The Twitter Spaces session “2022 review and 2023 outlook” by Binance Labs X Web3Port was held on Jan 17, 2023, with speakers from Dragonfly, Republic Crypto, Youbi Capital, SNZ Capital and Spark Digital Capital.

The opinion held by all speakers is that 2022 is a tough year for the crypto market, where many startups couldn’t get it through, but what is exciting is that more builders can be seen.

At the end of the live session, all believed that the Twitter Spaces sessions by Binance Labs X Web3Port are greatly significant and would like to join following sessions. May at Web3Port said that this is a long-running event and would be held continuously to let more users learn about industry trends.

Below are some key perspectives of these speakers.

Alex, Founder at Republic Crypto

We have to take some of our macroeconomic realities into into consideration, and the volatility of crypto currencies will continue to place them as some of the most risky assets.

Now we are looking for technologies that also have the level of practicality and innovation. Consensus and smart contract layer are one of my main focus.

The biggest issue we encountered with NFTs last cycle is the ambiguity of their nature and using in a sort of self referential way that the simple term that it is an NFT is the value proposition of it. The pace at which some of these IP giants move is still too slow. I think the NFT market will certainly continue to flourish as a collectible market. But in the collectibles market, I am not necessarily mega bullish on it being a venture investible asset class compared to other types of technologies.

Entrance is not the real issue, but tension and growth. So I believe the entrance will come from still multiple places. I think the only true use case of crypto so far is just custody and trading. And it will remain probably the dominant place where most people get involved in crypto with their first bit coin of theorem or whatever it might be.

Chen, CEO at Youbi Capital

Cloud rendering is critical for the distribution of high fidelity games, especially in the growth market.

We are putting more on consumer-facing applications and the infrastructure that enables the tax tag to provide a comfortable or similar user experience to the web two applications.

The markets are strongly looking for a new valuation model that might be more solid, more robust. So a new paradigm that we are looking forward to is onboarding consumers and generating revenue from the consumers instead of being driven by incentives.

Brands who want to engage in cryptos have to allow the community to get more engaged and produce content to further engage the rest of the community, but not limit the ability and engagement of the community.

The killer applications that are most frequently used by consumers will eventually bring into an entrance.

I don’t think these components really differentiate from each other in terms of being the entrance. It’s all about which one attracted most users.

Dmitry, Partner at Dragonfly

Layer two really starts to play out.

Changing structural shifts. We have to learn lessons from FTX, DCG, 3AC, etc. and change the model.

In terms of infrastructure, I’m trying to understand the existing bottlenecks to scale some of these approaches, and especially in the zk space, there’s an ongoing battle between people trying to understand the different ways to scale the proofs and the proof mechanisms. And some of this involves hardware acceleration.

Walker, Investment Director at SNZ Capital

We’re also seeing an increasing amount of developers learning how to build the key application about zk, I think, which will further potentially drive the boom of zk application in 2023.

Brands coming in NFTs will definitely help increase their awareness and help the ecosystem.

Whoever has the best user experience and traffic will become the main entrance. But the difference between the super app and super client is that all the data and social graphs are still owned by the users on chain. So for users can easily switch to other clients where they can find superior user experience. So for me, I think the entrance will be fiercer and more lasting in Web3 than Web2.

Recording playback: https://twitter.com/BinanceLabs/status/1615187438074466308

About Binance Labs Twitter Spaces

Binance labs X Web3Port will co-host a series of Binance Labs Twitter Spaces, covering discussions on market trends and sharing opinions on deal-flow. For each month, we will invite Web3 VCs, entrepreneurs, and ecosystem participants to share their unique insights. All VCs are welcomed to join the Binance Labs Twitter Spaces to share their perspectives and deals. You can apply via the link: https://forms.gle/jXeTDNWCdYB27mXd8

The First Session

The first session kicked off at 1:00PM, December 12th, 2022 (UTC), with panelists from DCG, Pantera Capital, HashKey Capital, Outlier Ventures, covering the topic: Crypto Builder and Trader.

https://twitter.com/BinanceLabs/status/1601117272004698112