NFT.NYC’s Top 10 Trends

A report by Marc Horgues and Adrien Susini from the agency OK C’est Cool.

While the microcosm of advertising was on the Croisette last week and the party was in full swing for the return of the Cannes festival, another event took place from June 20 to 23 in the city that never sleeps: NFT.NYC.

Following its recognized success last year, 15,000 people from the web3 ecosystem gathered in the heart of Time Square for 3 days of conferences, meetings and parties. With more than 350 parallel events, the whole city vibrated to the rhythm of the large collections for a week. But this year, unlike the previous edition, the brands were present at the party and at the heart of many conversations.

OK C’EST COOL believes that these new areas will enable brands to discover new ways to communicate, engage communities and innovate with increasing creativity.

The desk of Marc Horgues – one of the guests of our show dedicated to the metaverse – and Adrien Susini were also on site. Here is their decoding of the top 10 trends observed this year.

1. Fear of bear

“NFT are the most successful products since the launch of the smartphone. †
David Pakman

It was the shadow that hung over all conversations: the bear market. This term, unlike the bull market, announces a bear market. Indeed, the fall of cryptocurrencies is having a real impact on all players in the sector, and NFTs are not spared. An important fact to remember: even if the market falls in value, it does not decrease in volume. Simply put, people continue to buy and invest in NFTs even though they are worth less than before. And with an average spend per user of $929 per year, the market still looks promising.

Can brands get out of the game? We believe that they can be the big winners in this period of trouble by adopting a long-term strategy, focused on participating in ecosystem building, by relying on the full power of their presence in the physical world.

2. Safety is key

Freedom and responsibility also share two sides of the same coin.
Mo El-Sayed, content lead, Ledger

This concern of brands is justified: in a deregulated industry, it is dangerous to onboard consumers who are not very aware of the risks of this environment. The keynote from Ledger, the French leader in physical keys to secure your wallet and digital assets, was eagerly anticipated.

Several big announcements have been made, from the launch of their marketplace, as well as their crypto card, to their education program (nice idea than learning-play-earning), as well as a stronger emphasis on their brand support solution. A very good example to follow in the field of pedagogy for companies entering the world of NFTs.

3. Nut first

“The next phase is utility and real-world experiences. †
Ivan Soto Wright – Co-Founder of Moonpay

There is still speculation, but we feel a clear change with the arrival of recognized brands: the ambition to “flip”, ie to sell quickly to make a profit, is less present when we are sure of an advantage. being a member of an NFT community. And brand experiencesor even physical products, are clear benefits that brands can take to consolidate a solid and committed community over the long term.

So many discussions have addressed this issue of usability and this bridge with the real world: retail, virtual commerce, brand experiences, partnerships and co-creation… Fundamentals that we have always asserted on our side, but of which he is increasingly echoing and more ubiquitous.

4. Web2.5: the solution?

Buying an NFT should be as easy as buying your favorite pair of sneakers online. †
Raakhee Miller

What if the key to onboarding new users was the best of both worlds? this is what Raakhee Miller, CEO of Mojito, by evoking this idea of ​​web2.5, enabling a facilitated experience thanks to identifiers associated with an email or a purchase with a classic credit card, while being hosted on the blockchain and a wallet . Several actors are working on this overlay that will allow for simplified access, even if it means somewhat sacrificing the initial ideal of decentralization.

Moonpay, known so far for enabling the implementation of credit card payments, has announced: his service called Hypermint, simplifying the creation of large collections (up to 100 million NFTs at a time). Fox Corporation and Universal Pictures are already customers of the company. And it is by no means the only major player working on these kinds of solutions.

5. Values ​​for Value

“You can’t engage with communities if you don’t have values. †

Several speakers returned to the spirit that animates the world of NFTs. There has been a real change in the way the community is approached, and bringing the web3 ethos forward seemed important to many.

Essentially, it’s about finding a way to return power to the community, by providing the keys so that the members themselves become value creators. And it is this vicious circle that is interesting to explore. We go from a model User Generated Content until content owned by users but this new balance also rewards the brands that make this change possible.

As Ian Feiner says: Freckle interactive“The future of advertising is owned by giving the data, paying attention to gaming and rewarding participation. †

6. Tool Wars

“We need to focus on building the infrastructure. †
Ivan Soto Wright

Parallel to the conferences, many start-ups came to present their solutions. And if some stand out, many of the tools on offer often have similar functions: specific wallets, payment in classic currency, new generation CRM…

For brands, then, the question of use arises: fit the industry codes by offering a “classic” experience, even if that means terrifying newbies, or take the gamble on democratization, but with tools that are still underused . †

Rather, the real question will be to see which will survive this complicated year, in particular by succeeding in attracting large companies capable of supporting their growth. And to guide the use of the entire sector.

