Wondering About Opinions Of GenZ On Web3 Impact Of FTX

Wondering About Opinions Of GenZ On Web3 Impact Of FTX

Would you please introduce yourself and your project?

Coincu: We are crypto media company under Coincu financial group, so except media, we also have Coincu lab and Coincu venture. We crypto blockchain project to develop a marketing plan strategy to promote the product to everyone in the crypto space at the same time we also help project distribute PR articles. So for today’s show, we will also write an article about the GenZ and Web3.

Woody: NEST is a crypto native and we’re trying to build a total-decentralized world. Currently we provide web3 infrastructure to the GameFi and NFT developers, and we call this infrastructure PVM (probabilistic virtual machine). By using this virtual machine, you can simply call functions in this PVM to generate on chain asset, bond, futures, options and structure products, GameFi, NFT.

Will: I’m from Tsinghua University and I’m the founder of Tsinghua University metaverse association, as well I’m doing a web 3 project called Cosmo. Cosmo is a web3 space that focused on empowering creators and users through great creator utility tools for content creation, content management, spreading monetization, value exchange etc.

Turing: I’m from Peking University and co-founder of legalDAO. LegalDAO is a DAO dedicated to establishing and maintaining NATIVE Justice and Order in the Crypto World.

Percy: I’m from Fudan University. I’m a member of the blockchain association of Fudan University and we’re at the earliest stage of development, and we’re trying to connect more students, researchers, and professors. I’ve been an intern at IDG capital.

Yuri: I’m from Chinese University of HongKong and my major is finance. I’m one of the founders of web3 women Union, which is a community that includes only web3 women. We hope to support more female friends to start their exploration in web3 and strive to build a more inclusive web3 space and formulate an open understanding of the female power in a wave of web3. And I’m also core of OxUClub and SisphusProt.

Chirs: I’m a master student at Columbia university. and also, I’m a member of blockchain Columbia in the governance and external relationship team. For our project LinkZ DAO, we are focusing on building a community with Generation Z and industry OG together and find a way to offer them help regarding to human resources capital and public promotion etc.

Arnaud: I’m learning in London Business School & LinkZDAO. In my gap year, I worked for metaverse startup for a year as operations lead responsible for the fundraising operations, BD sales and so on.

Derrick: I’m from Northwestern University. I’m a coordinator at Northwestern blockchain club, and I’m an intern in Huobi Live. I am also a member from LinkZDAO which is a DAO that gathers basically like a lot of legacy builders from all of the world.

KevinZ: I’m from HKUST majoring in finance and international management. I’m the co-founder of 0xUClub initiated by students from different Hong Kong universities. I’m also a Web3 Researcher in OpenOceanGlobal. Currently I am an investment manager at Merdian Capital.

Russell: I’m studying the Master of Business analytics at HKU and a core member of 0xUClub. I’m doing an internship at web 3 venture capital called AC capital for investment analysis and incubation.

What do you think is the most popular Web3 segment in Gen Z?

Wondering About Opinions Of GenZ On Web3 Impact Of FTX

Will: I think we are past the DeFi only a short time and a lot of people are thinking about you know where there is mass adoption comes from. Therefore, I would say it’s SocialFi or GameFi as they are closely examined.

Turing: many GameFi and SocialFi projects in this market, the theory in economics mentions that humans are more unable to accept the loss of 1 unit. On this basis, projects at application layer more likely to win the fever of users. Projects with stepin arbitrage will be more targeted by the market, which is almost true. So many people feel that the stepin economic model will eventually collapse, but we can’t deny that he’s still one of the most profitable projects in this market.

Percy: I think it’s definitely NFT because that’s how most of those around me that concepts of web3, digital autonomy and about truly owning your creation. I think it brings a sense of ownership and participation of the blockchain and socially speaking, you are more easily to connect with those using the profile picture from the same collection as you.

Yuri: From the user base, maybe it’s NFT because all my friends have NFTs in various GameFi projects. And also, from the mainland China, people are playing with digital collectibles. Recently I followed some luxury brands in web3 so the fashion NFTs are very hot, especially in shopping malls.

Chirs: NFT. I think most of the project we’re building based on a solid community so and the community can generate consensus within the public on the other hand. Gen Z love to join community.

Arnaud: Form my perspective, NFT to me it’s only a vehicle not destination. For me, the most popular sector in the crypto industry is the most attractive and interesting sector. And I always believe that games, GameFi can be a gateway for Genz and also the general public to enter web3 industry to have fun and social in a crypto way.

Derrick: I would say it’s investing. Many of my friends are speculators, so they poured their pocket money into exchange to do some investing, not only NFT, but also on tokens. In addition, a lot of gen z web3 builders’ first step is mining. Many of them write bots.

Russell: DeFi could be the most popular one as there are many opportunities for speculation if you could write code or do quantitative trading. But my favorite is NFT. Owing NFTs could represent your personalities.

How does FTX impact you or young builders?

Will: Obviously, what happened there had a huge impact, but ultimately, it’s going to be a good thing because everyone got to rip the FTT as fast as you can, and the system in being mature. I’m just going to take a step on it from a builder side. It’s going to promote more regulation, bring a lot more attention. And we could build things that are truly valuable to consumers and not just from a short term. Binance is building their industry recovery fund right and there are a lot of you are also validating their reserves. So, we should start to look at the companies in a more serious connotation. It will rebound and it’s time to rebuild.

