What does Web3, as one of the fairest industries, lack the least? Opportunities. Every Web3er is constantly seizing their own opportunities, eager to grasp them to achieve their goals. Is there an opportunity to bottom-fishing in BAYC? Is seizing bargains the greatest opportunity for ordinary people? How can Web3er capitalize on opportunities for a resurgence?
In our fifth dialogue, we are delighted to have AlienSwap Co-founder Barry share his insights about Web3 and NFTs, focusing on the concept of 'opportunity.
Q：Welcome, Barry! Please introduce yourself and AlienSwap.
A：Hello, everyone. I've been involved in the world of NFTs for quite some time, starting back in the days of CryptoKitties. I've been a long-term holder of NFTs, ranging from Kitties, BAYC, Azuki, and Doodles to the recent popular ones like Jeer and Matr1x. Besides NFTs, I also enjoy collecting Pokémon cards, Bandai toys, and limited-edition watches. In my professional life, before getting involved with AlienSwap, I worked at several cryptocurrency exchanges and was part of the initial team building early blockchain platforms.
I have a genuine passion for the NFT and collectibles market. AlienSwap is a collection that originated from my good friend Yingmu, who was a Founder at OKX. You can probably guess from the name that he's a fan of manga and basketball, particularly a fan of Sakuragi Hanamichi. In 2021, he left OKX to start working on AlienSwap and shared some NFT startup ideas with me during a gathering. These ideas had garnered support from OKX, Bman, and several other investors. At that time, I was still occupied with coordinating the withdrawal of Chinese users from Huobi, so I couldn't immediately assist Yingmu. However, I promptly invested a sum of money on the spot, becoming one of Alien's seed investors without even signing a contract. After completing my responsibilities at Huobi in 2022, I decisively joined forces with Yingmu to build AlienSwap and took charge of fundraising and market efforts.
Today, the AlienSwap we see is a multi-chain NFT marketplace that supports 0 gas minting and 0 gas trading. It has established a commanding lead in terms of product experience and market share compared to its contemporaries. We are currently among the top 5 on all chains and the number one NFT marketplace on Linea.
Q：Recently, AlienSwap introduced several innovative features, including '0-gas transactions (Mint),' which have also been adopted by numerous NFT collections like JEER. Could you please provide an introduction to these new features and explain the thought process behind their design?
A：Currently, the NFT market is in a bearish phase, with the exorbitant gas fees on the Ethereum network making it nearly impossible for many NFT collections to successfully complete minting. I remember back in June when Ethereum gas fees were skyrocketing to over $30, such high gas fees essentially rendered NFTs priced under $300 illiquid. Therefore, we explored the concept of 0-gas solutions with the aim of allowing more NFT collections to continue their issuance during bear markets, gradually building their presence.
Those familiar with the NFT market should be aware that even collections like BAYC and Punks went unnoticed in their early stages. With this in mind, we hope that the next great NFT artists won't have to abandon their on-chain art and creations due to exorbitant gas fees.
However, even though our initial intention was simply to 'do good deeds without asking about future prospects,' JEER has pleasantly surprised us. I'm particularly fond of JEER's philosophy. Initially, I was trying to find a launch platform on Twitter, and when I left a message for JEER, it turned out to be a serendipitous encounter.
We maintain an online 'chalkboard' where various NFT-related ideas are written down. We have over a dozen ideas that have yet to be implemented, and we hope to continue bringing new and exciting offerings to the market in the future.
Q：The floor price of BAYC has now dropped to around 26 ETH, causing many users to lose confidence. As one of the earliest holders of BAYC, how do you view the future of YugaLabs and BAYC, Barry?
A：This is a challenging topic, and I find it difficult to make an accurate judgment about the future of BAYC and YugaLabs based solely on the information we currently have. I can only share some of my personal opinions.
To be honest, I'm not a fan of BAYC's artistic style, but it does have a distinctiveness that is essential in today's era of high traffic. In comparison, I prefer styles like Jeer and Azuki. I decided to purchase BAYC when I saw a lot of discussions about it on Twitter, and I decided to sell for profit when the floor price reached 60-70 ETH. One reason was that there were very few positive developments left for BAYC at that time. Another reason was the emergence of APEs. When a collectible is tied to a token, I don't believe it's a favorable long-term development.
It seems evident that when tokens are airdropped to empower collectibles, the value of the collectible is anchored to a highly volatile token. Large-scale token releases can lead to a decline in NFT prices, which, in turn, can affect the token's price.
Of course, YugaLabs has more than just BAYC; there are other strong collections like Punks. BAYC has been heavily influenced by APEs, and in the next round, YugaLabs could use Punks or other NFTs to influence the market again, perhaps even launching a token at the market peak – none of this would be surprising.
Currently, BAYC is priced at 25 ETH, and if I were looking for NFTs with a 10x potential, there are better options like Matr1x.
In any case, YugaLabs has been the biggest winner and success story in the NFT market this time around, but I believe the next round may not be the same, as more challengers will emerge.
Q：During a bear market, everyone is 'awaiting a catalyst.' Barry, what do you foresee as this potential catalyst, and when do you anticipate it impacting the NFT market?
A：I believe this catalyst could emerge in the form of a black swan event. In the previous cycle, it was the global quantitative easing induced by the Covid pandemic that propelled the prices of all crypto assets. Presently, we inhabit an era characterized by deglobalization or the reconfiguration of globalization, marked by a proliferation of geopolitical conflicts, mounting economic concerns, and escalating debt issues. This environment is likely to spawn additional black swan events, with crypto assets firmly established as a pivotal component within the global asset landscape. Certain black swan occurrences may channel more capital and attract new user demand to the industry.
