DASTAN and MYRIAD at Consensus Hong Kong

Decrypt and Rug Radio’s parent company DASTAN presented its prediction market platform MYRIAD at Consensus Hong Kong. According to the company’s President, Farokh Sarmad, MYRIAD will serve as “a good champion” for the crypto sector.

During the ‘Predicting Media Success’ panel, along with DASTAN CEO Loxley Fernandes, Sarmad noted that MYRIAD’s integration with Decrypt and Rug Radio introduces a new incentive model in the media environment. Historically, he stated, “the person who’s gotten the least amount of value from media is the reader,” highlighting the need to approach value distribution differently.

Instead, MYRIAD utilizes a dynamic participatory model that shifts incentives from “the bottom back up.” Participants receive rewards, contribute their reputation on-chain, and actively engage within the network. This structure benefits creators, while empowering participants.

MYRIAD fuses on-chain prediction markets and Quests with content from Decrypt and Rug Radio. Since launching on Abstract in January, the platform has achieved over 415,000 new signups via Abstract Wallet and has processed 1.2 million predictions.

DASTAN CEO Loxley Fernandes explained that users will typically be presented with chances to engage rather than advertisements, promoting a “reciprocal environment.” He emphasized that participants can play an active role in shaping the news cycle and be rewarded for their involvement.

Rug Radio’s Web3 Art and Culture Summit

The on-stage dialogue was part of Rug Radio’s broader participation at Consensus, highlighted by their Web3 Art and Culture Summit. Here, brands, creators, entrepreneurs, and developers harness Web3 technology to reshape culture and art.

In a panel titled “Does Crypto Have a Culture?”, participants discussed the ongoing evolution of the crypto landscape. Sebastien, Founder and CEO of Sophon, observed that crypto culture has primarily revolved around communities “making money together.” He advocated for utilizing airdrops to foster sustainable communities around new initiatives, using the HYPE launch as a case study.

MOG Creative Director Mike Three remarked on a “culture shock” in the crypto sphere. He noted that seasoned crypto holders encounter many newcomers who may not share the same decentralization ethos.

Pedro Gomes, Founder and Director of the WalletConnect Foundation, emphasized that different Web3 brands require tailored strategies for establishing brand identity and culture. He likened WalletConnect’s approach to Visa’s ubiquitous presence in everyday transactions, aiming to provide a safe and seamless user experience.

Farokh Sarmad concluded the discussions by underscoring that “people want to rally behind good products and apps.” He referenced successful community-driven projects and emphasized the desire for a return to culture in the industry.