LBank’s “New Narratives for 2023” Twitter space on future of crypto and blockchain
On February 22nd, global crypto exchange LBank launched the first edition of its online AMA event “Exploring New Narratives for 2023” through its official Twitter account. More than 40,000 people tuned into the space to listen to the insights of ambitious industry players. This article will go over some of the highlights.
1. Sonny Kong, CFO, Superpower Squad
LBank: In the next coming year, what are your thoughts about NFTs? Also, what is your opinion on the competition between Opensea and Blur?
Sonny: I’m very positive about NFTs. They have provided a lot of innovative use cases for artists to digitize and monetize their content, which was hard to do before. Even some dancers created NFTs. Being a dancer myself, it’s very refreshing to see that. The more use cases NFTs have, the more the crypto space will grow as a whole. At Superpower Squad, many creators are building assets like NFTs with user-generated content tools. In the Web3 world, all assets become more liquidated, making it easier for gamers to monetize their game assets.
About the ongoing market competition between Blur and Opensea, I think it’s good to have some competition going on, and I’m excited to see how they will continue to evolve in the coming years. The rivalry between different platforms can only help to drive innovation and improve the user experience.
2. Gabriele Pauliukaite, Co-Founder, RosyWhale
LBank: What is your current outlook for the crypto industry in 2023?
Gabriele: This market will become ever more regulated, so all crypto projects need to adapt to this new reality. Decentralization is the future. I also believe there is some sort of bubble surrounding the AI hype in the crypto space.
3. Alex Lin, Investor/Head of Research, Shima Capital
LBank: What are your thoughts on the use of AI in blockchain tech? In terms of long-term value, can it become one of the projects in 2023 with the most potential? Also, what are some of the challenges that the market is facing right now?
Alex: It’s currently not technically feasible to train a large AI model on the blockchain, but we can provide proof of the AI’s influence by demonstrating that a specific entity has run certain models on a specific set of data. Transparency is also important when it comes to putting an AI model on the blockchain, but this is still a relatively new field and there’s much to be explored.
In terms of the SEC’s push for information accessibility, there are practical issues with execution. For example, some founders and teams may not want to make themselves publicly available to retail investors. This highlights a market failure problem because the types of information presented to venture capitalists are different from what’s provided to retail investors. Overall, it’s an interesting area to watch and see how it evolves.
4. Kenny Li, Co-Founder, Manta Network
LBank: What are your expectations for the crypto industry in 2023? What kind of market situation are we going to face next?
Kenny: We are working on bringing privacy to Web3 with zero-knowledge proofs. On-chain privacy is a fundamental issue, a critical component in Web3, which hasn’t been solved yet. Imagine you go to Starbucks to buy a coffee using crypto. The whole network will know about it.
Nowadays, when people in Web3 use DeFi protocols or mint NFTs, most people are using multiple wallet addresses. For example, when I bought a ticket for ETHDenver, I almost forgot which wallet address I used for it. So, until the day the privacy issue gets solved, the privacy concern will always be there, and it will be hard for any Web3 app to have hundreds of millions of users. That’s why I see on-chain privacy remaining a relevant subject within Web3.
5. Matthew Karsten, Founder, Purple Squirrel Media
LBank: What are you currently working on, and why will your project be relevant in 2023?
Matthew: We are building a video-sharing platform in Web3. I used to be a music artist, doing a lot of gigs and other exciting stuff. It has become my passion to help artists make a living, and not become a blockchain engineer like me (laughs). We want to change how Amazon and other big platforms claim a sizable amount of artists’ income and let participants get a bigger slice of the pie. Always important to keep in mind is that although the concept of blockchain technology is great, we also need to pay attention to the user experience of our software.
6. Zhan Chen, Founder, Timely
LBank: What are your thoughts and predictions on NFTs in the coming years?
Zhan: For the next few years, I believe we need to continuously build on the utility of NFTs. I’m convinced that NFTs aren’t a swindle, but rather a technology that can be applied to many aspects in our daily life.
7. Jay Wang, CB Recruitment
LBank: What will be some of the biggest challenges for the Web3 and blockchain industry in 2023?
Jay: Web3 really needs talent that can solve internal organizational issues, as personnel right now often do not truly understand the complex technology of blockchain. Talent needs to at least understand the core foundations of Web3. If the people you’re hiring don’t understand what proof of work is or even just NFT’s at a basic level, then building a business is going to be incredibly more difficult.
I also hope that on-chain data will provide more transparency in the crypto space. Unfortunately, there are still many challenges with accessing and analyzing on-chain data, as well as limitations to what it can tell us about a project or investment opportunity.
Additionally, while regulation can help mitigate some of the risks associated with investing in the crypto space, it’s important to acknowledge that it’s still a relatively new and rapidly evolving industry. Investors need to do their own research, and due diligence and seek out trusted sources of information and analysis to help inform their investment decisions.
8. Petros Naziroglu, Head of Institutional Solutions at Skynet Trading
LBank: What are your expectations for the crypto industry in 2023?
Petros: In 2023 we will likely continue to see a correlation between the crypto markets and the equity markets. We did see a very strong correlation like this after COVID happened. Crypto used to correlate with equity markets at a 30% rate. Recently, we saw the correlation jump up to 60%.
Valuations in the crypto space are highly dynamic and can change rapidly based on market sentiment and the adoption of new technologies. It’s important to note that traditional valuation metrics, such as price-to-earnings ratios, may not apply to crypto assets in the same way as they do to traditional stocks. In the crypto space, we often see valuations based on the potential for network effects and the adoption of a particular technology or platform. However, it’s also important to consider the risks associated with investing in a new and rapidly evolving industry. As with any investment, it’s important to do your own research and understand the potential risks and rewards before making a decision.
9. Morty, Co-Founder, GemPad Decentralized Launchpad
LBank: What urgent changes does the crypto industry need this year?
Morty: I believe that cleaning up the space and removing bad actors and influencers is crucial for the growth and success of the crypto industry. Additionally, I think that 2023 will be an interesting year for centralized exchanges and that the fallout from the FTX incident may lead to better-run companies rising up and more demand for transparency from centralized exchanges.
We are preparing the next “Exploring New Narratives for 2023”, if you are interested in participating, please feel free to get in touch.
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