"...Web3 changes the way data is stored (centralized ledger vs. decentralized storage), allowing for greater transparency, security, and privacy in online transactions and interactions," he said.
The Web3 industry has garnered much attention in the past few years, and many projects centered around it are making waves. Its continuous adoption has piqued various businesses' and companies' interest in launching projects in Web3. However, some of them need more funds to do that, and this is where YARD Hub comes in.
YARD Hub is a Web3-powered venture studio that enables startups and entrepreneurs to launch their projects by funding them. The company is also into NFTs, P2E, and other blockchain-related projects, basically turning ideas into ventures.
The brain behind this innovative company is Yaroslav Shakula, a Web3 evangelist and serial entrepreneur. Yaroslav started his entrepreneurial journey when he was 18 and has been one for over 20 years. Yaroslav's heightened interest in blockchain and NFTs led to the creation of YARD Hub, where he hopes to develop and launch projects and products to re-conceptualize the industry. He also has participated in various award-winning Web3 projects.
We at Tech Times recently had the opportunity to have an enlightening and educating discussion with Yaroslav. He went deeper into the work done at YARD Hub and how they contribute to a Web3-powered future.
Hi Yaroslav, great to have you here to talk with us. Please tell us more about yourself and your journey to building YARD Hub.
I was born and grew up in Ukraine, where I graduated as an interpreter and did copywriting for international brands. My evolution into entrepreneurship included tapping into affiliate marketing, AI, and e-commerce, but web3 has been my key focus for quite some time now. My professional passion is exploring new ideas and launching products around them, so this is how YARD Hub - a web3 venture studio - was born.
YARD Hub is known for helping startups, and companies turn their ideas into ventures and funding them. Can you tell us more about the work done at YARD Hub and how it contributes to the growth of the Web3/ P2E/NFT space?
As a venture studio, YARD Hub focuses on building several products simultaneously with the help of an in-house team of entrepreneurs. As of now, we have several projects either released or at the later stages of development: DeepMine (a blockchain-based social economy strategy game), Petobots (an NFT-based series of PvP games), Cryptoalma (a learn-to-earn educational platform), CAR BAR (NFT-based car rental in Dubai), and WalletHub (a white-label crypto wallet solution). We believe in a web3-powered future, and we contribute to it by working on projects which relate to different areas of web3. We bring new users to web3, educate them and make sure they've got access to the best products in space.
How does YARD Hub, as a venture studio, keep up with the innovations in the constantly evolving blockchain industry? Also, can you highlight what venture studios are and how it differs from VCs?
VCs are funds that invest money into startups. Unlike VCs, venture studios create companies using their own ideas and resources. I would say this model is somewhat similar to accelerators and incubators, but unlike these, venture studios do not accept startups or external projects. Venture studios draw business ideas from their own network of resources and assign internal teams to develop them.
As for keeping up with the innovations, we talk a lot to startup founders and participate in various industry events, this is how we are always in the know. I also think that the best way to keep up with innovation is by shaping them.
There is a shift from Play-to-earn to Play-and-earn gaming, where developers focus more on gameplay and the player's experience while the earnings are bonuses, unlike P2E, which requires gamers to buy tokens before playing a game. What are your thoughts on this trend shift, and do you think Play-and-Earn gaming is here to stay?
This shift is an inevitable evolution of blockchain gaming. In many ways, the play-to-earn model didn't cater to the tastes and habits of gamers as at some point quick earning schemes overtook the quality of content. Play-and earn model goes back to the gaming roots with the games' complex lore and engaging gameplay while offering transparent ways to earn. Playing the game, enjoying it, and earning some cash if you are skillful or hard-grinding, it's as simple as it gets.
In the past few years, people have realized some possibilities and innovations that Web3 offers. However, we still need to know more. In your opinion, how is Web3 changing the world?
We are very early and still need to discover much as an industry. Web3 is an open book, but it needs a very good introduction to engage readers of different backgrounds. That's when venture studios come in handy, as their iterative approach allows quicker reactions to the evolving landscape.
Overall web3 changes the way data is stored (centralized ledger vs. decentralized storage), allowing for greater transparency, security, and privacy in online transactions and interactions. There are a number of problems that need to be addressed before all that functions smoothly, and this is what web3 builders focus on now.
Web3 can also enhance the way brands communicate and interact with their customers. NFT-based loyalty programs, curated communities, and interactive experiences are there for brands to explore with careful guidance from experienced web3 teams.
Web3 projects are usually as good as dead without a community. Can you highlight the importance of a web3 community and how one can build or find their community?
In web3 communities, users are directly involved in the decision-making and are projects' ambassadors. In many cases, the most prominent members of the community are also co-founders of the project, as they were the first ones (so-called OGs) to invest time/money in the project that had just started out.
Both building and finding a community start with a project that you love. Discord is the best platform for joining or hosting a community. There you can create multiple servers and sub-channels, and benefit from convenient moderation tools and power-ups.
Micro-influencers from within a community are a powerful marketing tool that may potentially replace or supplement traditional Instagram/YouTube influencer marketing. Most consumer web2 projects can also benefit from this approach, yet take their time to implement web3 techniques.
While Web3 is making headway as the next generation of the internet powered by blockchain technologies, there are still certain dilemmas. The two major ones are the scalability and decentralization of Web3. What do you have to say about these issues, and do you think there are ways in which they can be solved?
Scalability issues are not new, as we've been talking about them since 2016. One of the latest solutions is sidechains and zero-knowledge rollups, which allow developers to build and launch new layers that perform a specific function. The shortcoming of this solution is... the lack of decentralization. We always seem to come back to what Vitalik Buterin called the "scalability trilemma:" only two aspects out of three (security, decentralization, and scalability) can be chosen at a given time. Once this dilemma will be solved, web3 will be ready for mass adoption.
In 2022, we witnessed a massive adoption of Web3 through NFTs and a surge in Web3 projects. Will this continue in 2023, and what do you think the future holds for the Web3 industry?
I believe we're already going through a shift from NFTs being just fancy overpriced JPEGs to something with both collective and applied utilities, and many consumer brands are jumping aboard. Some call it web2.5, others prefer "phygital", but big brands are indeed very willing to embrace web3. Salesforce has just added NFT-based loyalty programs to its modules. Mass adoption or not, I believe that top-tier brands will continue introducing blockchain elements to their products, loyalty programs, or particular initiatives. Web3 allows flexibility and freedom, making this space so exciting to watch and be part of.
