<img src="https://academy-public.coinmarketcap.com/optimized-uploads/64c7993a82b44b2d87ea72df10e85e5c.jpeg" /><a href="https://reports.tiger-research.com/p/the-future-of-web3-amidst-2024-market-kor" rel="noopener noreferrer nofollow">&#x1f1f0;&#x1f1f7; 한국어로 읽기 →</a><h2 id="header-0">TL;DR</h2><ul><li>Current State of the Blockchain Market: As 2024 ends, the blockchain market remains uncertain. Many projects are struggling to deliver real results. Despite the approval of Bitcoin ETFs boosting institutional investments, dissatisfaction lingers due to stagnant market prices.</li><li>Strategies for Web3 Success: Success in Web3 hinges on public education, stronger collaboration with governments, and technological innovation. Developing sustainable business models and real-world use cases is critical to demonstrating Web3&#39;s value.</li><li>The Importance of the Asian Market: Web3 interest and investment are surging in Asia, driven by the region’s rapid economic growth and favorable attitudes toward capitalism. This makes Asia a prime market for Web3, with many projects seeking to establish a presence there.</li></ul>Dive deep into Asia&#39;s Web3 market with Tiger Research. Be among the 3,000&#43; pioneers who receive exclusive market insights. [<a href="https://reports.tiger-research.com/p/the-future-of-web3-amidst-2024-market-eng" rel="noopener noreferrer nofollow">link</a>]This report is derived from an exclusive interview with Yat Siu, co-founder and executive chairman of <a href="https://www.animocabrands.com/" rel="noopener noreferrer nofollow">Animoca Brands</a>, conducted at <a href="https://coinfest.asia/" rel="noopener noreferrer nofollow">CoinFest Asia 2024</a>. The discussion offered insights into Yat&#39;s perspectives on the global Web3 market, his reflections on Animoca Brands&#39; performance in 2024, and broader industry trends. In addition to the interview, this report incorporates independent analysis and findings from TigerResearch to provide deeper context and a comprehensive understanding.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/29b6c44afa0c4659b63ff4ddda1a94e9.jpeg" />Source: Coinfest Asia 2024<h2 id="header-1">1. Where Are We at the End of 2024?</h2>With 2024 in its final quarter, the blockchain market remains chaotic. Projects adhering to old narratives are struggling to deliver meaningful results. Despite the approval of Bitcoin ETFs boosting institutional investments, many investors are disappointed by stagnant market prices and are cautiously eyeing the post-Bitcoin halving period in mid-October 2024.Amid this uncertainty, CoinFest Asia 2024—Indonesia&#39;s largest blockchain event—provided a platform to gain insights from global leaders. Notably, Yat Siu, co-founder and chairman of Animoca Brands, offered a refreshing perspective on the current market. Going beyond the current market turbulence, this report aims to provide a deeper understanding of the market and prepare us for the future.<h2 id="header-2">2. Where Are We So Far in 2024?</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/619655a60d934bcd805ccc6c83a79713.jpeg" />Source: Animoca BrandsThe blockchain market in 2024 presents a mixed picture. Despite some short-term recovery, many projects continue to struggle. Yat Siu’s emphasis on strong fundamentals stands out in this context.Reflecting on 2024, Yat Siu highlighted that while 2023 was an extremely challenging year, 2024 marked significant improvement. Animoca Brands overcame the challenges of the crypto winter and achieved key financial and strategic milestones. He attributes this success to the robust internal and external teams that helped the company navigate the turbulent times.Notably, various projects supported by Animoca Brands, such as Axie Infinity and Pixels, have continued to thrive, showcasing the importance of sound fundamentals. The successful launch of Mocaverse during this difficult period further proves that, with the right framework, it is possible to achieve successful performance even in challenging circumstances.However, the broader market still faces challenges. This serves as a reminder of the critical importance of sustainable business models, real-world use cases, and a strong community base. Leaders at CoinFest Asia echoed this sentiment, emphasizing the need to reassess their strategies and prepare for the potential failure of projects that lack strong fundamentals.<h2 id="header-3">3. What Should We Prepare for in the Remainder of 2024?</h2>As we move through the remainder of 2024, the blockchain industry must concentrate on building a solid foundation for broader adoption. Insights from Yat Siu and other leaders at CoinFest Asia point to clear priorities.Yat Siu emphasized that long-term investment in education is key to bringing the masses on board. The OpenCampus project is an example of this effort, showing that widespread adoption takes time but is essential.He stressed the importance of strengthening collaboration with governments and organizations. By engaging with pro-Web3 territories such as Hong Kong and Saudi Arabia, we can unlock new opportunities for broader adoption of Web3 technology.He also talked about the importance of pursuing technological innovation and various strategic initiatives within the Web3 ecosystem, though specific details were not disclosed. Meanwhile, leaders at CoinFest Asia, particularly application developers, were focused on building on chains with robust foundations, emphasizing the importance of long-term value creation over short-term gains.This multifaceted approach—encompassing education, technological advancement, government collaboration, and platform stability—will be crucial in democratizing Web3 and expanding its adoption. Projects that align with these priorities are likely to lead the market as 2024 progresses. The development of user-friendly services and the enhancement of public understanding will be pivotal, especially as only those platforms that successfully reach the masses will thrive.<h2 id="header-4">4. Why the Interest in Asia?</h2>The surge in interest and investment in Web3 in Asia goes beyond the demographics of a younger population and large user base. According to Yat Siu, Asia&#39;s unique economic and cultural background is the key driver of this trend.