Innoblock 2024: Key Success Factors for Web3 Gaming Projects in a Competitive Landscape

Innoblock 2024: Key Success Factors for Web3 Gaming Projects in a Competitive Landscape

 

The Innoblock Summit 2024 hosted a panel discussion titled “From Concept to Reality: Key Success Factors for Web3 Gaming Projects in a Competitive Landscape.” Moderated by Anndy Lian, a blockchain advisor and author, the panel featured industry leaders: Aaron Goolsbey (COO, Mythical Games), Florence Li (CCO, METAY), Ricky Wong (Co-Founder, Catizen), JT (Marketing Lead, Seraph), and Alex S (Head of Eco Growth, GGI).

The discussion centered around the critical elements that contribute to a thriving Web3 gaming project. While acknowledging the importance of blockchain technology and tokenomics, panelists emphasized the need to prioritize engaging gameplay and compelling narratives.

Redefining Success Metrics in Web3 Gaming

Challenging the traditional focus on high conversion rates, Ricky Wong highlighted the importance of organic user engagement. Citing Catizen’s success, he suggested a conversion rate between 5% to 10% as a healthy benchmark for Web3 games, emphasizing the need to educate and onboard users from the traditional gaming sphere.

JT echoed this sentiment, emphasizing the importance of attracting and retaining real users, not just incentivized participants. He stressed the need for seamless onboarding experiences, allowing players to enjoy the game before delving into the complexities of Web3 elements.

Beyond Tokenomics: The Power of Narrative and User Experience

Florence Li emphasized the often-overlooked aspect of storytelling in Web3 gaming. She argued that compelling narratives, captivating art, and well-developed game mechanics are crucial for attracting and retaining players, ultimately driving the value of in-game assets.

Aaron Goolsbey challenged the industry to move beyond the Web2 versus Web3 dichotomy, advocating for a focus on enhancing the gaming experience as a whole. He argued that Web3 technology should be seamlessly integrated to enhance existing gaming paradigms, citing Mythical Games’ NFL Rivals as a prime example. The game, with its integrated NFT marketplace, saw a significant increase in player engagement and retention, demonstrating the power of Web3 in adding value for players.

Monetization and Sustainability: Lessons from Web2 and Beyond

Addressing the question of profitability, Aaron Goolsbey acknowledged the inherent challenges of the gaming industry, where only a small percentage of games achieve significant financial success. He stressed the importance of applying proven game development and business practices, regardless of the underlying technology.

JT provided insights into Seraph’s dual revenue stream model, combining traditional in-app purchases with Web3 elements like NFT marketplaces and asset upgrades. This approach caters to a wider audience, allowing players to engage with the game on their own terms.

The Rise of Telegram Mini-Games: A Gateway to Mass Adoption?

The panel explored the burgeoning trend of Telegram mini-games and their potential impact on the Web3 gaming landscape. Aaron Goolsbey expressed excitement about the opportunity for user acquisition and overcoming the hurdle of wallet creation. He envisioned Telegram’s existing infrastructure as a seamless gateway for onboarding new users into the Web3 gaming ecosystem.

Alex S highlighted the potential of Telegram mini-games to attract traditional game developers, further enriching the Web3 gaming space. He emphasized the need for robust developer tools and support systems to foster a thriving ecosystem.

Florence Li and JT expressed optimism about the accessibility and ease of use of Telegram mini-games, making them an ideal entry point for new users. They envisioned a future where Web3 games seamlessly integrate with popular platforms like Telegram, driving mass adoption.

User Acquisition and Retention: Building a Loyal Community

The panelists agreed that user acquisition and retention are paramount for long-term success. Aaron Goolsbey stressed the importance of continuously adding value for players through engaging content and a well-balanced in-game economy.

Florence Li advocated for simplifying the onboarding process, making it easier for new users to experience the benefits of Web3 gaming. She also stressed the importance of creating high-quality content and assets that resonate with players.

The Future of Web3 Gaming: A Collaborative Effort

Anndy Lian concluded with a shared sense of optimism about the future of Web3 gaming. The panelists emphasized the need for collaboration, innovation, and a focus on user experience to unlock the full potential of this emerging technology. As the lines between Web2 and Web3 continue to blur, the future belongs to games that can seamlessly integrate blockchain technology to deliver engaging, rewarding, and truly player-owned gaming experiences.

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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Crypto, Web3 & AI Offers Us All A Chance to Be Involved

Crypto, Web3 & AI Offers Us All A Chance to Be Involved

Reflecting on my recent speech at the Web3BB Tokyo event, I am struck by the potent mix of artificial intelligence and Web3, and what they hold for the financial industry.

Having had the privilege of leading AI-driven innovations in finance, I am convinced that the convergence of these two technologies is the key to unlocking a more secure, efficient, and personalized financial landscape. Allow me to share my vision.

