Blockchain is fueling a growing tech hub in Portugal: Madeira Blockchain 2023.
The Madeira Islands in Portugal is seeing the birth of a startup hub focused on emerging technologies such as blockchain and artificial intelligence. Madeira's regional government's finance secretary, Rogerio Guvea, said the tech sector represents roughly 30% of the island's businesses — a big boost for an economy traditionally driven by tourism.
The local tech community is behind the Madeira Blockchain Conference, a two-day event to promote startup networking and discuss how blockchain can solve real-world problems.
Cointelegraph attended the event held at the Funchal Center for Culture and Research (CCIF) for the second year in a row. Highlights of the conference are listed below.
Traditional game studios are shying away from buzzwords and quietly embracing blockchain.
Game companies exploring blockchain technology are facing backlash from gamers and developers, prompting some studios to shy away from Web3-related buzzwords.
RedcatPig, a traditional game studio, has faced obstacles in adopting blockchain features in its games. CEO Marco Bettencourt described the challenge of getting his startup team to explore the value of integrating blockchain into game development.
Although the studio is working on the technology, it has avoided many words. “We all know there's new technology. We all know about NFTs and proprietary technology. And you don't sell games using buzzwords.” […] Players don't need to know if it's Web3 or blockchain. “The only thing you need to know is that if you buy leather, you own it and you can sell it tomorrow if you want,” Bettenkert said.
In the year In 2024, the company will launch its first blockchain-based game, offering NFT skins and drones that can be bought and purchased in-game with fiat or cryptocurrency.
Is your startup raising money? Not all money is the same.
During the event, Subvisual's head of venture and strategy, Alexander Mendes, provided key insights into raising capital for Web3 startups. According to him, startups looking for money should remember that “not all money is created equal.”
Startups need a clear strategy of what kind of investors they want and how they will be involved in management. “So to lock or not to lock, to wear, to carry, these are very strategic and topics that we need to pay more attention to,” Mendes said.
Mendes explored the “never-ending dilemma” of launching a token and building a product at the same time. In his opinion, not every project needs a token. “We don't always need a token. […] The amount of startups that have successfully launched a token and failed to ship the product is significant.
Many founders don't know who they're building for, Mendes said, adding that some projects are more of a technology demonstration than a product. “That brings us to what we're trying to build here, is it a technology demonstration or are we trying to build a company?”
Madeira plays at the beginning to strengthen the economy
Madera is embracing new technologies by offering key incentives to startups. One of the perks for tech companies is the free trade zone, which gives companies tax benefits, including one of the lowest corporate tax rates in the EU and exemption from capital gains tax.
“The primary tax incentive for companies looking to establish a presence in the region is found in the Madeira Free Zone or International Trade Center. This area offers a competitive tax system with a corporate tax rate of 5%,” Goveia told Cointelegraph, stressing that the region is not a beach, but rather one set to encourage Madeira's economic growth. Works according to rules and regulations.
Madeira is developing a payment network aimed at connecting local merchants and simplifying currency exchange for tourists. The network, which is currently in the feasibility study phase, is expected to run on blockchain technology, allowing tourists to load their money onto a single debit card. A similar card system is planned to facilitate government operations, including the distribution of public benefits such as scholarships to residents.
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