We get pointers from Coinhako’s Yusho Liu on everything from buzzword definitions to understanding how the community works in order to better navigate the digital assets market and its offerings

If we got a dollar for every time someone mentioned the terms “Web3”, “metaverse” and “NFT” this year, we’d almost be able to purchase Shavonne Wong’s “The Kiss” digital artwork at list price. Just almost.

Conversations around digital assets and artworks have grown tenfold—or more—over the last 12 to 24 months, and out of these conversations have emerged an inspiring plethora of creators and collections that boast major global appeal—including multiple ones made in Singapore.

Beyond the names and projects to note, however, there are finer details that need to be addressed before diving into this complex universe. From the use cases behind NFTs and what to look out for; to understanding how the community works in order to better navigate the market and its offerings—above the burgeoning din of all sorts (and qualities) of digital assets.  

We get some pointers from Yusho Liu, the CEO and co-founder of Coinhako.

There are a myriad of definitions when it comes to the metaverse. How would you describe it and the role it plays in the evolution of modern-day living?

Yusho Liu (YL): My definition of the metaverse is that it is a physical extension to the digital sphere, where you can engage, socialise, work and play. The general workforce will benefit the most from the metaverse maturing. Then in the future, when you put on your [smart] goggles for example, jobs that require frequent travelling and physical meetings can be taken from anywhere in the world, as the metaverse negates these physical boundaries. So with that, your cost of travelling, food and accommodation will be a concern of the past. Expenditures aside, I think the biggest shaving [of all] would be time. The best part of it, in the ideal metaverse, is that you still, and hopefully, maintain an element of authentic human touch.

How much potential do you see within our local Web3 space and community of digital creators?

YL: Web3 is the new buzzword of the town but it’s really still in its budding stage. With that said, I believe that the potential of the Web3 is vast and still progressing, and use cases of Web3 are achievable if we were to remain on the trajectory of market development and maturation.

The local community has been taking projects in this developing space in their stride. For example, Singapore has just seen our first NFT Festival in Asia with Metajam Asia 2022—a three-month-long event that features activities, showcases, and discussions that strive to educate the public on NFTs. In addition, a new platform, ARC Community, has also been developed for the purpose of bringing together aspiring like-minded individuals who are passionate about the innovation of the Web 3 space. With the support of local players in the digital assets space, I am confident that the community of digital creators can tap on the potential of the Web3 space in Singapore.

Don't miss: Yusho Liu Wants Coinhako to Become the Grab of Cryptocurrency in Asia

Singapore is home to a significant number of key players in the metaverse—from gaming to NFTs to crypto. What is it about our landscape that’s attracting and supporting this growing industry?

YL: Singapore’s regulators have always been preparing for develops in the crypto space, they’ve implemented guidelines and policies to steer the direction of the industry. Although some may feel that the regulations are strict, government initiatives such as Project Ubin by the Monetary Authority of Singapore indicate that they are supportive of the tech developments in the digital assets space and fintech industry. This show of support also helps build investors’ confidence in the country and creates a reputation of reliability in Singapore compared to places where regulations are less clear.

Would you say Singapore is equipped enough to capitalise on the metaverse?

YL: When we talk about the metaverse, this spans gaming, NFTs, crypto and more. I think we are a business hub and a progressive nation that has adapted well to all of the tech advancements throughout the years—we have high literacy rates, proper tech infrastructure and high speed internet, and of course, the government foresight, planning and policy formulation. So the short answer is yes, and I think we are the perfect spot to capture the high tech asset-like business in the next decade.

Read more: What Does The Future Of The Metaverse Look Like? The Co-Founders of Coinhako, ARC and Co-Museum Discuss

What are your thoughts on made-in-Singapore metaverse projects, and have any caught your eye?

YL: Developments in the metaverse are ongoing and mature projects are still very much absent. That said, local companies have started developing projects and product road maps for the metaverse and gaming. I’ve read about local GameFi metaverse projects such as Tatsumeeko and their game and metaverse concepts seem more comprehensive and detailed than most typical flash-in-the-pan projects. However, as these projects are still in the preliminary stages, it’s still difficult to predict their success of them.

How do you hope Coinhako can nurture Singapore or Asia's metaverse community?

YL: Being one of the first movers in the local cryptocurrency scene, we strive to be a part of the progression of the metaverse community in Singapore and Asia. We believe that public education is an untapped resource and that will be one of the critical keys in driving the success of the Web3 space. The space is ever-changing, therefore it is crucial for the public to be aware of the developments and possibilities that the space can provide. We have been providing educational content on our platforms and will continue to do so. And we remain committed to motivate and inspire people to learn more about this emerging space of the future.

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