Gaming Firms Cannot Avoid Web3: Amy Wu

Amy Wu jumped into the crypto market during the massive bull run of 2017, and now, she is the head of ventures and commercials at crypto exchange FTX. However, she only started investing heavily in cryptos during the 2020 pandemic. At that time, she was a partner at Lightspeed

At Lightspeed, Wu’s main investment was FTX, where she also became an active member for the advisory board. Here, she also got the chance to regularly interact with Sam Bankman-Fried, the FXT CEO, who was her main inspiration. 

This post highlights the main ideas on cryptos and blockchain technology that Wu, one of the main speakers at the Consensus 2022, will focus on in Austin Texas. 

When you talk to people in traditional finance, and that are really anti-cryptos, what concerns do they bring about blockchain and cryptos? 

I get that question all the time, plus these ones too. What are the use cases? Are cryptos being used to do other things just as a store of value? What is the regulatory environment of cryptos? 

On regulations, we have made up the decision to be very active. Sam takes a significant part of his time in Washington DC, holding discussions on how the right legislation would look like. FTX was created on the premise that it will run in a regulated environment. 

On the use cases, the strongest teams are now shifting to cryptos, learning, and building on them. In the next 18 to 24 months, I am looking forward to seeing killer apps getting out and helping the industry move to the next level. This has already started in gaming, and other areas, such as social networks and utility consumer apps, will build on the incentives of Web3 elements. 

You mentioned Sam is off to DC pretty often to help with regulations. So, what would the right regulation look like, according to you? 

This would be the type of regulation where there is a striking balance between the protection of consumers and promoting the right behavior. You do not want to install legislation that, say, will only benefit large incumbents and make it extremely hard for new entrants. One good example is the GDPR data regulations in the EU, which are only benefiting tech behemoths like Facebook and Google. 

What big gaming firms in Web2 are shifting to Web3 right now?

The large companies that are not on Web3 are very few. Almost all of them are on Web3. This is so because the large firms are, as a matter of fact, a collection of many IPs. They understand that it is a sort of portfolio management model, and it is hard to predict how big any of their games will be. 

Therefore they are always releasing new games to see the ones that resonate better with players. There is a big and super-excited audience out there, and no gaming firm will want to miss it. Axie Affinity has already attracted more than two million active daily users. 

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