The platform aims to optimize the strengths of social media, e-commerce, and blockchain technology. Chi said he hopes to break through legacy business models and create a globalized, diverse platform filled with Taiwan-style imagery.
Chi said wide-scale adoption of cryptocurrencies is ongoing and will depend on new innovations from companies in marketing, product design, and research. He compared it to the adoption of smartphones after Apple released the iPhone in the 2000s.
“Now everyone is watching the space closely because no one wants to miss out on the huge opportunity in this market, but they also don’t want to be the first to make the jump,” he said. “The next step for FormosaVerse is to build its own cryptocurrency.”
Chi says that the world of Web3 will allow people to show their true colors. Since Web3 uses blockchain technology, everything can be secured by encryption, which means the flow of information cannot be interrupted, users cannot be restricted and this will resurrect the freedoms of an open market system, he added.
Within this new ecosystem, NFTs will be an easy form of verification between users, buyers, and sellers, he went on. In this way, blockchain platforms establish a channel of trust through the Internet, which has people reassess the value of a product, he added.
Chi said he hopes all those who want to work in this new world can discover their individual value through the wide array of diversified business models emerging.
“Everyone is endowed with God-given talents,” he said, “But they are unable to realize their potential while they remain unfamiliar with the industry,” he said.
Chi said that FormosaVerse will build itself out of Taiwan and so will focus on connecting local partners and products. He said it would enable those products that were hard to sell through Web2 platforms to be sold through its Web3 platform.
First, his team will engage with users via their own NFTs and those tokens minted by their partners. In the future, they will build a shared space for sharing these assets so the pool of users can empower one another.
After that, Chi plans to add another layer so that nonprofits can securely, privately, and transparently operate on the platform. This will finally attract more talent to join FormosaVerse ecosystem, he concluded.