In 2025, when new trends and narratives are emerging here and there, it might be really challenging to not lose focus on something that truly matters for Web3 in terms of tech and adoption.
Meanwhile, the three verticals are doing particularly well: GameFI, AI and stablecoins. What makes them outstanding? And what will be the next big thing? Will the euphoria convert into adoption? U.Today invites Stepan Sergeev, seasoned global entrepreneur and angel investor, to indicate the major trends in Web3 and crypto.
U.Today: Hello Stepan, thank you for coming! Please introduce yourself and tell us a little bit about your background.
Stepan Sergeev: Hi, my name is Stepan. I spent the first 10 years of my career in mobile apps development and consulting, where I implemented numerous growth hacking strategies that led to 5-10M installs. After that, I built a wide network of industry professionals worldwide and developed an interest in VC investing. I now assist various teams in accelerating their startup growth during the early stages.
U.Today: With your impressive portfolio in GameFi, app building, consulting and advising, what’s your core focus today?
Stepan Sergeev: Currently, my focus is on seed and pre-seed Web3 startups. Several reasons drive this interest. First off, I’m passionate about this field, which feels like a vast sandbox filled with opportunities for innovative startup combinations. Also, regulatory changes are enabling startups to scale, particularly through mobile app
U.Today: Let’s start with app building in general. What are the main trends right now? Also, please indicate the three hottest verticals for you right now.
Stepan Sergeev: The golden era of mobile apps has long passed. Now, the landscape has turned into a competitive operating system where every $0.01 spent on attracting traffic counts. Growth hacking opportunities have become scarce. Consequently, I transitioned away from that, as Web3 now enables full integration with mobile applications.
U.Today: If there’s one app you’re bullish on in 2025, what is it?
Stepan Sergeev: In this context, I’m closely following GameFi. For Web3 games, the current situation offers a breath of fresh air and the chance to sell high-quality titles through mobile apps.
U.Today: Let’s move to GameFi. What do you think about the current status of the segment? Will the players be back?
Stepan Sergeev: Players have not disappeared; rather, speculators have. After the golden age of Axie Infinity, we entered a phase focused on discovering unique concepts that can attract players with engaging gameplay, moving away from the “invest-and-run” approach. We’re witnessing tremendous growth in funding rounds and remarkable examples of Web2.5 projects like GunZ.
U.Today: In the coming 10 years, will GameFi replace traditional games for smartphones? What are the catalysts and obstacles?
Stepan Sergeev: I believe GameFi will evolve into a successful niche, but it won’t be a direct competitor. It’s more akin to a conditional EVE Online with a real on-chain economy. Traditional titles are already integrating blockchain elements into their game engines. In those cases, this integration offers users an enhanced level of mastery over their items, transforming them into “officially” registered assets.
U.Today: Let’s talk a little bit about Web3 as a whole. What do you think: did we accomplish something in terms of onboarding normies into crypto?
Stepan Sergeev: When examining simple crypto adoption indexes, the outlook appears promising, with a chance to surpass 10% of the total population soon. Stablecoin adoption has always been crucial for me, serving as a vital link for Web3 to reach regular retail users. Recently, we witnessed the successful IPO of Circle (USDC) and the introduction of USDT’s SDK for payment solution. All of this is driven by improvements in regulations; without them, we would still be facing significant hurdles.
U.Today: What use cases for Web3 are the most inspiring for you, from today’s perspective?
Stepan Sergeev: For me, the goal has always been to eliminate intermediaries. This is particularly vital for those who travel frequently or live in countries with unstable financial systems. Web3 provides a refreshing alternative, allowing individuals to escape dependency on specific banks or payment systems that could suddenly become inaccessible.
U.Today: We can’t ignore the elephant in the room. Does AI really need synergy with blockchain — and how can this be accomplished?
Stepan Sergeev: I view AI as merely a tool, as in other areas. In the context of smart contracts, it enables the development of remarkable use cases, especially in the RWA. I believe that combining the Web3 sandbox with AI-powered automation and creative capabilities can yield extraordinary results.
U.Today: Let’s wrap up our talk by touching on the sphere of investments. What are the dominant trends here?
Stepan Sergeev: As always, the landscape is continuously evolving. Following the listing of GameFi’s Gunz, I observed a surge of interest in Web3 games. After Circle’s IPO, there was an immediate influx of investments into stablecoin startups. However, top-tier funds tend to adopt a broader strategic perspective and focus on foundational concepts rather than temporary hype. I still see significant growth potential in the wallet sector, where the competition centers around the percentage of transaction fees collected from various forms of crypto payments and user acquisition.
U.Today: Regarding the previous 2-3 years, which VC fund looks the most successful to you?
Stepan Sergeev: Generally, I would refrain from commenting on the success of a particular Web3 foundation. Although the pace of startup development in Web3 differs, we have yet to experience a full 6 years of VC activity. Meaningful conclusions can only be drawn in 3-4 years.
U.Today: What would you recommend to projects looking forward to their first fundraising effort?
Stepan Sergeev: If you haven’t graduated from Stanford and don’t have connections to provide you with a F&F investment and introductions to funds, your path will be challenging. Despite the availability of capital in the market, investors are quite selective. My straightforward advice is to reach the MVP stage by any means necessary. The most effective approach is to present something tangible, even if it looks basic. Selling the idea of a fabulous unicorn proves to be much more difficult.
U.Today: Last question: What’s your bet on this crypto cycle?
Stepan Sergeev: Follow the money. Opportunities are found where there is a consistent flow of resources. A stable flow typically occurs where there is market fit, which is often seen in wallets, protocols, and games.
