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The Future of NFTs|Asian NFT Market|AMA with Rei Part 2|Founder of Project PXN|Kelly Cheung 張曦雯

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hello there as well as welcome back to my channel as well as if you'' re brand-new below a special cozy welcome to you all so in the previous video I got to talk with Rei the co-founder of NANOPASS concerning his latest collection PXN and as a whole what he'' s attempting to accomplish in the space as well as we promised a component 2 where we will discuss the Asia NFT market and also customarily nothing in this video clip is monetary recommendations so always your own research study as well as welcome back Rei hello everyone so from my experience below in Hong Kong I think there is a great deal of … hesitancy with NFTs and there are some crypto and NFT OGs right here but I assume the masses are not only reluctant I think they'' re practically averse to this topic they either have their very own established views of crypto and also NFTs currently as well as believe it'' s entirely'ludicrous or they ' ve been burnt when they attempted dipping their toes in due to the fact that sadly this area is presently full of fraudsters and cash grabs so …

Yet I believe whatever the reason is I assume it'' s really due to the lack of resources when it involves investigating an NFT task as well as even simply the … understanding of the principles of what this innovation is since I believe for a person … I'' ve learnt through individuals around me for somebody whose mother tongue isn'' t English Dissonance is perplexing as hell Twitter is not a platform that anybody makes use of right here and those areas are truly where you maintain your ear to the ground as well as when you can'' t study you won'' t understand what'' s an excellent task and also what ' s not what ' s a good road map versus one that ' s just full of all the buzzwords so Rei, I intend to hear you thoughts on this as well as do you have any guidance for NFT gamers in Asia on just how to choose jobs yeah yeah yeah honestly I assume the conversation you and I had last time it sort of touched on this and also I was actually … I wasn'' t surprised however I was a bit kind of … the whole time I was associated with NFTs I always seemed like the Oriental market was severely underrepresented as well as I guess the issues that you explained relating to the lack of devices and the absence of sources it'' s certainly a large issue that ' s why I was so satisfied to collaborate with you and also clearly Kelvin too as well as you guys are doing terrific in regards to offering a whole lot of access level content for people to in fact be familiar with as well as at the very least address a few of their preconceptions about what NFTs are yet honestly I believe …

I believe there needs to be a shift in terms of the way we see what NFTs can be I believe that'' s the issue below I believe a whole lot of individuals are still existing in a period where they think NFTs are simply profile pictures which they are which is a wonderful component of their utility is like the type of like recognizability of your account image and being part of a community that'' s fantastic but as the innovation sort of like … as the Web3.0 space expands I think the customers are getting smarter as well as after that much like offering fundamental utility is sort of like …

No longer enough for a standard customer right and also I believe the tools … the lacking of devices for individuals to in fact dive in you recognize … in their native language to be able to comprehend like you claimed what a good roadmap is as well as what a. you understand … what kind of roadmap is just loaded with buzzwords and also it'' s type of loaded with warm air I assume it needs to occur by entailing more individuals from that regional area and also after that for instance, for us we'' re attempting to convert a great deal of our web content into Chinese to attempt as well as subject Eastern demographic to our project to allow them recognize that hello appearance there are good tasks available that are not right here to generate income for the following number of months we'' re at least here for the next couple of years, otherwise longer so I believe yep …

So I think component of it is obtaining impacts like on your own entailed and also an additional part of it is about projects really taking the owners to begin equating their material and also actually have the determination to entail an Eastern neighborhood within their larger … kind of like … environment so we'' re trying to do our part and certainly I think Hong Kong is … it exists in a very special geographical ⋯ ⋯ geopolitical sort of area where … monetary solutions and also a great deal of other solutions a great deal of solution industry occurs in Hong Kong and clearly there'' ll be a limit to the growth of that as well as to some level that kind of growth has actually always relied on international markets and also connections with China and so on whereas with technology and modern technology specifically with a budgeting market like NFTs it'' s a terrific possibility for Hong Kongers to kind of like catch on and also kind of take this and also really increase upon it due to the fact that for me I'' m from New Zealand we'' re a really extremely tiny country with a population of 4 million and also it'' s very spread out geographically, like you know …

