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.