Key Takeaways

  • AI and Web3 offer the financial industry security, efficiency, and personalization.
  • Combine them with the decentralized nature of Web3 to add transparency and a user focus.
  • AI-driven insights and Web3’s data management enable sophisticated financial predictions and risk assessments.
  • This is a future worth fighting for, and I am excited to be a part of it.

The Relationship Between AI and Web3

The relationship between AI and Web3 is nothing short of symbiotic. Web3’s decentralized architecture offers a framework in which AI can function with enhanced transparency, security, and user focus.

And then with AI, we can unearth new insights and efficiencies within the financial sector while upholding the highest standards of data integrity and security.

Apply the fusion of AI and Web3 to finance, and you get new ways to trade, invest, and handle your financial planning. AI can also find sophisticated models for predicting market trends, identifying risks, and optimizing investment strategies — the change is unparalleled.

For this to work well, a critical juncture in AI and Web3 is in data management. AI algorithms thrive on data, and Web3’s decentralized nature ensures that the data is secure, transparent, and siloed as appropriate for the user.

The goal is then for AI to analyze vast amounts of decentralized data and offer valuable insights while maintaining privacy and security.

Ushering in a New Era of Financial Innovation

As I gaze into the future, I am exhilarated by the potential impact of AI and Web3 on the financial industry. As the Chairman of Neurai, a pioneering AI startup in Singapore, we are committed to pushing the boundaries of AI-powered finance. Our flagship product, COPX.AI, is already reaping the benefits.

“The future of finance transcends mere trading; it’s about crafting a more secure, efficient, and personalized experience for users,” I emphasized during my speech at Web3BB Tokyo.

But what does this mean for the future of finance? In my view, it signifies a shift towards more decentralized and democratized financial systems. With AI and Web3, we can create more accessible, transparent, and secure platforms. For instance, AI-powered trading platforms can analyze vast amounts of market data to identify trends and patterns that human traders might overlook. This leads to more informed investment decisions and better returns for investors.

Similarly, AI-driven risk management systems can detect potential risks and alert investors before they escalate into major issues, thereby safeguarding investors’ assets and preventing financial losses.

Charting the Path Forward

As the financial industry continues to evolve, we need prioritize innovation and experimentation. The integration of AI and Web3 has the potential to unlock new possibilities and drive growth across the sector, but it necessitates a commitment to ongoing research and development.

At the Web3BB Tokyo event, I had the opportunity to meet over 20 founders of Web3 and AI companies. Their dedication to harnessing the power of AI and Web3 to create a better future for finance is palpable. Many believe that these technologies can democratize access to financial services, promote greater transparency and accountability, and unlock new avenues for growth and innovation.

Navigating the Challenges Ahead

Of course, the road ahead is not without challenges. One of the most significant hurdles is regulatory uncertainty. As AI and Web3 continue to evolve, it remains unclear how regulators will respond. Will they introduce new rules and regulations, or will they adopt a more laissez-faire approach?

Another challenge is the need for education and awareness. Many individuals in the financial industry are still unfamiliar with AI and Web3, necessitating education and training to help them understand the potential benefits and risks of these technologies.

Lastly, there is the challenge of scalability. As AI and Web3 continue to grow and evolve, it remains to be seen whether they can scale to meet the demands of the financial industry.

Where We Go Next

As I look to the future, I am excited to witness the impact of these technologies on the sector. Being deeply involved in AI-powered innovation, I am confident that we can create a more secure, efficient, and personalized financial experience for all.

But this journey is not just about us. It’s about the entire financial industry coming together  and creating a world that is more decentralized, democratized, and accessible to all.

I am convinced that the financial industry will become increasingly decentralized.

Decentralized finance is already becoming a reality, with platforms like MakerDAO and Compound enabling users to lend and borrow cryptocurrencies in a decentralized manner.

But DeFi is just the beginning. With AI and Web3, we can create decentralized platforms for trading, investing, and financial planning. These platforms will be more secure, efficient, and personalized.

I am also convinced that the financial industry will become increasingly democratized — with platforms that are accessible to all, regardless of income or social status.

We can develop platforms that allow anyone to invest in cryptocurrencies, regardless of their financial background, and that provide access to financial services to anyone, regardless of their location or income.

The Bottom Line

Finally, I believe that the financial industry will become increasingly secure — resistant to hacking and cyber-attacks.

We can develop platforms that utilize AI-powered security systems to detect and prevent cyber-attacks. We can create platforms that leverage Web3’s decentralized architecture to protect user data and prevent hacking.

This is a future worth fighting for, and I am excited to be a part of it.