We have a great deal of land as well as not a great deal of individuals so if we'' re able to utilize NFTs to build an actually amazing task as well as include everybody on a worldwide scale you know … Hong Kong having the existing you understand … state-of-the-art framework as well as everything that Hong Kong has opting for I assume it'' s ripe for development to take place there so I believe it'' s about 2 methods one is getting more individuals included like yourself ending up being ambassadors for NFTs and spreading … you know … spreading what NFTs are to more people as well as the various other component of it is a lot more kind of Western jobs keeping in mind as well as understanding that Asian group now is being uninterrupted so they must begin creating content and also converting their web content and including the Eastern NFT area within their jobs as well so I assume it'' s two-pronged, it'' s like both sides yeah I concur with that yet in Hong Kong like I'' m not speaking concerning myself right here yet a whole lot of the projects that have actually been appearing are soulless projects that don'' t execute as well as we see a great deal of Solana rugs here and also when you spoke about influencers like we have a lot of celebrities and influencers however they understand absolutely nothing about NFTs and they finish up you know …

Like these NFTs tasks they use some KOLs or some celebs to shill their NFTs and then … they wind up purchasing things that'' s not worth anything and also they get burned and after that like … yeah I think like Hong Kong is … most definitely filled with possible to develop its NFT space, but it'' s also like … like kind of re-educating people … like I put on'' t wan na say it like I am informing you just about that … their attitude is not even beginning from absolutely no it'' s beginning with negative like …

since they … After they were sturdy they probably … think that whatever concerning NFT is a fraud it strengthens them to think that there'' s nothing good regarding NFTs so we'' re not even beginning from ground up due to the fact that there are a lot of projects that have ruined the area right here yep … no I absolutely see the obstacles there however you understand, to be sincere with you NFTs are still fairly brand-new so I think it takes a very long time for someone to have a big quantity of suspect for NFTs I believe now undoubtedly it'' s an uphill battle but it hasn'' t mosted likely to that factor where individuals are still like … you know … like … so deep rooted to think so adverse of the area I assume there'' s still … you recognize … a great chance for us to kind of like …

Let people recognize that that amazing stuff is happening in the space especially when you look in the direction of Western nations and after that there are a great deal of projects that are experiencing a great deal of success so you understand … I'' m not gon na comment on Solana jobs since I put on ' t recognize way too much regarding that community yet things is … there … like for some factor there just hasn'' t been a great deal of great tasks that appear of Solana yet when we check out Ethereum on its own there are a great deal of projects that have actually been traditionally by traditionally I suggest over the last … you recognize …

12 months or less than a year they'' ve been fairly successful as well as they ' ve been supplying to the people that have actually purchased their project so there are excellent projects around but also in a Western NFT room which resembles you recognize predominantly where we'' re at now there are still a great deal of rugs there are still a great deal of cash grabs as well as stuff like that and individuals still succumb to … Like … very obvious baits and frauds and stuff like that so I believe you understand it'' s like certainly you understand Hong Kong people … Hong Kongers have this type of like assumption regarding NFTs yet I assume a lot of Westerners likewise have this kind of prejudgment which is why I'' m really hoping that through my projects I can do my part and type of like bridge the gap to some degree and really supply a high quality project that involves a whole lot of different people from different histories I can obtain a little bit a lot more about that right into the future however it absolutely isn'' t an issue that ' s simple to resolve I think it actually is going to be …