Yuri: I have a friend who lost 1,000,000 in FTX and he cannot withdraw or his assets in FTX. I think it’s really sad. The collapse of FTX impacts the industry. I think new forms and narratives of crypto exchange will appear as the competitive landscape will be reshaped. FTX brings anti-monopoly regulation opportunities for big exchanges to develop itself.

Arnaud: I invested like 100 USD. Yesterday I withdrew all my Bitcoin from crypto.com to my own wallet. Now it’s like an era of trustless. We can’t trust Cex and Dex, which is very bad, tremendous influence in the whole crypto market because the second largest exchange has just fallen. In four days. This really reminds us to rebuild and support more decentralized infrastructure like Uniswap and X2Y2, because they are not centralized and the yare more regulated by code itself.

Turing: Order is the next generation foundation of the decentralized society. We have realized that we have to unite the entire crypto world to jointly develop the code of product of privacy protection in the crypto world.

Derrick: I’d like to share my things from a trader and researcher perspective. I personally use FTX exchange, like heavily, heavily involved. I personally withdraw my money like on Monday, which is one day before the collapse. I saw there’s a huge crash down on Twitter right before the things Alameda was saying that. We didn’t do that, but they actually like withdrawal by bybit token and other tokens, I was alerted like, OK maybe this is not the case. I withdraw all my assets and fortunately avoided this. But for people in the US specifically, they have no other choice but to use Dex.

Kevinz: I use FTX and Binance. I will definitely miss FTX functions in their product design aspect. FTX is really easy to use and has so many good functions. Hope other exchanges could look at it and copy its design.

DEX (Crypto native) and CEX (traditional financial institutions), which one do you think will win the future of the crypto world?

Percy: I’m going to go with the centralized option because I think crypto economy is like it’s like traditional finance a lot. I actually think projects like a virtual country and their token is like the fiat currency of that virtual country and use the tokens to exchange for the means of production. You contribute your labor, and in this term, you devote your time into the project, and you receive payments to your labor and capital in return. I think that centralized exchanges are acting as banks now because they attract deposits and provide interest. Like FTX, they issue loans and they’re obligated to react to users withdrawal request. So I don’t think it is like the 2008 financial crisis because that was about the default of the mortgage backed securities and the overconfident banks that offer insurance to some traders that wanted to short against the housing market in the US. I think that the focus on crypto next stage would definitely be about compliance.

Kevinz: We need more users to come into the web3 and the blockchain industry, we definitely need more capital and traditional sectors to join us. But how to define the crypto native. I think there is a problem in our current industry that all of those projects are to capitalize and affected by those traditional money too much.

Coincu: Since we are working for the crypto media and we also do our own survey about what is going to be the next market trend, what can I say now in my point of view is when you mentioned about blockchain, it’s actually you have seen blockchain since a while ago. Now Microsoft and amazon have already implemented blockchain as a service. Right now we can focus in how we can be able to bridge web2 and web3.

Turing: Web2 has no more development and the most important thing is there is no fault tolerance especially for young people. For generation Z, the most important thing is you don’t have to be afraid of making mistakes, so web3 is a new direction and is at very early stage. There’s one thing worth it to pay attention to is web3 has made more progress in productivity but has reduced a lot of efficiency.

How does web3 offers greater opportunities for gen Z?

Arnaud: I think everyone is beginners in web3 and he or she can gain the expertise in the crypto, especially for the senior and junior talents. And we evaluate people not completely on their talents and passion, but on seniority. It’s not suitable for the younger generation to enter the traditional market.

Chris: There is an opportunity in the traditional industry, but you will have to pay like 10 times or 100 times effort to be able to make it. Web3 has a massive opportunity and there’s no limit on the age or education background. So never stop learning.

Yuri: Why web3 gives more opportunities to young generation? Web3 does not require to work full time, which is great for younger generation as they can go and get involved in this web3 waves while going to university.

Turing: I don’t think most of the people are suitable for dropping out of school and because if you see someone drop out of school and it may be and his special uh family background and his parents may give him a lot of support, money, friends, knowledge or something else. And he may actually study in a university of society not just simply dropping out of school. My suggestion is to complete your studies as much as possible and on this basis, you can do your favorite business so whatever part time or full time

Will: Web3 is decentralized structure also from its incentivized reward system. And I’m a big fan of twitter, so I suggest read a lot. Lastly, do some part time work into communities.

Lot of the genz is looking to make quick money by investing in crypto without knowing about details of different projects and losing money? How can they be more educated to identify good project from bad one?

Derrick: They have to learn the basic knowledge in order to avoid being fraud. Actually, it is so hard to identify good project from bad one as the impact of FTX. Just keep learning and don’t put too much money on the on the project that you’re invested.

Chris: We have to recognize this phenomenon that people come here for quick money. The only way they can be more educated to identify good projects from that one is to know the paradigm. When you read through a white paper, you will see that if this is making sense or not. This ability is what enables us to keep learning in this industry.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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