 

Source: https://www.techopedia.com/anndy-lian-crypto-web3-ai-offers-us-all-a-chance-to-be-involved

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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Web3 Promise and Perils: An Exclusive Interview with Anndy Lian

Web3 Promise and Perils: An Exclusive Interview with Anndy Lian

Web3: buzzword or breakthrough? Skeptics dismiss it as a passing fad, while proponents herald it as the next internet revolution. In this candid conversation, we challenge Anndy Lian, a leading voice in the blockchain community, an Intergovernmental Blockchain Expert and Best-Selling Author, to address the doubts and concerns surrounding Web3. Lian shared his insights on the technological, regulatory, and adoption challenges that Web3 faces, while also highlighting the transformative potential it holds for industries, economies, and our digital experiences.

The Shib: In your own words, what is Web3, and what are the key distinctions between Web3  and the current internet (Web2)?

Lian: Web3 represents the evolution of the internet into a space where users have more control and ownership over their digital interactions. It’s built on the principles of decentralization, enabled by blockchain technology, which allows for a network that isn’t controlled by any single entity. This contrasts with the current iteration of the internet, known as Web2, where centralized platforms hold significant power over user data and content distribution.

In the Web3 vision, the internet becomes a place where users can interact without surrendering personal information to service providers. Instead of data being stored on servers owned by a few large companies, it’s distributed across a network of nodes, making it more resistant to censorship and outages. This shift also introduces the concept of tokenization, where digital assets or tokens can represent anything from currency to ownership rights, accessible through secure digital wallets.

Another key aspect of Web3 is transparency. Since it’s built on blockchain, all transactions and data exchanges are recorded on a public ledger, which anyone can verify. This level of openness is a stark departure from the often opaque practices of Web2 companies. Moreover, Web3 aims for interoperability, where different applications and services can work together seamlessly, unlike the siloed nature of many Web2 services.

Identity in Web3 is also transformed. Users can have a single, self-sovereign identity that they can use across multiple platforms without needing separate accounts for each service. This not only simplifies the user experience but also enhances privacy and security.

The Shib: What are the most compelling potential benefits and use cases of Web3 that could reshape industries, economies, and our digital experiences? What are the most significant challenges and risks associated with Web3 adoption?

Lian: Web3 is like a fresh canvas for the digital world, offering a palette of possibilities that could revolutionize how we interact online. It’s akin to the leap from snail mail to email, but on a grander scale. The most compelling potential of Web3 lies in its ability to give power back to the people. Imagine a world where you’re not just a user but a stakeholder in the platforms you use. This shift could transform industries by fostering innovation without the need for centralized gatekeepers.

In the creative sector, artists could sell their work directly to fans without intermediaries taking a cut. In finance, decentralized finance (DeFi) platforms could offer loans and savings accounts managed by smart contracts, not banks. For the everyday internet user, imagine logging into different services with a single digital identity that you control, not a tech giant.

But it’s not all sunshine and rainbows. The road to Web3 is paved with challenges. The technology is complex, and for many, it’s like learning a new language. There’s also the issue of scalability; blockchain networks can be slow and expensive to use. And let’s not forget the regulatory maze. Governments are still figuring out how to deal with cryptocurrencies and digital assets, which are at the heart of Web3.

Security is another concern. While blockchain is secure by design, nothing is foolproof. There have been high-profile hacks of DeFi platforms and crypto exchanges. These incidents raise questions about the readiness of Web3 to handle our digital lives.

In short, Web3 has the potential to be a game-changer, democratizing the internet and sparking a new wave of digital innovation. But it’s a bit like the Wild West right now, full of opportunity and danger. Navigating this new frontier will require patience, education, and a careful approach to risk management. It’s an exciting time to be online, and the future is unwritten.

The Shib: Do you believe Web3 will be a passing trend, or is it the dawn of a new internet  era? What factors will determine its long-term success or failure?

Lian: Web3 feels like the early days of a revolution, much like the internet in the ’90s or smartphones in the early 2000s. It’s not just a fleeting trend; it’s the groundwork for a new digital epoch. The promise of a decentralized, user-empowered web is too potent to ignore. It’s like we’re at the cusp of a new dawn, where the internet becomes more than a tool—it becomes a community.

The long-term success of Web3 hinges on several factors. First, it needs to be user-friendly. Right now, it’s like a tech enthusiast’s playground, complex and intimidating for the average person. For Web3 to truly take off, it must be as easy as Web2. People should be able to interact with it as naturally as they scroll through a social media feed.

Second, scalability is crucial. The current blockchain infrastructure can be like a two-lane road when we need a highway. It has to support millions of transactions swiftly and affordably to become mainstream. Third, there’s the question of security. The more we rely on Web3, the more attractive it becomes to bad actors. Building a secure yet open system is one of the biggest challenges it faces.

Regulation will also play a pivotal role. Governments around the world are grappling with how to approach this new frontier. The decisions they make could either stifle innovation or nurture it. And finally, there’s adoption by businesses and developers. They’re the ones who will build this new world, and their embrace of Web3 technologies will be a deciding factor in its success.