The even more great projects that come out the much more easy it is to persuade someone of it that'' s I assume … that ' s where I ' m resting there ' s an additional way I think that might work it ' s. if there ' s an usage case where individuals utilized NFT or used blockchain technology without understanding that they ' ve utilized it then this will be one of the most effective way to get the most variety of people on board do you think this works? yeah … this will certainly be one of the most ideal strategy of all in fact our initial plan for PXN is to … develop an item so very easy as well as simple to make use of that … essentially you can use it if you have a cell phone or if you have a computer you wear'' t need … you'wear ' t need to know what is cryptocurrency you don ' t demand to recognize what is NFT to be able to use our item actually this brings me to …'I ' ve obtained a lot of ideas concerning … Technology as well as stuff like that specifically … a good instance … I assume I told you last time as well it'' s when I mosted likely to Hong Kong when I was a youngster when I was … I assume I was about … 13 or 14 maybe 14 or 15 years of ages and at that time I already learnt about this this innovation called NFC which is Near-Field Interaction yet it wasn'' t popularized whatsoever back then however when I initially landed in Hong Kong there was something called an Octopus Card and also everyone had one and you just touch it against something as well as you can spend for your metro tickets you can pay for your bus tickets you can most likely to 7-11 corner store you can acquire like curry fishballs (a type of street food) you can do all examples with just this set Octopus Card and at that time like individuals that were associated with NFCs and people that review NFCs recognized that this technology might be huge because it was so affordable to make these chips it resembled 1 or 2 cents to make these chips however there was just detach so that where the technology was versus where the technology could be there was a massive gorge right but I think going to Hong Kong and seeing the Octopus Card instance where like everybody was using one I assume what NFT needs is something like that it requires a job or it needs a product that is an advancement product that enables individuals to utilize the technology without in fact even understanding what the modern technology is and after that when that takes place as well as people comprehend that in their real life they can be impacted as well as they can have a positive impact by utilizing this NFT product after that I believe we can bridge that gap yet I believe we'' re still a whiles away from it also from our own jobs it'' s a really soaring goal however at the very least it'' s something we ' re considering

you know … We ' re thinking concerning developing something like that so we can link that gorge and also I think more tasks should be thinking in terms of like items as well as exactly how we can influence even more individuals as opposed to just maintaining it within the crypto or the NFT room yes I assume this is an usual issue where I hear the people around me when they ask me concerning NFTs, like … like they still don'' t have that … feeling … that it ' s relevant to just how I live my day-to-day live maybe valuable … like a device, like … rather than much like a PFP which it can be, like you claimed so if we could discover a break-through product that everyone can make use of due to the fact that … if … like Mainland China'' s WeChat Pay few years back, we wouldn'' t have actually assumed that an old lady, who sells drinks at a food delay uses WeChat Pay to receive repayments and also make transfers like … she entirely abandons like … physical settlement (not utilizing money any longer) yes! so it'' s truly hard to visualize that everybody … also an old lady …

It'' s their all utilizing digital settlement, so like … I assume one day … like it resembles … I can entirely see that every person having a digital pocketbook one day as well as there'' s a lot of circumstances that I experienced daily and think that oh this could be a lot a lot more efficient if it was on the blockchain in my budget and how we can just be a lot better if you know … every little thing was done via a Web3.0 ya … we'' re definitely still rather aways we'' re still fairly a bit of time far from that type of'mass adoption yet it ' s excellent as well as poor it indicates that we have a great deal of chance to kind of established the requirement and likewise develop the items that we intend to see which is what we'' re trying to do but also I assume having that advancement item is really so so so vital because like with the Octopus Card now basically all charge card are contactless, appropriate? you just tap your charge card as well as you can go it'' s about having that type of like one thing that individuals can now see the modern technology in a various light and I presume that ' s the sort of scripture that I'always teach I ' m not stating that I have all the responses but what I'' m claiming is we should most likely start considering NFTs in a somewhat different way since it began with like BAYC and also CryptoPunks and also CyberKongz where all these large projects I think a great deal of the utility back after that I'' m speaking back after that like it was years ago yet it was simply in 2014 right that'' s what it feels like in the NFT room however, for these projects I think a huge component of their utility is their acknowledgment like the recognizability of their PFP it'' s like, if you get

