Interview with Tetsuya Sanada - The frenzy of Web 3.0 has passed and we are now in a period of disillusionment. The key to recovery is "economic design"

What do you think about the current state of the Web 3.0 field?

Tetsuya Sanada (hereinafter, Sanada): I don't hear as many expectations for Web 3.0 as I used to. I think we're currently in the disillusionment stage of Gartner's hype cycle. The hype cycle explains that new technologies go through "① Dawn," "② Excessive Expectations," "③ Disillusionment," then "④ Recovery" and "⑤ Stability."

During the period of excessive expectations for Web 3.0, "impurities" such as metaverses and DAOs were mixed into blockchain technology, creating a fusion of hype. I think the current disillusionment stage is when these hypes have peeled off.

I think the keywords for moving towards the recovery stage are real world and economics. The Bitcoin spot ETF has been approved by the US SEC, the Japanese government has established laws regarding crypto assets, and Web 3.0 is moving away from the decentralized dream and is strengthening its ties with the real world. In the future, I believe that not only financial services such as stable coins, but also entertainment Web 3.0 services that are linked to and backed by the real world will become mainstream. There are many benefits to Web 3.0, but I think that the biggest factor is the economic design that was not possible before Web 3.0. How to utilize this economic design will be the key to the future recovery period.

Six attractive features of QAQA

What kind of appeal do you want to deliver through your company's projects and services, and what do you want to achieve?

Sanada: The appeal of our QAQA app is that it allows you to earn money in a short amount of time. It has a point-earning element that allows you to earn money for free without buying NFTs or tokens; you can earn more by making donations and leveraging them. It has a gambling element that allows you to contribute to society; you can gain knowledge while earning money and feel smarter; you can compete for rankings in quizzes about your skills, hobbies, and favorites, earn badges and titles, and satisfy your need for recognition; it has a SNS element that allows you to make money by turning your knowledge into quizzes and disseminating them; and it has a sense of community that allows you to connect with friends who have the same hobbies and favorites.

What we want to achieve with QAQA is mass adoption and sustainable tokenomics. The top 10 apps with the most downloads in the world are either videos, SNS, or UGC (User Generated Contents). QAQA mixes these elements with a quiz game that anyone can play, and adds a free element of earning money. We think we have covered all the elements necessary for mass adoption. QAQA's economics are designed to balance revenue from advertising revenue and item charges, rather than relying solely on the sale of tokens and NFTs. We aim for a circular, sustainable token economy that distributes advertising revenue to users.

Future outlook ▶
QAQA covers all the elements necessary to realize sustainable tokenomics and mass adoption of Web 3.0

https://www.blocksmithand.co.jp/

Profile

◉ Tetsuya Sanada

CEO and President of BLOCKSMITH&Co., Inc.

In 1989, he founded a content provider for voice and fax using Dial Q2, the prototype of the i-mode business model. In 1998, he founded Cybird, where he served as Executive Vice President and CTO. He founded KLab (then K Laboratory), a software research and development company for mobile phones, and served as CEO and President. April 2022: He became CEO and President of BLOCKSMITH&Co., Inc., a subsidiary company in charge of Web3-related businesses.