In essence, Web3 is not just a new set of technologies but a new philosophy for the digital age. Its success or failure will be determined by how well it can balance the ideals of decentralization with the practicalities of everyday internet use. It’s an ambitious vision, and like any grand endeavor, it will face its share of skeptics and setbacks. But if history has taught us anything, it’s that the boldest ideas often have the most enduring impact. Web3 has the potential to be one of those ideas.

The Shib: How will Web3 impact the way we own and control our digital assets, data, and  online identities? What are the implications for privacy, security, and user empowerment?

Lian: It’s about shifting the control of digital assets, data, and identities back into our hands. In this new era, your online identity becomes your passport, granting access across various platforms without surrendering your personal details to each one. It’s like having a VIP pass to every club in town, but the bouncers can’t see your home address.

This shift promises a boost in privacy, as the need to share personal information diminishes. Your data becomes a treasure chest that only you can unlock, rather than being left out in the open for companies to pick through. Security-wise, blockchain’s robust architecture acts like a fortress, defending against unauthorized access and ensuring that transactions are tamper-proof.

However, with great power comes great responsibility. User empowerment means we must be vigilant custodians of our digital keys. Losing them could lock us out of our own digital kingdom. Moreover, the decentralized nature of Web3 means there’s no ‘customer service’ to call if things go awry. It’s a brave new world, one where we’re both the rulers and the guards of our digital realm. The implications are vast, and the potential for a more private, secure, and user-centric internet is immense. It’s a shift towards true digital sovereignty.

The Shib: Which specific industries or sectors are most likely to be disrupted or transformed  by Web3 technologies in the coming years? Can you provide concrete examples  of how this transformation might unfold?

Lian: It is poised to be a game-changer for several industries, much like the arrival of the internet itself. It’s not just a new layer of technology; it’s a seismic shift in how we’ll interact with the digital world.

Take the art world, for example. With Web3, artists can mint their creations as non-fungible tokens (NFTs), ensuring authenticity and ownership in a way that’s never been possible before. It’s like turning a painting into a one-of-a-kind digital masterpiece that can be bought, sold, and collected without fear of forgery.

In finance, Web3 could usher in a new era of decentralized finance (DeFi). Imagine a world where you can lend, borrow, and invest without ever walking into a bank or filling out a pile of paperwork. Smart contracts on blockchain could automate these transactions, cutting out the middlemen and potentially offering better rates and more accessibility.

The gaming industry is also on the cusp of transformation. Web3 could enable gamers to truly own the items they earn or buy in games, carrying them across virtual worlds. It’s like having a universal inventory that’s recognized in every game you play.

These examples are just the tip of the iceberg. Web3 has the potential to reshape industries by creating new business models, revenue streams, and ways for consumers to engage. It’s a brave new world, and we’re all part of the journey. The transformation is already beginning, and it’s only going to accelerate from here.

The Shib: If you were to advise entrepreneurs, investors, or policymakers about Web3, what  would be your top recommendations for navigating this emerging landscape?

Lian: Navigating the Web3 landscape is like exploring a new continent. It’s vast, untamed, and full of potential. For entrepreneurs, my advice is to focus on user experience. Web3 can be complex, so making it accessible is key. Think of it as building bridges over technological rivers. Investors should look for projects that not only have solid tech but also a clear vision of how to integrate into the current digital ecosystem. It’s like planting seeds in fertile ground—look for where they can grow.

Policymakers have a delicate task. They must balance regulation and innovation. It’s a dance between setting boundaries and allowing freedom. The goal should be to protect consumers without stifling the creative spirit that drives Web3 forward.

For all, staying educated is crucial. Web3 is evolving rapidly, and keeping up with its developments is like keeping a boat steady in a fast-moving current. Be adaptable, be vigilant, and be ready to pivot. This new digital landscape is unfurling its map, and those who can read it well will be the ones to find the treasure.

Anndy Lian’s insights offer a sobering yet hopeful perspective on Web3. While the potential benefits are undeniable, the road ahead is not without its hurdles.  Lian’s balanced approach reminds us that Web3 is not a magic bullet, but rather a complex ecosystem that requires careful navigation.  The success of Web3 hinges on overcoming technical, regulatory, and adoption challenges, but the reward could be a truly decentralized and user-empowered internet.

For further insights from Anndy Lian and other industry experts, be sure to check out The Shib’s Alpha Insights.

About the Speaker:

Anndy Lian is an Intergovernmental Blockchain Expert, Best-Selling Author, and a highly respected figure in the blockchain and cryptocurrency space. He is a sought-after advisor to governments and businesses on blockchain adoption and regulation, and his insights are invaluable for anyone interested in the future of Web3.

 

Source: https://news.shib.io/2024/07/10/web3-promise-and-perils-an-exclusive-interview-with-anndy-lian/

 

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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