… It ' s like obvious intake in such a way so if you buy like a Lamborghini or if you acquire like a pricey watch and also you upload it on social media sites it'' s like that ' s awesome the amount of people are really visiting it? 10,000 people? 20,000 people? and also you can'' t message it up all the time best or else it obtains corny but if you have like a BAYC account image or if you have an AZUKI account picture individuals are like …

Damn this guy'' s got $ 300,000 sitting in a JPEG this man clearly is abundant so back after that I assume there'' s a great deal of simply obvious intake and also it still is to now it still is a part of NFTs to this day which is … you know it'' s not around appropriate or wrong it'' s simply that … that is what it is, you recognize and I believe having utilities be the following emphasis and type of like considering what items we can construct next that will drive the following leg of the growth originally it got people entailed since individuals were like man these JPEGs are crazy pricey and they'' re like a standing symbol and also then that modern technology will sort of like drip through because at the core of it, right NFTs are smart contracts that can be anything you imagine it to be it could be an authenticator for deluxe products so your Hermès purse or your LV handbag could include an NFT verification right after that it comes to be like a thoughtful inquiry of if you buy a phony bag like …

Buy a counterfeit customer good but your NFT is genuine and when you market the phony bag you'' re giving the other person the NFT as well does that phony bag currently become a genuine bag? so it'' s fairly intriguing to sort of discover those things, right? so luxury good verification like Rolexes you recognize … your bags even lorries and also automobiles all examples could be done using NFTs what around logistics right so whenever the parcel or the delivery container adjustments from one company to the following that relevant NFT is currently … the ownership is shifted from one individual to the following individual on the blockchain so you have a proven ownership procedure so everybody can see transparently where these parcels and also where these containers are so these are all applications that we can be considering as well as kind of building towards instead of simply thinking of NFTs in kind of this bubble where only crypto individuals just NFT individuals will certainly be interested so I assume the next leg of the growth for NFTs as well as for Web3.0 will be heavily based around utilities and that'' s where we rest today with both of my kind of crucial projects yeah I believe it'' s super interesting to understand that there'' s a lot possible as well as you can obtain so innovative with it like what you simply stated like …

I think like … you know many people don'' t even think that like they put on ' t have that connection due to the fact that they put on ' t know enough about NFTs and also what utilities they can offer and a great deal of points are not also pictured of yet, so … like it'' s very amazing to witness whatever that'' s happening and viewing … like … your trip and just how you'' re going to be making use of technology to integrate right into individuals'' s lives yep it ' s fantastic this really feels like the whole sort of dot com period once again I was a little bit as well young when the initial dot com period came yet like currently this moment it'' s sort of like I can truly feel the excitement because I see a great deal of potential in this and also I think NFTs are right here to stay I put on'' t assume every NFT job is mosting likely to be effective I think a lot of them are in fact … you understand … rather … rather … they'' re quite bad however I assume in its entirety the modern technology is below to stay I mean even I'' m taking a look at the Jordans behind you you know …

Like … suppose Nike started offering NFT identification with each pair of Jordans as well as then you recognize suddenly it'' s like when you ' re purchasing as well as selling since you know there ' s a huge resell market for sneakers when you'start buying as well as marketing footwear you ' re currently making use of the NFT to verify that you really own the genuine pair of footwear you understand as opposed to just resembling posting it up online and also individuals are like oh is it genuine is it phony you know it just addresses a whole lot of problems and also I believe when big business jump in and also once we construct a lot more energy that becomes a very easy conversation after that to onboard individuals but we'' re all trying to be early we ' re all trying to take advantage of this the maximum amount that we can so bringing even more individuals in the space is type of accelerating that development I assume it'' s extremely vital not just for the space but for people in general because this is an excellent change of wide range like a great deal of individuals can profit a lot monetarily from this and I assume they'' re losing out because …

