People are leaving Web2 companies to join Web3 - Robby Yung

[Music] thank you I think if anything I feel quite optimistic I mean we've been through many of these Market Cycles before obviously we've been in the industry for for a long time by my blockchain standards so going on six years now and I think so we see these Market Cycles come and go and I think for those of us who are real Believers in the long-term potentially the technology I don't think that the market circumstance really I mean it's an external Factor obviously because there's consumer demands Ebbs and flows with Market circumstance but I think I'm personally very optimistic because when I see the level of excitement and enthusiasm and people building really cool and interesting products I think that's where you can get a sense of the potential of what's going on because if I look at you know one of the biggest things that's happened over the last two years we had a very hot full Market there was tons of investment in the sector but I think the thing that really struck me most of all was how many really smart people I saw leaving their jobs in other Industries you know particularly where I come from in gaming leaving sort of web 2 game companies to try something in web 3 because they really believe in the technology and believe in its effect to sort of transform the way the games are made so I think that's that's really exciting foreign so I think that there's one key aspect to this sort of vision of building the metaverse which is openness because the idea of building a metaverse is that it's open and interoperable and I think that's what web3 brings to the conversation of of trying to build a metaverse and I think that's one area where despite perhaps their good intentions um I think meta or Facebook has had challenges because their focus has been more driven by trying to really find a use case for an amazing Hardware technology that they have in the Oculus VR systems and so I think that that's you know focused their attention much too narrowly because ultimately the metaverse is be about being a really open and inclusive Broad and kind of diverse space and so in my opinion the metaverse will be you know a series of content venues that will be accessible through lots of different platforms so there's no reason why the metaverse cannot be on your phone or on your desktop or on VR these are all just ways to access the metaverse they're not the platform in and of itself [Music] 100 and I and I think the reason that that happens is not simply by like some of the models that we've seen already over the past several years like play to earn gaming for example I think the reason is because if we create this open inclusive metaverse that is underpinned by technology like blockchain that allows us to have secure transactions from peer-to-peer it means that functionally we have a digital space where we can do most of the things that we have in a physical space so we can have entertainment we can have education we can have employment and because we have the opportunity to have all of those and a financial infrastructure to make that exchange of value then absolutely because there's no reason you shouldn't have your job in the metaverse I mean to be honest most of us spend a lot of time working remotely now anyway after the pandemic particularly so these are all metaverse jobs like why shouldn't Zoom be part of the metaverse you know [Music] so I think the first thing to think about is that this is not a zero-sum game right so it's I think the way to think about the metaverse and the universe of um you know land-based experiences like the sandbox which we have of course is to think about them like the physical world so the physical world we have countries we have cities we have towns we have Villages and what makes any place more interesting or more valuable or more exciting than any other place it tends to be in blockchain terms utility meaning why does the city of Barcelona have more utility than some place out in the suburbs it's because there are more shops there's more economic activity there are more people there's more entertainment maybe there's culture so when you get this concentration of those different kinds of diverse factors then people want to spend time there and they want to spend money there and I think it's that's why AI we're ultimately thinking about the model similar to building cities and so I think the the the there will be many diverse places obviously we hope that people come to the sandbox and that it's a very successful environment but I think it's only going to be one of many because it's about to the end of the day attracting a community that has a particular culture and so there are people who like living in Barcelona and there are people who like living in Tokyo because they have different cultures they have different languages different communities and it doesn't mean that one is the winner or one is the benefit or one is better than the other one they just cater to different communities so I think we will see lots of these environments growing up online in digital spaces where they will cater to different kinds of communities but the nice thing is because we can enable that peer-to-peer transactional capability it means that these economies can be sustainable even if they're not so big so why can't you have a metaverse that only has 10 10 000 people in it because you have a village or a town with 10 000 people that's fine so why can't you do the same thing in digital space [Music]