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/73473d6a049b445ab45a9ee8083176e2.jpeg" />Source: Tiger ResearchAsia&#39;s rapid economic growth over the past few decades, exemplified by countries like South Korea and China, has ingrained the importance of capitalism and wealth accumulation. This background makes Asians more receptive to digital asset ownership and decentralized economic systems, which are core principles of Web3. The region’s strong desire for economic success aligns well with the opportunities offered by Web3’s new forms of digital asset ownership.In contrast, Yat Siu observed that the West, particularly the US and European countries, exhibits greater skepticism toward capitalism, partly due to concerns about wealth inequality and stagnant middle-class incomes. Cultural differences also play a role. Asian parents often emphasize frugality, saving, and investing, while Western cultures lean more toward consumption, reflected in higher credit card debt rates.Yat Siu suggests that these cultural and economic factors increase the likelihood of Web3&#39;s success in Asia. Web3’s inherently capitalist framework, where token purchases are viewed as investments, resonates with Asia&#39;s economic culture. Consequently, the Web3 consumer narrative is expected to be stronger in Asia than in the West.In summary, Asia’s experience with economic growth, positive perceptions of capitalism, and cultural attitudes toward investment and wealth accumulation align well with Web3 technology, driving its growth in the region. These factors are key to understanding the growing interest in Asia and will be important indicators of Web3’s future development.<h2 id="header-5">5. Why Should We Participate in the Web3 Market?</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/45e555a3f57c4886bf632811e4dc595b.jpeg" />Source: Tiger ResearchWhen asked why we should participate in the Web3 market, Yat Siu highlighted three key reasons, echoed by many attendees at CoinFest.First, Web3 offers new economic opportunities for younger generations. Traditional assets like houses and stocks are often out of reach for many young people, but Web3 introduces digital assets such as tokens and NFTs, which have lower barriers to entry. This allows young people, who have been marginalized by the current economic system, to participate and thrive.Second, Web3 redefines value creation and distribution. Through network effects and token economies, users can earn tokens for creating and sharing content on platforms, ensuring that everyone who contributes to the ecosystem can benefit directly. This contrasts with traditional models where profits are concentrated among a few shareholders or executives.Third, Web3 serves as a hedging strategy for companies preparing for the future. As digital technologies evolve, the path forward remains uncertain. By investing in Web3, companies are positioning themselves to capitalize on new business opportunities and remain competitive in an ever-changing digital landscape.In conclusion, Web3 has the potential to be more than just a technological innovation—it can be a catalyst for socioeconomic change. By offering new forms of asset ownership and value creation that address the limitations of the current economic system, Web3 provides an alternative to existing challenges. However, for Web3 to succeed, it must shed its speculative image and focus on long-term value creation. This will require public education, collaboration with governments, and the development of more real-world use cases, with particular attention to the cultural and economic dynamics of Asia to drive rapid adoption and growth.<h2 id="header-6">6. Tiger Research Comments</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/e9bfcbe1d86848d18ff3392f63027cfd.jpeg" />Source: Tiger ResearchAt CoinFest 2024, we gained valuable insights from numerous speakers. Still, Yat Siu&#39;s exclusive interview stands out.The current market, now dominated by institutional investors, appears somewhat disorganized and lacks the strong, new narrative drivers that previously energized the industry, such as the explosive growth of DeFi and NFTs during the last bull market.However, it is encouraging to see many projects focusing on strengthening their fundamentals during this time. As Yat Siu emphasized, there is a growing recognition that a project&#39;s intrinsic value is crucial, regardless of market conditions. Investors are maturing, and only projects that deliver genuine value are likely to endure in the long term.Notably, there is a strong interest among many projects in entering the Asian market. Emerging markets like Indonesia, Vietnam, and Thailand, as well as established markets like South Korea and Japan, are attracting significant attention. The cultural and economic characteristics of Asia, as highlighted by Yat Siu, help explain this growing interest. Tiger Research has recognized the potential of the Asian market for some time, and the insights from CoinFest have reinforced this view. We anticipate this trend will only intensify, and we look forward to witnessing its progression at the next CoinFest event.Dive deep into Asia&#39;s Web3 market with Tiger Research. Be among the 3,000&#43; pioneers who receive exclusive market insights. [<a href="https://reports.tiger-research.com/p/the-future-of-web3-amidst-2024-market-eng" rel="noopener noreferrer nofollow">link</a>]<h2 id="header-7">&#x1f42f; More from Tiger Research</h2>Read more reports related to this research.<ul><li><a href="https://reports.tiger-research.com/p/hashed-asian-web3-market-eng?utm_source&#61;publication-search" rel="noopener noreferrer nofollow">Hashed: Pioneer in Asian Web3 Market</a></li></ul><h2 id="header-8">Disclaimer</h2>This report has been prepared based on materials believed to be reliable. However, we do not expressly or impliedly warrant the accuracy, completeness, and suitability of the information. We disclaim any liability for any losses arising from the use of this report or its contents. The conclusions and recommendations in this report are based on information available at the time of preparation and are subject to change without notice. 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The Future of Web3 Amidst 2024 Market Turbulence: Insights from Animoca Brands Executive Chairman Yat Siu

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