As a result of these prejudgments as well as these criminals in the area that are type of ruining it for everybody that'' s entailed and I believe that'' s why I appreciate you so much because I do discover a connection with you that like we grew up abroad and also in our own methods we'' re attempting to … claim perhaps onboard or tell individuals concerning what this technology is with you with your remarkable job me with my little YouTube channel like everybody right here'' s trying to raise the space so like I truly admire what you'' re doing and also presently it appears like the west really controls the room now so provided how early we are right into this do you assume there'' s an opportunity that the Oriental market becomes extra dominant with this innovation in the future I assume so for sure because directly talking, for both of my jobs I actually plan to establish up our corporate framework in Hong Kong since I am a Hong Kong citizen too I'' ve obtained a Hong Kong ID Card and also I can really establish up a corporation in Hong Kong as well as live in Hong Kong very quickly so I assume we'' re mosting likely to base our company structure out of Hong Kong and our physical workplaces are possibly going to be in Bali or somewhere yet I assume …

Um … you know … promoting you recognize a lot more … type of like … foreign resources or foreign projects you understand … registering or incorporating Hong Kong and also making use of that as like their bases in Asia I think that that might actually kickstart the entire industry since when the jobs are there like for instance if I'' m in hong kong and also I'' m living there as well as I'' ve obtained a team there then normally I will certainly be doing activities there to sort of broaden on the our existence in the eastern market so I think it'' s an extremely all-natural point to do so not only can we do it from you know … press the recognition from … say your angle as an influencer as well as my angle as a job owner I think bringing a lot more projects to Hong Kong can actually be the stimulate that kickstarts every little thing due to the fact that Hong Kong on its own is so … it'' s so multicultural right and it'' s. to be honest with you I think it'' s rather pleasant towards immigrants anyhow you understand all the roadway indications all the road indicators they have English …

You recognize …street names below them as well as a great deal of Hong Kongers do talk quite good English too so I believe it'' s an actually great environment oh. not to discuss the wonderful company tax obligation framework that Hong Kong has 16 percent you understand … to Americans that'' s crazy you recognize they'' re paying half over there so there'' s a whole lot of motivations for founders that are not geographically connected like I'' m not helping Microsoft or whoever like I don'' t have to remain in a certain location to head to an office or whatever I'' m a job creator that as long as I'' ve obtained a laptop and also an excellent web link I can function from anywhere in the world so why wouldn'' t I pick Hong Kong right and especially with the skill pool that you can access in Asia if you'' re utilizing Hong Kong as a jumping factor that'' s an extremely intriguing type of avenue to explore also kind of including and bringing more jobs from overseas to Hong Kong which can start everything I believe hmmm that seems actually fantastic like please pertained to Hong Kong and we welcome you with open arms like yeah thanks thank you we can'' t await you to sign up with the …

I wear'' t understand if you ' d telephone call yourself an Oriental job however you'understand … what you ' re making with'the room like I ' m so pleased of you as well as yeah we ' re looking ahead to seeing what you ' re gon na construct and this has been extremely insightful and also I know you'' re super active and it'' s late there so thanks a lot for taking time out of your hectic timetable to talk with me as well as to build the far better understanding of the Asia NFT market or actually simply NFTs as a whole so truly like chatting with you Rei I'' m so thrilled to follow your journey in Web3.0 and I eagerly anticipate seeing what you'' re building yeah furthermore and also we wish to do our part as well in terms of supporting you as well as assisting you as well as Kelvin type of like …

Not similar to … not simply like discuss our project yet like you stated … like via sections like these to sort of go over a little much deeper concerning like how can we get … you recognize … developers of Hong Kong how can we get you know Hong Kongers or Asian people to type of be a lot more associated with the area since eventually it'' s a positive point right like if they'' re obtaining the proper recommendations and the proper info from people that are qualified and also reputable that'' s better than them encountering an arbitrary Discord where it'' s every little thing ' s in English as well as they'' re obtaining baffled as well as then they get a truly bad first experience with NFTs and after that they simply create it off right I think we need to be doing our part as well as I anticipate collaborating with you more in the future too yeah I agree allow'' s do it alright thanks a lot and also thank you everybody for adjusting in and make certain to such as as well as subscribe see you following time as well as thank you a lot Rei thank you, see you every person bye bye

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