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Metaverse Put up CEO Danil Myakin just lately caught up with Jeff Ren, a accomplice at OKX Ventures, in the course of the Hong Kong Web3 Pageant. Ren’s skilled background is various, having skilled as a lawyer and labored in funding banking and asset administration. At present, he runs OKX Ventures, the funding arm of OKX, and is accountable for driving the corporate’s web3-related strategic initiatives.
OKX is present process a consolidation course of, with all its alternate manufacturers being introduced collectively underneath one umbrella: OKX. Ren explains that OKX represents the alternate market for every thing, with plans to construct a digital market for digital items, property, and artwork. On this interview, Myakin and Ren talk about quite a lot of subjects associated to the web3 house, together with crypto market rules, Ren’s perspective on the metaverse, and his hopes for a way AI will help humanity enhance.
Danil Myakin: Are you able to inform me a bit extra about your self and about OKX Group?
Jeff Ren: OKX group is extensively often called one of many crypto exchanges with the longest historical past and most trusted crypto alternate. We now have very just lately launched a extremely acclaimed MPC pockets. After customers hook up with our pockets, they might have the ability to use completely different cross-chain bridges. We now have this very simple-to-use, one-click cross-chain, a gateway to completely different dApps and NFTs. And for the OKG Group, we now have OKlink.com, the on-chain knowledge product. It’s very simple to make use of.
Now, we attempt to consolidate every thing underneath OKX, X being, you realize, X.com, the primary startup that Musk began, that means the alternate market for every thing.
There’s one factor we will’t ignore on this dialog, and that’s the market developments. The monetary markets general are experiencing a reasonably excessive diploma of turbulence, even within the banking sector. However on the identical time, Bitcoin and Ethereum costs are shifting in an upward course, they usually’re displaying fairly sturdy motion. What do you count on from the market? How do you count on it to unfold?
In fact, worth is a key indicator. It is a 24/7 international market. It’s very onerous to seek out different widespread indicators apart from the pricing itself. However the secret is in crypto; we also needs to be conscious of whether or not we see new entrants, new builders, new improvements, and market members with energetic wallets. We must always have a look at completely different statistics to kind a view. In any other case, it’s fairly easy but too harmful, simply judging from the worth motion alone.
The monetary wraps of digital property are inevitable. We now have GBTC; we now have different ETFs constructed on high of that. The advantage of monetary merchandise and the impact of economic markets is at all times to supply probably the most sincere reflection of how the underlying property have been performing and attempt to extract the actual worth of it and acquire the hypothesis, however sadly, I believe due to the present stage, there’s an absence of belief amongst regulators and issuers of the monetary merchandise.
Once we talk about subjects like this, I wish to ensure that the “buyers” or different merchants have both crypto property in tokens, cash, and different monetary merchandise constructed on high of that, make a distinction between the dangers and rewards in between. We additionally welcome regulation, however we wish the regulators to grasp what we’re actually speaking about.
On the panel, I responded to 1 query saying sure regulators stated that they wish to regulate DeFi. However are you regulating the DeFi protocol itself, the builders, the customers, or the tokens that govern the operation or ship worth? I would like individuals to be extra particular in order that the actual builders and the actual buyers can react to that.
For so long as I’ve been working in crypto. I’ve at all times heard that institutionalists are coming. Yearly, the identical factor. However I’d say this yr, attributable to completely different monetary and world political processes, we discover an actual change in it, and extra persons are coming into crypto; even some institutionalists are extra desperate to take some dangers. So what do you concentrate on the adoption of crypto? And what do you suppose are crucial milestones proper now to verify we obtain it?
In each new cycle or with new, disruptive improvements, you at all times have visionaries, builders, speculators, and those that encourage individuals to take a position. I believe it’s crucial to have sufficient incentives, tokens being the incentives for the blockchains. I believe individuals threw out a number of the concepts for mass adoption. In order that’s most likely why you have got heard it for therefore a few years.
We at all times speak concerning the use case, however what’s lacking in these conversations is, whether or not we now have very usable instruments. There may be additionally one other factor about migrating from web2 to web3. We’ve seen an increasing number of platforms the place as an alternative of letting individuals select A versus B, they’re really doing issues which can be frictionless. Folks don’t see the distinction, however they’ll have the ability to select. I believe you need to let the blockchain win by individuals not having to make the selection. They need to see the end result. They need to really feel that that is one thing that addresses their ache factors.
A few issues, for instance, safety and custody. There’s this perspective that whoever stands out to manage wants to guard you when issues go incorrect. The regulation provides most of the people a false impression that since you regulate, so, due to this fact, it’s protected. When something goes incorrect, it’s not your drawback; it’s the unhealthy actors’ drawback. However typically you’re feeling it’s really your incompetence letting the hackers and these unhealthy actors really succeed. I at all times ask the query, who must shoulder duty for the fallout? FTX? Who will shoulder the duty of the unhealthy actors like SBF and his little workforce? Why does the blame return to the crypto business on the whole? I believe that’s very unfair.
