The Challenge of NFTs for Business Explained at the Paris Blockchain Week Summit

The Paris Blockchain Week Summit ended about a month ago, leaving memories of an exciting blockchain show. Bringing together all the big names in the global blockchain ecosystem, this show was an opportunity to discuss various topics related to this environment.

However, one technology in particular has been able to hold its own: NFTs! Let’s take a look at the arguments to justify this craze and how companies should use this emerging technology.

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The Paris Blockchain Week Summit took place on April 13-14 at the Palais Brongniart in Paris. The event was of such magnitude that the figures obtained speak for themselves. Indeed, it is almost 3,000 blockchain professionals, 250 speakers, 100 sponsors and 100 media partners that Chain of Events, the organizer of the show, has brought together in the heart of Paris.

The program of these two days, preceded by the Paris NFT Day, met the expectations of those present. Indeed, the event was articulated around 4 main themes namely business and the blockchain, decentralized finance, the technological revolution of blockchain and the close relationship between blockchain and regulation.

The Paris Blockchain Week Summit was therefore an opportunity for blockchain professionals to meet to discuss common issues, but also the development of their projects. Many conferences with quality speakers were able to cover almost all the important topics of the ecosystem and led to interesting debates about these technologies. We return to some of the most compelling arguments regarding the use of NFTs for businesses.

NFTs as a community tool for companies

The word to remember to describe the importance of NFTs to businesses is community! Indeed, the various panelists explained to what extent web3 culture and NFT technologies are community tools beyond their innovative aspect.

Grégory Boutté, of the luxury agency Kering, expressed the real need for companies to come and embrace this culture to discover its codes. You have to understand the challenges of these technologies and the digital ownership aspect they introduce to create a new way of consuming, centered on the user. Today, NFTs do indeed add a layer of identity to a digital product.

Let’s take the example of the Bored Ape Yacht Club, a very limited group of NFT Bored Ape holders. Some people criticize the high price of NFTs in this collection, currently around 100 ETH for the cheapest. However, owning a Bored Ape means being part of a community of web3 technology enthusiasts. The members of this group exchange tips, share innovative ideas and reflect together on business ideas to bring out. NFTs are therefore, in this particular case, but for many other applications, a vector of community membership that must be exploited.

Few companies today have understood the potential of NFTs

Like any new technology, its widespread adoption will take time. Among the conferences we were able to attend, the need for evangelism and information constantly emerged. You who are reading this article, you are in a learning process that will only help you better understand the challenges of these technologies. Educating about the potential of NFTs and explaining how they are a digital revolution will be essential for their wider adoption. We have seen the rapid development of various web3 agencies in recent years to perform exactly this task and their number is likely to only increase in the coming years.

The Paris Blockchain Week Summit was packed with blockchain personalities and quality speakers. For our greatest pleasure, we have been able to listen to the highlights of this ecosystem debate on these topics of the future. In summary, it is necessary to understand the importance of NFT, especially in terms of their community aspect. These tools, according to the panelists who attended the show, are the next vectors to unite a community and propel a brand. However, their adoption will only take place after a collective awareness of their revolutionary aspect.

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