Traditionally, the NFT market tends to lag slightly behind the broader crypto market, yet it invariably converges with it. This conviction underscores our strategic commitment to the NFT market.
Beyond the NFT market, we are actively monitoring the GameFi sector. While the current trajectory exhibits a Token > NFT > GameFi progression, we anticipate a reversal of this trend in the future. We are currently engaged in collaborative efforts with GameFi collections, employing out-game NFTs to drive retroactive value into these partnerships."
Q：When market sentiment is unfavorable, rug-pulling becomes one of the most discussed topics. As a veteran in both the cryptocurrency and NFT communities, how do you view the practice of rug-pulling, and do you have any advice for those who engage in it?
A：Because I have previously dabbled in activities like interacting with collectionss on Blur and Arbitrum, though I wouldn't consider myself a heavy participant, I have experimented with earning rewards and airdrops. In my opinion, Web3 project teams must provide incentives or rewards to users, and this fundamental aspect is unlikely to change. The current challenges stem from both the impact of a bear market and the increasing number of participants in these activities.
My advice may not be definitive, as I am not an expert in this field. However, I would suggest trying to diversify your strategies as much as possible and persevering through what could be a prolonged bear market. I am not certain of the extent to which these activities are currently prevalent, but I believe profit expectations can be calculated. I have a friend who once said, 'In rug-pulling, small gains come from calculation, and large gains come from luck.' For more insights on this topic, you might want to consider inviting sanyi to provide further expertise.
Q：Regarding the most likely (and quickest) potential applications of NFTs that will become integrated into people's daily lives in the future, what does Barry believe they will be?
A：I would say gaming and ticketing.
NFTs are akin to paper or QR codes, essentially a technological product. Just as paper made its way into people's lives rapidly through books and currency, facilitating the widespread dissemination of information and value, I believe NFTs follow a similar path. NFTs possess both information and intrinsic value. Therefore, I think the easiest entry points into mainstream daily life would be through gaming and ticketing.
In fact, at the recent Token2049 conference, many organizers have already implemented NFTs in ticketing, with notable success at OKX. As for gaming, I'm a gamer myself, and I understand where the demand lies. The widespread adoption of NFTs in gaming is merely awaiting the next blockbuster, and it's just a matter of time. Stepen and Axie have already demonstrated the feasibility of this trend.
Q：Your journey, Barry, is truly inspiring. Having worked as a supermarket guide, a McDonald's employee, delivering parcels, and making food deliveries, many ordinary individuals might have lost their motivation in such circumstances. I'd like to know, what do you believe has been the most crucial factor that has brought you to where you are today? What advice would you offer to ordinary Web3ers on how to seize opportunities and turn their situations around?
A：First and foremost, it's continuous learning.
Growing up, my family was not well-off, and I didn't have the means for education, so I began catching up on my studies once I entered the workforce. Reading good books is always a valuable pursuit. Beyond books, learning from others is also crucial. Everyone possesses strengths, and continuous learning is the key to personal improvement.
The second factor is providing value to others. During the years I worked in demanding roles, I always made it a point to offer value to those around me. I aimed to provide something valuable to others every day, whether it was telling a coworker a joke when they were feeling down or simply helping a customer take out the trash.
The third factor is staying true to your initial intentions and maintaining sincerity. High-level executives and investors have met many people, and I have always believed in exchanging sincerity for sincerity. Building relationships, sincere relationships, using the knowledge gained through learning to enhance your communication skills, and deriving a sense of accomplishment from providing value to others in your work and entrepreneurship endeavors are all crucial. Ultimately, staying sincere and true to your initial intentions will bring good luck. Even if the luck isn't as favorable as you'd hope, when you look back, you'll realize you've come a long way and have been steady in your journey.
Bear markets can be incredibly challenging and prolonged. Recently, two former colleagues mentioned that they saw similarities between my past work ethic and the character of 'Howard' from 'The Pursuit of Happyness.' I made a point to watch the movie, though I'm far from being as remarkable as the character portrayed. However, what I'd like to emphasize is that even highly accomplished individuals face challenges, and the larger the endeavor, the more it demands extraordinary perseverance and effort. Success may not always unfold exactly as expected. That brings me to a fourth point – maintaining a broad perspective.
I can fail ten thousand times, but I will grow from those mistakes, and I won't fail indefinitely.
Q： Lastly, let's touch on a topic that everyone is quite interested in. Barry, in the current market environment, are there any 'wealth keys' worth paying attention to or hidden paths worth exploring?
A：I don't possess any 'wealth keys' per se. However, I am bullish on NFTs and GameFi, and I have invested early in both Alien and Matr1x.
As global cryptocurrency regulations tighten, it may diminish the vibrancy of the industry. This isn't necessarily a bad thing, but NFTs and GameFi are currently in a phase characterized by lenient regulations and cautious observation. This presents a better opportunity for the rapid accumulation of wealth.
NFTs are still in their early stages, as is GameFi. They are roughly equivalent to the Bitcoin market in 2015-2016, offering a long-lasting wealth opportunity. My current goal is to promote and contribute to the adoption of NFTs in the Asian region.
I'd like to express my gratitude for NFTGo's thoughtful questions. Thanks for that.
Epilogue
I extend my heartfelt thanks to Barry for his sharing, and I hope that every Web3er can seize the opportunities that come their way.
We look forward to seeing what’s next for them and how their plans unfold in the years ahead. Stay tuned for our next engaging conversation with another prominent Web3 leader.