This is how Malaysia will look like in Web 3.0

Is Malaysia adapting to the Web 3.0 revolution fast enough??

I’d say we’re giving a tough fight to our neighbour's, with platforms like Luno & Pentas.io garnering public interest in cryptos, NFTs, etc.?

Even then, many local business leaders (and the brands they manage) are still pretty skeptical about adopting Web3 tools - I’d know, it took a while to warm up to the whole idea, too.?

From what I understand, a big chunk of people concerned about the legalities & logistics of using this new-age tech.

Many are open to the idea but don’t know where to begin.

But all of us at Livescape Group is actively working to change that.

We introduced the public to the NFTs with our m1nted.asia conference last month, and now we’re working on disrupting the music industry All-Access (AAA) .

That’s phenomenal progress in just one year (all by one team) - so it made me think…?

What would Malaysia as an economy look like if all other industries & sectors also made the big leap? (which they’ll all have to, eventually).?

What would change in terms of the way we engage with our favorite brands (both local & international), buy/sell things, and talk with each other as a community??

John WH Schneider , our head of ecosystems at All-Access-Anonymous, was someone that would be PERFECT in giving an idea on how these companies could actually adopt #web3 into their businesses, and how it could make them #futureready.

So here are some ideas we jammed on, and I hope my notes here inspire you to take the plunge!?

Let me know which one excites you the most, or if you’ve got some ideas of your own, do share!

1. F&B - MCDONALD’S

麦当劳 is already launching a Metaverse outlet for virtual ordering, and have a McRib NFT.?

• But going a step further, our beloved Mekdi could also host NFT-gated menus.?
• These are only reserved for special occasions (B’day celebrations, 500th order)?
• The NFT becomes a token for customers to access the exclusive items.???

Use the blockchain to document their entire supply chain cycle.

• Right from sourcing all the raw materials, all updates are stored in a single shared ledger, which enables data visibility for stakeholders as a single source of truth.?
• Also, as transactions are time-stamped & synced, companies can query a product's status and location at any point in time.

2. TRAVEL - AIRASIA

• NFTicketing for Flights & Hotels Check-in, incorporated with a novel loyalty program on their app - it becomes your new lifetime “ AirAsia X” & boarding pass, all in one.?
• On-flight entertainment & access to Metaverses themed after popular destinations & tourist locations, which can all be unlocked by holding relevant digital assets.?

3. TV & TELECOM - ASTRO

• With regards to broadband, Astro could start allowing users to monetize their unused bandwidth capacity on Meson.Network & Theta.TV, where you can basically trade it over the cloud & keep the profits.?
• When it comes to its TV network, it could create a blockchain-powered ad auction market for TV advertising to democratize access to advertising opportunities, while allowing the free market to determine the price.?

4. TRAVEL - AIRBNB

To make keys redundant & leverage on the safety of the blockchain, Airbnb could start issuing IOT-connected smart devices & their relevant digital twins in the form of NFTs.?

When verified, it would enable users access to housing, making the process seamless & hassle-free.?

5. SUPER-APP - GRAB

Grab much more than a ride-hailing service now - we’re using it for daily transactions, so the potential is limitless?- thanks Anthony Tan ;)

• It’s about time they start harnessing the power of cryptocurrency.
• One way could be making cross border payments (remittances) smooth & quick, essentially expanding their domain into BFSI services.
• Integrate the Superapp into tokenized carbon offset markets such as KlimaDAO to permit individual users and companies to offset carbon emissions.?
• Basically, if Mr. Z is hailing cabs to commute to work every day, he could technically “offset” the pollution by transferring tokens to fund green projects like solar panel farms, wind mills, etc. - how cool is that??

6. FUEL - PETRONAS

• Oil & Gas companies like PETRONAS could adopt the carbon offsetting idea, too.
• They could develop a sustainable token economy that rewards & funds continuous progress towards clean energy.?
• They could also integrate mining operations on blockchains, such as Meter.io to mine $MTR (a meta stable asset, correlated to the price of electricity) to offset fluctuations in energy consumption.

7. BANKING - MAYBANK

• It would surely be exciting to see traditional banks integrate a cryptocurrency wallet for faster transactions of Web3.?
• Maybank could also partner with reliable blockchain services to:?
• Enable cheaper cross-border remittances
• Offer customers access to staking services i.e. the ability to earn rewards basis their committed assets on a blockchain, unlocking new investment opportunities.
• Develop a cross border credit rating system for SEA, issuing credit scores as NTFs to reduce friction for customers when relocating overseas. Imagine how much easier it would be to get access to loans, cards, or financial assistance.?

8. THE MALAYSIAN GOVERNMENT

Yes it's not a business (although a majority of the politicians treat it like their personal bank account), but I’ve always believed in the huge positive impact it would make on the economy if our leaders also embraced Web 3.0.?

Some of the ideas we’re proposing are:?

• Establish a central bank digital currency, which takes a transaction fee on each transaction.?
• The transaction fee can then be issued to users who stake their digital currency in the official wallet - laying the foundation for universal basic income based on the GDP of Malaysia.?
• In other words, users who stake their assets are providing capital to the Malaysian government to fund future development of the country.
• NFT IDs: Issuing official documentation, such as birth certificates, university diplomas, etc. in the form of NFTs thus reducing friction & storage requirements.?

SO … WHERE DO WE BEGIN?

Those were quite a few ideas meant to get us to explore the power of web3 and decentralisation.

I know this is not easy, and will take decades before it is fully embraced, but that should not stop us from exploring the potentials.

But on a lighter note, I hope this made you more excited about where we’re headed pretty soon. Which brings us back to the main question - where do you start??

In order to make the leap, both the private and public sectors will need to focus on educating relevant players as well as the end users/general public. There’s a lot of groundwork to be laid.?

• Universal smart contract standards need to be defined for our region, to enable composability and interoperability.?
• Funding & support is required to give innovative projects the attention they deserve.?
• Public engagement is needed to allow thought leadership to flourish.??
• The government needs to develop continuous funding models for public goods.?

Of course, it’s not a one-man job, so we all need to collaborate to build the future we envisioned together today.?

In fact, Livescape Group regularly works with stakeholders & business leaders that are exploring to integrate Web3 into their operations.?

Drop me a DM me if you want to learn more, I'd love to chat

With Gratitude & Curiosity,?

Iqbal Ameer

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