I’ve associates asking me whether or not they can ship their teenage youngsters and even school college students coming for summer time positions or internships. They wish to perceive it. Prior to now, they’ll attempt to say, oh, mess around with it, however deal with this like a pc sport. Good to know, however don’t contact it. Now they even wish to perceive extra. That’s an extended technique to reply a query about mass adoption. However these days, the most popular golf equipment in schools are blockchain golf equipment. That’s mass adoption — how individuals see it and the way individuals react to it.
Being at OKX ventures, I suppose you have got entry to a whole lot of startups and a whole lot of tendencies. So what do you suppose are the most popular subjects, tendencies, and niches for web3 startups?
Web3 subjects have at all times been methods to make all these on-chain actions extra cost-efficient and provides extra customers safety, and that hasn’t modified. However what I like concerning the innovation and the builders right here is that folks react to the new chains in a short time. We had that discuss SDK at a Dragonfly convention again in Beijing in 2019. The early guys have been attempting very onerous to clarify it, however now all these builders are popping out and speaking about it. I believe that’s wholesome.
There are these “sizzling tasks,” they usually have so many members. Sadly, in life, you don’t get extra profitable for those who’re early, however you get extra profitable if you’re fortunate. So we’re selecting the winners, and we’re speaking to everybody as a good friend. We don’t want our portfolio to take sides by some means. We proceed to do what we do properly, which is, constructing web3 merchandise and applied sciences and making them extra accessible to the builders.
Within the previous days, all of the tasks needed to get listed, so the one factor they cared about was the liquidity, the warmth that they generated. The alternate needs the customers within the very early days. However now the narrative’s actually modified.
You should suppose in another way about the way you react to the exchanges and the way you mess around with the brand new tasks. We see OKX ventures because the connectors to those elements. As an alternate enterprise, it’s very clear. It’s very aggressive, proper? No clear winners. As an alternative of telling individuals you need to generate so many energetic customers and transactions to be certified, why not inform them that you’ve this instrument you may attempt to use and show to not us however to your group members that you’re worthy for them to proceed working with you. I believe that’s type of a extra optimistic method of constructing, and we’re nonetheless studying.
Yeah, undoubtedly, the alternate enterprise is hard. As you stated, the clear winner is hard to decide on, however the losers are very clear. Since we’re Metaverse Put up, so I can’t simply skip this query: What’s your understanding of the metaverse?
Within the early days, after we talked about metaverse, we really talked about completely different terminals, like the way you get into it. So we don’t discuss what it’s as a result of all people can describe that or describe the trail to that. So VR was one, and blockchain was the opposite. We talked about gaming and different issues.
The very first thing that we thought concerning the metaverse is the communication instruments: entry to new areas. And these days, huge firms have began crowding the house and attempting to set the tone. Meta and different gigantic gamers try to monopolize the time period and make it one thing that’s extra for his or her enterprise improvement functions, launch their new merchandise, and rebrand. However that didn’t actually work out. Then later, they phased out, they acknowledged the failure, they usually wish to do one thing else.
I’ll say if the metaverse turns into profitable, it turns into a terminology used interchangeably for the digital world. So something that’s digital, something that’s inventive, and something that has its personal autonomy versus the precise bodily world. The metaverse virtually turns into a parallel existence of human actions.
Except we actually recreate ourselves and begin constructing chips and react motionlessly with our gadget or see and suppose and talk along with your human physique into the metaverse, the following factor to fret about is how we revolutionize our gadget. We’re no chip builders, however we attempt to talk our views with these startups or tasks. Hopefully, within the coming months, you will notice bulletins from us investing on this house. I believe crypto could be an integral a part of metaverse.
Crypto and web3 are actually like the bottom layer for it as a result of you may’t have the actual metaverse with out the actual worth alternate in it. And until you have got blockchain, you’re not going to get there anyhow. AI is one other sizzling subject. We do write rather a lot about it as properly, and we use it rather a lot. So I’m actually inquisitive about the way you suppose AI can be influenced by web3 and your enterprise.
A few views. AI isn’t a brand new factor. I personally invested in a number of the AI firms; one in all them is listed in China, and it’s not been performing very properly. I believe that AI is simply one of many coolest issues that appeal to a whole lot of consideration and expertise and a whole lot of constructing actions. And I’m glad that they work. I believe ChatGPT actually got here out on the proper time, and possibly it’s a Microsoft factor, however I believe they offered it properly. It’s a really cool product, a really cool advertising initiative, and positively, it will get individuals’s consideration.
However I by no means preferred questions like, “How would this impression that?” I don’t suppose AI and the metaverse essentially need to work together with one another. What I do wish to see is AI coaching in sure product choices. We’re not conscious of anybody that has been utilizing blockchain on-chain knowledge to coach their protocols so we’re working with a number of the family names within the AI house. We’re feeding them the on-chain knowledge that we’ve amassed and arranged. You will notice bulletins of sure improvement merchandise most likely popping out first.
The opposite factor is that we help a whole lot of NFT tasks, and AIGC tasks are actually very talked-about. And we all know a couple of tasks within the type of DAOs which can be supporting different AIGC tasks, and a few of them have change into extensively acclaimed tasks. So we’re studying and monitoring how human organizations like DAOs would react to AI-generated content material.
I believe AI helps not simply to generate content material and wealth. It additionally helps to comprehend your feelings and human elements. Hopefully, AI will change into extra of an enabler for us as people to be higher selves and received’t exchange us.
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