Main topic: The state of the crypto world and the promising growth of web3 development.
Key points:
1. The crypto world is currently facing challenges, including fewer checks being written and regulatory pressure in the U.S., as well as global economic uncertainty.
2. Despite this, web3 developer activity has continued to grow in the second quarter, with significant installations of Ethereum and crypto wallet software developer kits.
3. Ethereum's price has increased by 53.7% since the beginning of the year, potentially sparking greater interest in the market.
4. The web3 ecosystem is rapidly growing, with more developers contributing to projects and launching web3 apps/games.
5. Other layer-2 blockchains, such as Arbitrum, Optimism, and Polygon, have also seen significant gains.
6. However, NFT trading volume and users have declined, while decentralized finance trading volume has fallen, although the number of users has increased.
7. The increase in DeFi users indicates the stickiness of projects and products in that subsector.
8. Despite current challenges, past cycles suggest a positive outlook for the crypto industry.
Global investment giant BlackRock has positioned itself to benefit from the growing importance of digital assets, including Bitcoin, through its substantial stake in MicroStrategy, indicating a new phase of institutional adoption in the cryptocurrency market.
Hong Kong Financial Secretary Paul Chan Mo-po has described blockchain technology as a "breakthrough" and expressed his support for its potential in digital entertainment and other sectors.
Web3 technologies, such as DeFi and NFTs, are paving the way for the tokenization of real-world assets, which could unlock a new Golden Age in blockchain and traditional finance.
Blockchain technology, like the early internet, is expected to mature and become more widely adopted, according to Visa's Head of Blockchain, Cuy Sheffield.
The crypto industry should focus on using smart contracts to solve real-world business problems rather than being fixated on token prices, according to Google Cloud's Head of Web3, James Tromans, who emphasized the importance of business logic and user experience in blockchain technology. He believes that when user experience improves and blockchain technology is seamlessly integrated into various industries, it will no longer be called Web3, but simply referred to as the web again.
Web3 gaming is still facing challenges in gaining mainstream adoption, including designing web3 games and overcoming user experience problems, but industry professionals are optimistic and focusing on building engaging games with complementary blockchain elements. The play-to-earn model is fading away, and web3 gaming is shifting towards gameplay enhanced by web3 ownership and economic alignment between gamers and developers. The industry is expected to see more traction in Asia, particularly in Korea and Japan, before being adopted by western markets.
