Friday, August 11, 2023

Three Major Observations from WebX 2023 in Japan

Imagine stepping into a bustling conference hall filled with an electric energy that buzzes from booth to booth. That was the WebX conference in Japan - Asia's largest web3 conference.

Key players, startups, companies, investors, government officials, and media from Japan and abroad gathered in droves at the Tokyo International Forum for this 2-day global event.

We saw participants from Web3, Web2, and other industries come together for some really eye-opening discussions on the introduction of decentralized technologies such as blockchain into society.

We saw wild innovations that left everyone's jaws dropping, from the most abstract concepts to tangible technological marvels. No seriously, check out what this company is doing with smell and NFTs

For those of you that couldn’t attend, here is a quick recap of the conference and some key takeaways that caught our attention. 

A Surge in Institutional Interest

Given the sheer volume of negativity surrounding Web3, we were pleasantly surprised by the crowd’s level of enthusiasm, as well as the variety of people who showed up at our booth. 

Along with the expected cast of web3 enthusiasts, we met with representatives from big corporations like Toyota, Rakuten, SMBC etc., and even from embassies and local governmental bodies, who were extremely keen to learn more about the role that companies like CoinsDo play in the web3 ecosystem.

Notably, blockchain gaming companies showed great interest in our booth, which is rather unsurprising given Japan’s recent resurgence in the blockchain gaming industry, and how our solution provides the backend support blockchain gaming companies need to provide a seamless experience for their gamers.

Even as investments in web3 remain battered by a challenging macroeconomic landscape, we could sense a shift among the big players in Japan towards cautious optimism. As they bide their time, they are gathering as much information as they can, building valuable connections, and laying the foundations for a successful pivot into a future where web3 reigns supreme. 

Better Regulatory Landscape Ahead for Web3 Businesses

No less than the Prime Minister of Japan himself beamed in for a rousing speech on the future of Web3 in Japan at the conference. He strongly believes that the cross-border strength (international reach) of web3 is key to revitalizing a stagnating Japanese economy plagued by persistent demographic challenges. 

This could be why we saw local government officials from Osaka actively discussing possible partnerships and investment from a couple of web3 companies at the convention, which includes but is not limited to: investing in local blockchain startups to foster innovation, joint research projects with universities to advance web3 technology, and establishing blockchain hubs to attract global talent and expertise.

It’s not just talk - already Japan has made quiet, ongoing efforts to be more competitive in the web3 landscape, such as: speeding up web3 policy-making by cutting red tape , providing tax relief for cryptocurrency issuers, as well as loosening regulations around cryptocurrency etc.

Knowledge Gap of Digital Asset Security

Most of the visitors at our booth only displayed a rudimentary level of knowledge when it came to securing their digital assets. The gap was even more apparent when we spoke about digital asset security at an enterprise-level - they were simply unaware of the urgency of this issue, nor were they aware of the costs and complexities required to handle it.

It was thus the perfect opportunity for us to demonstrate the capabilities of the CoinsDo suite as well as the power of Trusted Shard Computation (TSC).

Beyond just showing that flexibility and scalability need not be sacrificed for security, we were further able to illustrate clear use-cases of our solutions for different industries, which was rather well-received by all attendees. 

The deluge of emails we received after the conference really validated the time and effort we spent building our product. It also reaffirmed our commitment to making enterprise transactions secure, efficient, and scalable for all.

Final Thoughts

WebX isn't just a convention; it's a statement that Japan is ready to embrace the future. While Japan might still be in the early stages of Web3 development compared to other Asian counterparts like Hong Kong, Singapore, and Korea, the strong interest in learning and observing reflects a nation preparing to take significant strides. 

The Japanese government's embrace of Web3 as a form of “new capitalism” also indicates that a Web3-friendly landscape with looser regulations and attractive incentives is not far away on the horizon. 

With the current trajectory, it won't be long before Japan's Web3 industry shines brightly on the global stage, with CoinsDo contributing to that luminous future.

P.S Here are some nice pictures of us at the exhibition

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