The Shifting Dynamics of Crypto’s Playground
“Web3”, “token technology”, and other emerging concepts took center stage at the Korea Blockchain Week (KBW) conference in Seoul, overshadowing traditional crypto stalwarts like “blockchain.” Over the span of two days, the enthusiasm of roughly 10,000 attendees riveted by Web3 dialogues was palpable, pushing the gloomy bearish sentiment around the industry into the background.
However, this spectacle came with a twist. In a bid, perhaps, to emphasize exuberance, the event space was more condensed than in previous editions, yielding a brimming atmosphere more due to the confined space than a surge in interest. Even so, a peek at the hotel restaurant’s pricing – a staggering 30,000 won (around $22) plus taxes for a mere slice of cold shrimp – could give even the most ardent crypto enthusiast reason for reflection.
But as the panels debated and booth exhibitors showcased their products, a consistent interpretation of “Web3” remained elusive. Descriptions ranged from heralding it as the next-gen internet to associating it with NFTs that resonate with broader cultural trends. Whichever the definition, the T-shirts claiming “Web3 is the future” were omnipresent.
Offstage, the underlying currents of the industry were hard at work: venture capitalists scoured for the next promising project, startups pitched to potential customers, and everyone, from old to new players, yearned for a positive price catalyst to rejuvenate the market.
Veronica Fong of SafePal commented on the state of affairs, noting that bearish phases tend to be reality-check moments, especially for initiatives lacking viable business models. This period of recalibration, where startups are focusing more on B2B collaborations, could strengthen the industry’s foundations, she added, especially when the market starts to rebound.
Meanwhile, when CoinDesk engaged Seoul’s locals about the crypto sphere, responses varied. Some were familiar but non-committal to Bitcoin; others were aware of specific tokens; and a few even dismissed the entire industry humorously, dubbing it “baby money.”
Insights from the Pioneers
The roster of speakers at KBW was diverse, with each offering a unique perspective on the sector’s trajectory. They delved into themes like privacy, scalability via layer-2 blockchains, and the burgeoning blockchain gaming niche in Asian markets.
BitMEX founder Arthur Hayes emphasized the changing dynamics between bitcoin and traditional financial systems, particularly in light of significant Federal Reserve rate hikes. On the other hand, Ethereum’s Vitalik Buterin expressed concerns about Ethereum node centralization, emphasizing the urgent need for diversification.
Tron’s flamboyant Justin Sun, surrounded by an entourage, highlighted the growing traction of Tron in South Korea. He endorsed Asia, particularly Hong Kong, as the current hotspot for crypto aficionados.
In multiple sessions, leaders from Hashed underscored the need for refining decentralized exchanges (DEXs). Ideas floated included optimizing DEX order book codes for expedited trades, free from front-running issues.
Meanwhile, in the NFT realm, DeGods creator, @FrankDeGods, emphasized the need for NFT businesses to prioritize retaining current users over incessantly chasing new ones.
Wintermute’s Yoann Turpin pointed to Asia’s crypto-friendly regulations as a growth accelerator, suggesting U.S. businesses might soon look Eastwards for more conducive environments.
Back on the conference floor, an array of strategies were deployed to attract visitors: chocolates, symbolic caps, physical tokens, and even engaging K-Drama enthusiasts. But amidst all the blockchain buzz, it was a soft-serve kiosk situated beside an NFT artwork that saw the longest queue, reminding everyone of life’s simpler pleasures.
