While not a day goes by without hearing about cryptocurrencies, NFT, metaverse or even Web3, the Paris Blockchain Week Summit (PBWS) was an opportunity for the industry to meet at the industry’s most important European event. A final edition marked in particular by a return to physics at the Palais Brongniart in Paris after several months of pandemic, the inauguration of Paris NFT Day, the presence of CZ, the boss of Binance, but also major crypto and generalist media with CoinTelegraph and BFM who had set up a backdrop on site to best cover the event. Couldn’t make it this year? We’ll come back in detail to the key elements to remember to track the growth of a booming market.
NFTs and the metaverse, new stars of the show this year
The organizers of the PBWS have given pride of place to NFTs this year with a fully dedicated day called Paris NFT Day. A concept of NFT that we have seen is closely related to that of metaverse. Several conference sessions allowed for a better understanding of the realities on the ground by the actors who build around NFTs and metaverses every day.
The ecosystem promotes the vision of an open metaverse
Speaking of the metaverse, during the conference sessions, the battle looming between the “Big Tech” players rolling out Web2’s GAFA vision versus the “blockchain” players advocating an open metaverse based on decentralization and digital ownership. The opportunity for the representatives of TheSandbox in particular or even RTFKT to explain why the second option is the one that allows us to reshuffle the cards of the Internet we know today by proposing a transition from Web2 to Web3 .
NFT Marketplaces Grow Fast and Need to Build Web3 Ethics
In line with these conversations, we were also able to observe the multiplication of NFT marketplaces during the show that allow to buy and resell these non-fungible tokens. The question that came up then is the extremely important role these actors will play in thinking about and creating the ethic of Web3 being built today. Indeed, the stake here is to build a new model of platformization, with the aim of not simply reproducing the model of mediation that we knew until then.
Building a community is a unique expertise
“Community is key” here is one of the lessons from the NFT show, the actors who were on site were able to explain to us that 80% of their efforts were focused on building solid and committed communities. An essential pillar for the success of an NFT project. Justin Aversano (Founder at Quantum Art), Mohsen El-Sayed, Drew Austin (Greenfeld; Founder; Knights of Degen) explained to us how community building in Web3 required the appropriation of unique codes and culture.
The world of art and music: fertile ground for NFTs
NFTs and the art world have been closely linked ever since Beeple’s record sales democratized the concept on a global scale. It is the entire artistic sector today that uses the support of NFTs to invent and reinvent digital art. Renowned actors had the opportunity to speak on the subject such as Giulia Archetti (Business Director at Sotheby’s), Inna Modja (Artists & Head of Philanthropy at World Of Women), Agoria (Artist).
The music industry is not slow when it comes to talking about NFT in the market. While musical digital assets are still lagging behind graphical digital works, the growth potential seems all the more promising as the support of digital assets allows artists to become their own platform and thus rearrange revenue generation in the industry.
NFT and DAO, new forms of ownership and organization
Luiz G. Ramalho (Founder @Fingerprints DAO), Liat Aaronson (Co-Founder and COO at Horizen Labs), Benjamin Rameau (Jenny DAO), Alex Taub (Co-Founder at Upstream DAO), Mohsen El-Sayed intervened to present how the DAOs (Decentralized Autonomous Organizations) were inventing a new work organization based on decentralization.
Companies step into blockchain and cryptoassets
It is time for businesses and institutional players to take an interest in blockchain to study and develop use cases around crypto assets.
The show was a great opportunity to collect feedback from the field from companies building concrete use cases on the blockchain. Andrei Semenov (CONA Services – Coca Cola), Lionel Chocron (Hedera), Rajesh Dhuddu (Tech Mahindra) spoke at a conference to explain how companies can ensure that data shared on blockchain networks is shared with good stakeholders , and that despite the use of public blockchain networks, the confidentiality of data was guaranteed.
Another topic of discussion during the conferences was the adoption of cryptoassets by companies to democratize the use of cryptocurrencies as a means of payment. A trend that seems to be getting stronger these days, especially in the world of luxury at Gucci, which recently announced it will accept crypto payments in its stores.
Finally, the topic of cybersecurity related to the development of blockchain applications was also central to the issues raised. A topic that Laszlo Szabo of Skillz was allowed to speak about, who just changed his name to Kiln.
Mainly represented the sports industry
Sports, crypto and NFT have been offering a cocktail that works for several months now. It is now important to note that the marriage between these two worlds goes beyond the simple sponsorship deals worth several hundred million dollars that we can see in F1, or for stadium naming.
At the start of the conferences, we saw Patrick Mouratoglou, the former trainer of the star tennis star Serena Williams. He was able to explain how he used NFTs to fund the careers of the most promising players in his tennis academy.
Crypto also seems to be the new essential tool for fan engagement via fan tokens, which are evolving at lightning speed! Alexandre Dreyfus, the boss of Socios, attended the PBWS to explain how the application based on the Chilliz blockchain could create value, connection and commitment between fans and clubs.
An edition of the PBWS of the richest, showing that the crypto ecosystem is moving forward and achieving growth that is not just speculative!
Cryptocurrencies and NFTs are often distinguished for their high volatility and the speculative attraction generated around these new assets. The PBWS made it possible to show that behind the hype and announcement effects the industry was really changing with real structure. Elements that today enable traditional companies to take an interest in a paradigm shift between Web2 and Web3, where the use of NFTs and cryptocurrencies seems self-evident and a new high-value tool, where it was difficult to see a few years ago what blockchain technology could actually bring.
Usage scenarios are increasing more and more these days, creating a lot of opportunities in the market that players are now starting to decipher. A decipherment and demystification of the themes in which the PBWS and the NFT day will largely have participated this year! We hope this debrief has enabled you to take note of the key points from the show this year and we look forward to covering the next edition so you can see how the market will have evolved by then!