Reflections on Web3 Carnival: Passion, Reality, and Future

The deserted atmosphere of the Hong Kong Web3 Carnival has sparked many reflections within the industry. Compared to the bustling crowds of previous years, this year's event seems rather empty. Although there are more people in suits, the entire industry appears to be undergoing a reconstruction of its underlying logic.

This sense of emptiness may stem from issues with the venue layout, or it could be due to insufficient preparation, difficulty in inviting guests, and a lack of projects, among other factors. A deeper reason may lie in the ongoing gap between the East and the West. Three years have passed, and the presence of Western faces in the Web3 field has noticeably diminished. Even with the founder of Ethereum present, the significant cultural and aspirational differences are hard to conceal.

Some people merely regard Web3 technology as a casino, influencing the direction of the industry through periodic hype, which undoubtedly harms the achievements of true builders. The attitude of Western public chains towards the East seems to lean more towards viewing them as users rather than partners. This situation inevitably raises the question: Is it that others are unwilling to cooperate, or do we have issues ourselves? Or is it that what both sides are pursuing is fundamentally not the same thing?

Real-world assets ( RWA ) have become the mainstream narrative this year, but they are essentially not much different from NFTs, inscriptions, and memes of the past few years. From a macro perspective, the underlying reliance of each cycle will ultimately be seen as correct and just. However, this grand narrative often overlooks the rights and interests of many individuals.

Grasping the mainstream narrative can indeed lead to explosive growth, as some trading platforms have achieved significant growth through multi-chain strategies and annual narratives. However, in this industry, growth is never the hard part; the real challenge lies in user retention. Currently, the application scope of blockchain technology is still limited, and most of it does not belong to everyday necessities.

The situation of the Ethereum founder is also quite awkward. No matter how he chooses, it seems difficult to avoid personal or collective tragedy. Although he is young and talented, and works hard, the age of 30 also brings corresponding weaknesses, such as being easily surrounded by petty individuals and falling into verbal traps.

The Web3 gaming sector, although reluctant, might have already become a trap. The gaming segment, which was once highly anticipated, has now seen players and investors alike waking up to reality. Those who are still investing are more focused on ecological positioning, defensive strategies, or cost considerations. The crypto space may be better suited for focusing on finance, rather than game development.

As for whether a bear market is coming, those who have experienced multiple cycles know that a bear market is precisely the opportunity for builders. Concepts like DeFi, NFTs, and the metaverse were once highly anticipated, but in the end, only stablecoins and their related trading have been widely used.

In the new cycle, one should not overly rely on policies. The changes in Hong Kong are indeed significant, but the underlying logic remains "we accept it, as long as it doesn't get messed up". The current market has been taken over by institutions, and small entrepreneurs need to adapt to this game rule, otherwise they may be eliminated.

Looking to the future, opportunities may lie in tools and application layer projects that have clear business models and user bases. Cryptography has reached a bottleneck, and the objects that users interact with are also breaking through limitations. Many behaviors in the real world cannot be proven by cryptography, and not all problems can be solved through decentralization. The future may require a compromise between centralization and decentralization.

For individuals, it is important to protect their attention, enhance their ability to discern information, and maintain a positive mindset during cyclical fluctuations. Web3 may not become the next generation of infrastructure, but as Crypto Finance 3.0, it still has its value. Providing the best tools and facilities for those in pursuit of freedom is a goal worth striving for.

Now, people no longer believe in the various inflated bubbles, and this is also reflected at the venue. The low-hanging fruit has already been picked, and everyone is turning to pursue product-market fit, creating products that truly meet user needs, have cash flow, and possess a business model.

Market dream rate to market share, I really like this transformation because it's something I've always wanted to do.