CGV founder Steve Chiu: Token2049 deep experience, the Japanese market faces huge challenges for full entry
CGV founder Steve Chiu shared his feelings and observations from participating in the summit.Author: Steve Chiu, Founder of CGV
Introduction: The Token2049 in Singapore has concluded, and CGV founder Steve Chiu shares his feelings and observations from the summit: the environment is changing, the mysterious Eastern power has disappeared, India is rising, AI is becoming prominent, NFTs are nowhere to be seen, exchanges are becoming more robust, and Japan plays a half-present, half-absent role…
The route from Tokyo to Singapore is very busy, with about a dozen flights daily, most of which are fully booked. In September, coinciding with the F1 event, Singapore appears particularly crowded and lively. From Ginza to MBS, the location changes, but the busy crowds and the faith in our hearts remain the same.
Having been in the industry for six years, this is my third time attending Token2049. Each time I come with questions and leave with even more doubts. Industry conferences have never been designed to provide answers; they only present an ever-increasing narrative, advanced concepts, waves of black swan events, and a plethora of policies and regulations. The past is overturned without explanation, and inexplicable hot topics emerge, urging us to look forward and not back. In short, the changes are significant.
1. Serious Division Between Old and New Circles
Firstly, there is a serious division between old and new circles, creating a generational gap. Perhaps we can use the last bull market or the period before and after the pandemic as a dividing line; the veterans who have survived several cycles are now dormant, while most attendees are new faces.
It is reassuring that the trading platforms that have survived the trials appear to be more robust; however, the older generation of projects is almost nowhere to be seen.
2. The NFT Track is Gone
Secondly, the NFT track is gone. From large posters, offline events, and giveaways to speech topics and niche discussions, NFTs are rarely mentioned. When NFTs are brought up, project teams tend to explain and avoid the topic. Instead, there are various AI-related protocols, games, platforms, and computing power, along with discussions about Bitcoin's second layer and new paths being carved out. The ETH ecosystem and ZK series seem less appealing, perhaps because they have become a red ocean, familiar yet unremarkable.
3. Asian Funds Have Lost Their Voice
Thirdly, Asian funds have lost their voice, and the mysterious Eastern power is unfounded. Vitalik's remarks contradicted Hong Kong, highlighting the unsustainable factors in its policies, while in reality, Singapore has only played its role as a hub. The Singapore government seeks compliant finance for the crypto market, drifting further away from a compliant crypto market. China's nominal absence has rendered Asian projects almost non-existent; Asian funds, apart from following Europe and the U.S. as LPs (like us…), find it difficult to achieve significant accomplishments.
4. Indian Projects Seem to Be Rising
However, it is astonishing that Indian projects seem to be rising, leveraging strong language advantages and technological innovation capabilities, spreading from mobile internet to the Web3 crypto industry. Coupled with a massive population base and a weak sovereign currency, Indian teams and projects are gradually emerging at the conference.
5. Japan Plays a Half-Present, Half-Absent Role
Japan has always played a half-present, half-absent role in the crypto industry. The Japanese government's conservative approach to the crypto sector has successfully helped its citizens avoid many pitfalls in 2022-2023. Whether it's layer two networks, NFTs, or even STOs, these are still considered advanced technologies and leading trends in Japan. Japan benchmarks against the world, showcasing outstanding design capabilities; compared to China and the U.S., there are fewer tech developers; compared to Singapore, Hong Kong, and Southeast Asia, the market is broader with strong purchasing power. Since 2022, Japan has gradually relaxed its control over the listing of licensed trading platforms and recently recognized crypto financing channels for startups. Regardless of bull or bear markets, Japan is accelerating its path toward the global crypto market, facing a significant test ahead.
CGV is Committed to Promoting the Construction and Development of Japan's Crypto Compliance System
CGV is an active Japanese crypto fund dedicated to promoting the construction and development of Japan's crypto compliance system, leading Japanese projects to go global, and assisting global projects in entering Japan. In the face of such a significant challenge, after the exchanges at Token2049, I believe many share our thoughts: the crypto industry is still in its darkest hour, and revolutionary applications have yet to emerge. Japanese players should view the market rationally, gradually enter and layout, patiently seize opportunities, and ultimately reap rewards.
Cryptogram Venture (CGV) is a research and investment institution in the crypto industry based in Japan, with compliance qualifications. With a "research-driven investment" business orientation, it has participated in early investments in Republic, CasperLabs, AlchemyPay, The Graph, Bitkeep, Pocket, and Powerpool, as well as the yen stablecoin JPYW, which is regulated by the Japanese government. Meanwhile, CGV FoF is an LP for funds such as Huobi Venture, Rocktree Capital, and Cryptomeria Capital. It has established brand activities such as Web3 hackathons and industry summits, and from July to October 2022, initiated Japan's first Web3 hackathon (TWSH), receiving joint support from the Japanese Ministry of Education, Keio University, SONY, SoftBank, and other institutions and experts. Currently, CGV has branches in regions such as Hong Kong, Singapore, and Canada.
