The Fintech Times sat down with Lachlan Feeney, Founder & CEO of Labrys to learn more about the Australian blockchain industry and the booming popularity of all things blockchain, crypto and NFT’s.
Labrys is an Australian based blockchain technology company headquartered in Brisbane, a city steadily becoming a hotbed for blockchain talent in the Asia-Pacific region. The company works with global clients across all industries with a varied clientele. From enterprise businesses looking for guidance on utilising this explosive technology for new commercial value or organisational capabilities to the disruptors deeply entrenched in the DeFi space.
“We specialise in bringing bespoke, experimental blockchain concepts to fruition; creating real-world business solutions and value is always the goal,” said Lachlan Feeney, Founder & CEO of Labrys, with the companies designers, developers, and consultants working with founders, corporates and governments to leverage the benefits of this powerful technology.
Ever since blockchain technology emerged as a ledger for digital currency, Feeny said they could see the broader benefits it would provide to industry and society. Regardless of bull or bear crypto markets, the underlying technology’s potential has always captivated our imaginations and interest at Labrys.
Feeny said: “Our sincere interest in the underlining technology is a big part of who we are. Exploring the unrestrained possibilities and overcoming the diverse set of challenges presented to us is highly engaging work; every solution is groundbreaking by nature. Ultimately, as a business, we’re inspired to work towards a decentralised world by conceptualising and developing a wide range of ideas and pan-industry solutions.
“We have an exceptionally talented team of blockchain natives working at Labrys. As is the case in any field of expertise, time in the game means something. Our seasoned blockchain development experience and passionate understanding of the technology underpins every part of our service offering.”
The Blockchain Industry
Blockchain is becoming increasingly more mainstream, receiving attention from the general public as well as across the fintech and finance industries. NFT’s and cryptocurrencies and their exploding popularity is a particular factor in this, as public awareness and understanding of these technologies is driving engagement to the broader blockchain ecosystem.
“Despite most of the attention first going to cryptocurrencies, customised expressions of blockchain infrastructure have a lot to offer the world’s economy,” Feeny explained. “Behind the scenes, technologists are actively conceiving solutions to all sorts of problems. Decentralised technology is now delivering on theoretical promises of value and is proving its capabilities in the real world.”
It is this attention that is currently fuelling blockchains growth. As a relatively new technology that is constantly evolving, an element of familiarisation is required that can quickly convert to an interest to engage. With this, the appetite for development services is increasing as innovation of any kind is high on the business agenda according to Feeny, particularly in the wake of Covid challenging global economies. As awareness of blockchains capabilities continues to grow, Feeny anticipates an increasing number of businesses through the unique possibilities each has at their disposal.
When it comes to the Australian market, Feeny describes it as one of the leading ecosystems for blockchain technology globally.
“The industry here is brimming with innovation and has enormous growth potential,” he said. “Over the last 18 months, Labrys and our domestic contemporaries have grown considerably by providing global standards in service and expertise.”
Feeny added: “Our growth is reflective of blockchain’s surge in the Australian market in general. Our staff numbers are set to more than double by the end of the year, fuelled by significantly increased project scopes as enterprise blockchain adoption increases. This has seen client numbers jump by a quarter in 2020 vs 2019, and average project scope soared 105%. This reflects Australia’s case as a waking giant for the blockchain industry; 40% of our clients are now international – this is up from just 19% in 2019.”
If there’s one trend that can be highlighted over the past year, it’s the increase in popularity of NFT’s. Though they have been around for a while, they are only just getting started
NFTs (non-fungible tokens) have been around for a while and are just getting started. Twitter’s founder Jack Dorsey sold his first tweet as an NFT. Kings of Leon releasing an album in NFT, and cult YouTube videos are now being sold as NFTs and removed from the platform. This level of activity and acceptance is just the beginning for Feeny, and he expects what people consider an NFT will broaden in definition next year, reaching all facets of the global economy.
“While they might sound like a craze, NFTs are a superb example of the infinite application possibilities of the technology. NFTs represent a breakthrough in ownership and copyrights infringement, issues that have long plagued the creative industries. This is a landmark moment for artists of all kinds; artistic craft is again defining its actual market value, perhaps not ways not seen since before the popularisation of the internet,” he said.
“As an NFT only has one owner, they create a scarcity that many consumers demand today. It’s just an evolution of age-old retail practices like limited edition sales, only this time it’s a digital asset, and there’s only one. As long as consumer interest in the technology exists, we believe the market for NFT’s will continue to boom.”
Feeny concluded: “At Labrys, we believe 2021 will be marked in history not just as a year plagued by the effects of the pandemic but as a pivotal milestone in the history of technology. The potential for decentralised technology to change the way we work and live together is proving very real.
“We recognise that businesses like Labrys will play an integral role in the education and identification of these opportunities and welcome contact from all tiers of society, governance, and business.”