Roy Kek says Web3 is still an attention economy and a real bull market needs retail participation

Roy Kek, co-founder and CEO of EMERGE Group, said at a panel during GWDC 2026 Korea that the narratives that broke out in previous crypto cycles all shared one trait: ordinary consumers could understand them. In his view, Web3 remains an attention economy, and narratives centered on institutions and real-world assets may sound compelling without being easy for mainstream users to grasp. Kek said he is optimistic about projects that combine AI short-form drama with on-chain distribution platforms. He also argued that in the AI era, technical moats have largely disappeared, with products now able to go live in as little as two days. That shift makes distribution the key differentiator. He broke distribution into three layers: capturing attention, reaching the right target users, and converting those users into paying customers. Comparing the current market with the previous cycle, Kek said almost everything has changed and liquidity is thin. He added that founders with distribution channels and early user networks will continue to hold an advantage. Looking ahead, he said the next catalyst still comes down to liquidity, and that the industry cannot rely only on institutional capital if it wants retail to return.