CGV founder Steve Chiu: Token2049 provides a deep experience, but the full entry into the Japanese market still faces significant challenges.

Source: CGV

The route from Tokyo to Singapore is very busy, with about a dozen flights back and forth every day, most of which are full. In September, Singapore, which was hosting the F1 race, was particularly crowded and lively. From Ginza to MBS, the location may change, but the busy crowds and beliefs in their hearts remain the same.

After six years in the industry, this is the third time attending the Token2049 conference, each time with questions and leaving with even more. The conference in this industry is never designed to provide answers, only constantly evolving narratives, advanced concepts, waves of black swan events, and endless policies and regulations. The past is overturned without explanation, hot topics appear inexplicably, and one must only look forward and not look back. In short, there is a lot of change.

1. New and old circle division is severe

First of all, there is a serious division between the new and old circles, and generation gaps have emerged. Perhaps the last bull market or the period before and after the epidemic can be used as a boundary. The old people who have been active after experiencing several cycles are now dormant, while the majority of those who attend meetings are new faces.

It is comforting to see that the trading platforms that have withstood the test of time have become more robust, while the older generation projects have almost disappeared.

2. NFT track is missing

Secondly, the NFT track has disappeared. From large posters, offline activities, souvenirs to speech topics and small circle discussions, NFT rarely appears. When it comes to NFT, project parties also explain it one after another, avoiding it. Instead, there are various protocols, games, platforms, and computing power related to AI, as well as new paths carved out by talking about Bitcoin's Layer 2 and engraving. The ETH ecosystem and ZK series don't seem to be as popular, probably because it's a red ocean that people are used to seeing.

3. 亚洲基金话语权不在

Translation:

3. The lack of discourse power of Asian funds

Once again, Asia's fund discourse is not in control, and the mysterious Eastern force is unfounded. V God's speech slapped Hong Kong in the face, and Hong Kong's policies have unsustainable factors. In fact, Singapore has only played the role of its Hub transit. The Singapore government wants compliant finance in the encrypted market, but it is gradually moving away from the compliant encrypted market. China's nominal absence has made Asian projects non-existent, and Asian funds have little achievement except for following Europe and the United States as LPs (like us...).

4. The Indian project seems to be up and running

However, it is worth noting that the Indian project seems to be standing out, with its strong language advantage and technological innovation capabilities spreading from the mobile internet to the Web3 encryption industry. Coupled with a huge population base and a weak sovereign currency, Indian teams and projects are gradually emerging at the conference.

5. Japan plays a semi-attending and semi-absent role

Japan has always played a semi-present and semi-absent role in the encryption industry. The conservative and cautious attitude of the Japanese government towards the encryption industry has successfully helped the Japanese people avoid many pitfalls in 2022-2023. Whether it is Layer 2 networks, NFTs, or even STOs, they are still advanced technologies and leading trends in Japan. Compared to the world, Japan has outstanding design capabilities; compared to China and the United States, there are fewer technology developers; compared to Southeast Asia, including Singapore and Hong Kong, the market is broader and the purchasing power is stronger. Since 2022, Japan has gradually relaxed its control over licensed trading platforms for listing coins, and recently opened up the encrypted financing channels for start-up companies. Regardless of the bull or bear market, Japan is accelerating its pace towards the world's encrypted market, and a huge test awaits it.

CGV is committed to promoting the construction and development of Japan's encryption 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 to enter Japan. Faced with such a huge challenge, after experiencing the exchange at Token2049, we believe that many people share our common idea that the crypto industry is still in its darkest moment, and innovative revolutionary applications have not yet emerged. Japanese players should take a rational view of the market, gradually enter the layout, patiently capture opportunities, and eventually reap the rewards.

Cryptogram Venture (CGV) is a compliant research and investment firm in the cryptocurrency industry, headquartered in Japan. With a focus on "research-driven investment," CGV has participated in early investments in Republic, CasperLabs, AlchemyPay, The Graph, Bitkeep, Pocket, Powerpool, and the Japanese government-regulated stablecoin JPYW. Additionally, CGV FoF is a limited partner in funds such as Huobi Venture, Rocktree Capital, and Cryptomeria Capital. CGV has established brand events such as Web3 Hackathons and industry summits. In July to October 2022, CGV initiated Japan's first Web3 Hackathon (TWSH), which received joint support from institutions and experts such as the Ministry of Education, Culture, Sports, Science and Technology, Keio University, SONY, and SoftBank. Currently, CGV has branch offices in Hong Kong, Singapore, Canada, and other regions.

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