We’re still buzzed from all the insightful professional discussions and inspirational talks from the decorated speakers of Blockchain Fest 2022. Hosted over two days in the iconic Marina Bay Sands, the highly anticipated event saw thousands of attendees participate to learn more about the fast-paced industry, network with like-minded enthusiasts, and join in on the discourse on the future of web3 and cryptocurrency.
Esteemed industry veterans CakeDeFi, Revolve Games, Fellaz, and more made the rounds on stage to espouse the possibilities (and risks, of course) of the exciting future. Our Bybit representatives also took to the stage to speak on various topics and share updates on our products — more on that in our first article here.
Among the highly regarded opinions and discussions shared on the stage were some gripping nuggets of wisdom and foresight into the industry. Worried you missed out? No worries! Here are four key takeaways from Blockchain Fest 2022:
1. Algorithmic Stablecoins: Are They the Future?
The crash of UST in May 2022 sent shockwaves across the crypto and TradFi industries, sparking debate over the use-case benefits of algorithmic stablecoins.
The truth is that algorithmic stablecoins can be very useful because they don’t require a third party to remain stable. However, while they give a lot of value in theory, their dependence on market supply and demand — without being backed by real-word collateral assets — has proven to be a targetable weakness, as was the case with UST. At the end of the day, algorithmic stablecoins have a place in the future, but for now, they should be treated exactly as what they are — risky assets.
2. NFTs & GameFi Help Drive Mass Adoption of Web3
Snoop Dogg. Elon Musk’s on-and-off partner Grimes, Justin Bieber. With some of these high-profile celebrities (and many more) getting into the NFT space, they’ve certainly raised public awareness of NFTs. Combined with the surge of play-to-earn games, NFTs and GameFi are certainly proving to be models that work to drive global mass adoption.
With GameFi still a growing industry, it’s too soon to call it a win at the moment. Instead, it’s important for industry leaders to figure out how the economy works to avoid hyperinflation or Ponzi schemes. As more Triple-A gaming studios start making moves into web3, that could be one of the telltale signs that further mass adoption might be around the corner.
3. The Future of DeFi Is Only Just Beginning
Decentralized finance is the leading buzzword that gets the most eager crypto heads in a stir. The idea of disrupting conventional financial intermediaries isn’t a new one, but with the growing adoption of cryptocurrency and blockchain technology, with its seductive lure of more transparency and control over your assets, it’s becoming an increasingly viable future.
Having grown from a $1B industry in 2019 to over $100B today, even legacy financial institutions are starting to get in front of it. After all, blockchain technology has the potential to leapfrog conventional processes in terms of efficiency, verification and accuracy — the same important fundamentals required in any financial transaction.
4. The Metaverse Is Inevitable, and Web3 Is Happening
It’s funny how people refer to web3 as if it represents more of a myth than a reality. The truth is that even as we continue to debate on the future of web3 and its societal, economic and even political implications, we’re nevertheless marching toward it.
Thanks to the rapid acceleration of connectivity, we now have digital versions of ourselves, our thoughts, our friends, and even our homes! It’s all about connection — digital, human and data connection. We’re already beginning to see how they intersect with each other, with marriages being held in the metaverse, fashion giants blurring the lines between the physical and digital worlds, and more. There’s no knowing what the future holds for web3 — which is exactly why it’s so exciting.
It’s certain that the future of web3, as well as our relationship with cryptocurrencies, NFTs and the blockchain, are waiting to be uncovered. As crypto enthusiasts, we’re already at the forefront, leading the change. And no matter how much we ponder, debate or speculate on what that will look like, there’s no doubt that it’s on its way. So have an open mind, contribute to the communities — and we’ll see you there!