The Tribes


Main Hall - August 15, 2022

Samsung Next exec argues Web3 projects must face the challenge of utility

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Raymond Liao believes 2022 is a good time for product builders and investors to focus on the Web3 space.

While Web3 has shown a lot of potential from its inception to today, some still believe that there is a challenge that players in the space must face, which is utility, according to a Samsung Next executive.

In an interview, Raymond Liao, the managing director at Samsung Next, talked about the company’s move to dive into Web3 by investing in MachineFi, a term coined by the IoTeX project to describe a futuristic paradigm in which machines become the primary workforce powered by Web3 technologies.

According to Liao, Samsung Next focuses on investing in blockchain, artificial intelligence, and Metaverse, on naming a few, and this is why MachineFi has become an area of interest. He explained that:

“So, you can see that what IoTeX is going after fits into several of our focus areas. […] And I hope we can contribute to the further success of the MachineFi vision. It is very exciting.”
Apart from MachineFi, the Samsung executive also talked about Web3 and how the crypto winter is an opportunity for investors. Liao said that this year is better than the last and is good for investors and product builders. In the past, the executive believed that market returns were “too inflated.”