7. Metaverse again and again

“Metaverse is a buzzword, but it will come. †
Sébastien Badault, VP Metaverse at Ledger.

For brands, the metaverse remains an essential element in their vision of web3. Where blockchain maximalists seem less interested, the immersive and experiential uses promised by this future world resonate in most speeches from industry players. This is what Olivier Moingeon, co-founder of Exclusible reminds us, reminding us that the metaverse is nothing new, it’s always a question for brands of ” Enriched creativity, protecting your IP and experiences”.

In a lecture hosted by Ledger, we also noticed certain differences in vision, depending on the sector. For Nelly Mensah (Head of Web3 and Metaverse at LMVH), the metaverse is indeed an extension of what brands can offer their customers, from awareness to sales, via experience or retail. Facing her, Kai Henry, CSO of FaZe Clan, unsurprisingly defends a vision inspired by his gaming universe, where the metaverse would be an iteration of gamification. The Sandbox, between the two, tries to bridge the gap to reconcile these two worlds.

And even if we think nothing is incompatible, it’s certain that many players are working to build the metaverse the way it suits them, even if it means imposing their choice.

8. The AR Spectrum

“AR is the next frontier for consumers. †

Many argue it: augmented reality promises to become a vector of mass adoption across industries. One of the first to be involved is, of course, virtual fashion.

Stefano Rosso, CEO of OTB Group, shares with Enara Nazarova and others the belief that augmented reality glasses will enable everyone to embody their virtual identity on a daily basis. The use cases are still thin, but the trend is well established and the technology is maturing. This battle between AR and VR reflects the clash of the market giants and two opposing views of the metaverse, albeit complementary. And the NFTs are the components that make it possible, thanks to the ownership of its assets, to be unique and thus to control its digital identity.

9. Dynamic Technology

“NFT is just a container, they can hold, but they also have to respond. †
John Chuo

We’re finally starting to hear about it: dynamic NFTs. While we believe they can indeed reinvent the experiences on offer, several speakers spoke about the value of scalable technology. Gaming can offer characters that grow in strength depending on the time you spend playing, digital fashion is a huge creative playground, and other players are thinking of more concrete applicationssuch as NFTs linked to bitcoin price quotes, so that the value and appearance change incrementally.

This is just the beginning of what is possible to develop, because for brands, we believe that the customer relationship can be transformed and individualized through these processes, but also that a dynamic NFT can provide a fun and interactive and differentiate itself from the usual projects.

10. web3 brands

Parallel to all these theoretical considerations, very concrete festivities took place: those of the largest NFT communities. From Bored Apes to Azuki through Doodles and World of Women, they all competed for creativity to offer their members a unique moment. The Monkey Party was the place to be, World of Women offered a Madonna show at her party, Doodles unfolded his universe through playful installations to create his NFT, Azuki continued his stories in a place in his image…There’s no doubt that brands born in web3 have a significant edge in creating experiences and strong community moments, and this won’t stop when we see the latest productions that raise questions of intellectual property, such as the latest clip from Eminem and Snoop Dogg. And the traditional brands that will succeed will undoubtedly do so by forging the necessary partnerships with these ubiquitous collections and their unparalleled clout.

Conclusion: we are still early

This sentence, repeated many times, is very true indeed.

The numbers are telling: there are only 40 million monthly active wallets in the world. And yet it is more than a basic trend: 41% of cryptocurrency owners made their first purchase in 2021.

This is also what makes the interest of this environment: a real facility to meet, exchange and collaborate people, as well as a mixing of very different personalities and a genuine excitement at the idea of ​​creating these new cultures together. † Because parallel to the conferences, NFT.NYC is of course also the moment of meeting of all these communities, finally physically reunited after sharing so much virtually.

And if all these discussions allow us to have a real inventory, our concerns often align with those of other “builders”, who lament the lack of imagination and innovation. FOMO forces you to produce quickly, but not necessarily well. And it is precisely in this area that we know that brands can take effect: by not forgetting the foundations of communication. Storytelling and ideas, with real care for production, here’s the recipe to stand out in today’s landscape.

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