Kieran Warwick, founder of GameFi project Illuvium — worth just under $900 billion as of April 1, according to public metrics — sat down with Cointelegraph to discuss what he sees as challenges for the industry — and potential highlights of the year ahead.
Here's what he had to say.
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Toggle1) What is the main barrier to mass adoption of blockchain technology?
The biggest challenge is user experience. It's getting a lot better, but buying crypto and engaging in things like leasing, lending, borrowing, and management is still scary. This is why we see such a crazy influx into meme coins. There are no complicated white papers. The big ones are on the central exchanges. The stories are straightforward, and the technical hurdles are low.
2) From decentralized applications (dApps) to non-fungible tokens (NFTs) and decentralized finance (DeFi), we've seen many “killer applications” for crypto, but none have yet emerged. What sticks?
I'm obviously biased, but I truly believe that gaming will achieve true mainstream adoption. People can easily understand that, and the introduction of non-custodial wallet solutions like IMX Passport means players can create an account with a few clicks and play games as usual, except these games give users real ownership of their assets. And this leads to further exploration into NFT marketplaces, DeFi applications, and the broader crypto ecosystem.
3) What is the toughest challenge you have ever faced in our industry?
The hardest part for me is adjusting to the slow pace of mainstream adoption. My impatience usually begins when I see the slow adoption of something that seems obvious and worthwhile, and it frustrates me when others fail to see the same potential.
Also, maintaining constant transparency in our field creates a double-edged sword. While it builds trust and engages our community and investors, the ongoing need to deliver detailed reforms can be taxing. Transparency is critical because not enough communication can lead to investor confidence, which is detrimental to any project.
4) What do you think will be the biggest trend in blockchain in the next 12 months?
I'm torn between gaming and DeFi apps built on Layer-2s. Most of the crypto's hurdles in the last cycle were high gas fees and transfer times. The biggest trend in the last bull market and the reason for the high APIs was productivity breeding.
Related: Blockchain Game Illuvium Goes Mainstream With Epic Games' Upcoming Store List
So as much as I think they're going to melt faces at this year's game, there's a sneaking suspicion that production farming will eventually make a comeback. Maybe 2.0 Agriculture can deliver!
5) What is the most interesting place you have ever visited and why?
When I was in my early 20s, I took a backpacking tour of South America with my best friend. Part of the tour was in Peru. He had just gotten over a breakup and had been reading about ayahuasca and how it could help him overcome problems. Without thinking much, I agreed to do it with him.
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The whole thing was a crazy experience. Last night a nurse came to our hostel and we drank 10 liters of volcanic water to flush out our systems in preparation for the next day's ceremony. In the morning we entered the forest to the spiritual retreat where the ceremony was held. There was also a good rule of silence, meaning you couldn't speak the whole time you were there. I remember thinking, “What have I gotten myself into” because I love to talk! But here I was in the woods, about to drink thick black sludge I knew nothing about, in one of the most beautiful settings I've ever seen, in silence with nothing but the sounds of nature. To say it was an experience would be an understatement. I don't think I'll ever do that again, but I'm glad I did.
6) Which book has influenced you the most? why?
Without a doubt, Phil Knight's autobiography, Shoe Dog: Memoirs of the Nike Inventor. The way he started Nike is amazing. I read that I was having major doubts about one of my startups, and it inspired me to keep going despite the many obstacles. That startup taught me many lessons about resilience, the power of business partnerships, and coping with stress. These are all things that helped me a lot in Illuvium.
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Editorial staff
Cointelegraph magazine writers and reporters contributed to this article.
