposed rules primarily address fundamental aspects and omit certain emerging areas like non-fungible tokens (NFTs), decentralized finance (DeFi), and the metaverse. These domains, with their complex issues surrounding intellectual property, privacy, and governance, necessitate further consideration for specific and tailored regulations.

How can South Korea maximize its potential in the crypto and Web3 space while addressing regulatory gaps?

South Korea's advancement in crypto and Web3 hinges on adopting an adaptive regulatory approach. Anndy Lian pointed out that collaboration between authorities, industry experts, and stakeholders will enable the creation of a robust, evidence-based framework. Embracing innovation, providing legal clarity, and fostering educational initiatives will propel the nation towards leadership in this transformative space.

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”.

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