Wang Feng announces Element's 2024 Web3 economics roadmap and will step down from all management roles
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Wang Feng announces Element's 2024 Web3 economics roadmap and will step down from all management roles
This article covers Element's major plans for 2024, including product and technology, operations and marketing, and the improvement of the Web3 Foundation.
Navigating Web3 tides with focused insightsWritten by: Wang Feng, Founder of Element NFT Marketplace
Many people are asking about Element’s major plans for 2024. Can our product, tech, and operations teams go all-in to seize the bull market opportunity? My answer is a definite yes. Below, I’m raising one hand with four fingers extended—symbolizing the four key missions we’re committing to, covering product & technology, operations & marketing, refining the Web3 Foundation, and my own next steps.
1. Partner with mainstream public blockchains and Layer2 networks to launch the G-Magic Acceleration Program, fully supporting GameFi commercialization.
We believe that through technological innovation and superior product experience, Element has gained a significant advantage on Ethereum Layer2 networks, becoming the most popular NFT marketplace across all Ethereum L2 ecosystems, with over 2 million cumulative wallet addresses. Element’s strengths in product-market fit and brand positioning will have a great opportunity to shine during the upcoming wave of Web3 application growth—especially in GameFi, which I am particularly bullish on. I anticipate that GameFi, driven by an increasing number of talented game developers innovating in this space, will very likely become a key sector in the crypto bull run expected in 2024–2025. We plan to significantly shift our NFT launchpad support toward GameFi-focused Web3 applications. Currently, we are in deep discussions with operational teams from nearly all major public blockchains. Yesterday afternoon, Element officially joined forces with ten leading blockchains to launch the G-Magic Acceleration Program, fully committed to accelerating GameFi commercialization.
2. Launch the “NFT as a Service” initiative, embracing full openness and decentralization by offering Element Stark—a turnkey embedded collaboration solution for Web3 apps and platforms.
I believe only by making our product fully open—and eventually open-source—can we tear down the self-imposed barriers that centralized NFT marketplaces build when they gain temporary advantages. And we intend to tear them down completely. Element has always prioritized API openness. Since our launch, we’ve supported every single Web3 project that requested access to our APIs. We’re gradually moving away from competitive thinking and embracing an ecosystem mindset—the more allies, the better. We’ll soon roll out a long-prepared initiative called the “NFT as a Service” program, formally known as the Element Stark Developer Collaboration Program. We will comprehensively upgrade our existing API and SDK packages to enable lightning-fast integration with any EVM-compatible blockchain and seamless marketplace embedding into any Web3 application. We welcome third-party platforms taking all our data and order flows. We’re happy to empower third-party apps with all the powerful features we’ve built. Thus, the future Element will exist both as a portal (entry-point product) and as an open API platform. I don’t believe competing against stronger rivals simply means working harder or undercutting prices—“cheaper fees, more effort”—we’ve already been doing that grind for three years. Instead, we must take a different technical path: openness. So, the NFT world I envision is truly OpenElement. Today, Web3 as a whole is evolving from monolithic L1s to modular blockchains, and L2s are becoming customizable. Similarly, Element aims to become a small yet powerful modular Web3 application—a Power Chip in Web3. When that happens, we’ll be everywhere.
3. Transition Element from a startup-led marketplace to a Web3 tech brand governed by the Element Foundation.
Since Satoshi invented Bitcoin, the driving force behind the crypto market has never been centralized corporate governance, but rather a gradual shift toward community-based (DAO-style) governance. Only through such models can early protocols and products thrive and flourish in the wild crypto jungle. That said, even today, I still believe building great Web3 applications requires a strong core team—an elite unit focused solely on technology and user experience, undisturbed by external noise. These two perspectives aren’t contradictory. What I’m trying to express is the philosophical difference between “From Zero to One” and “From Start to Great.” We need to combine pragmatic beginnings with long-term idealism. Ultimately, Element must reach for the stars. We must have confidence that the rocket engine we’ve spent three years preparing can break free from the gravitational pull of traditional Web2 corporate DNA, powered instead by the robustness of foundational NFT protocols, broad user consensus, and the incentives of Web3 crypto-economics. After Q2 2024, we will fully transition Element’s R&D, operations, and marketing to be driven by decentralized governance, transforming Element from a small, product-driven startup into a shining Web3 tech brand governed by the Element Foundation, incentivized by Web3 economics.
4. Once the above Tasks 1, 2, and 3 are completed, I will step down from all management roles within Element’s current corporate structure.
I will participate in the development of the Element Foundation purely as an investor. This intention dates back to the day I founded Element three years ago. Back then, no one believed we could come this far in a market as opaque and misunderstood as NFTs. Looking back now, everything happened exactly as it should have. Many NFT marketplaces that entered the scene around the same time issued tokens during the bear market and then did little else. Meanwhile, we kept building, persevering. Across nearly an entire market cycle, we iterated weekly. Throughout my entrepreneurial journey, I’ve always believed intelligence matters less than persistence. Keep pushing, and results will follow. In any company, my greatest value has always been instilling in the team the belief to never give up. I also believe in “winning by orthodoxy and surprising by unorthodoxy”—where “orthodoxy” means staying true to long-term goals, and “unorthodoxy” means remaining flexible in short-term tactics. If a head-on attack fails, take a detour. Secure your base first, then strike back. Right now, our team is putting in extensive work across product development, business, finance, and legal domains to ensure a smooth transition to a fully decentralized Web3 operating model. This timeline will not extend beyond the end of Q1 2024. In the near future, we’ll continue to disclose further updates on Element’s progress.
These are my four commitments. The official Element Twitter account will publish a detailed roadmap for the above initiatives—stay tuned.
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