Web3: What to remember from the last edition of the Paris Blockchain Week Summit!

While not a day goes by without hearing about cryptocurrencies, NFT, metaverse or even Web3, the Paris Blockchain Week Summit (PBWS) is an opportunity for the industry to meet major European activity in the sector. A final edition marked especially by the return of physics at the Palais Brongniart in Paris after a few 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 set up a set on site to cover the event as much as possible. Can’t be there this year? We go back in detail to the key elements to remember to follow the growth of a changing market.

NFTs and the metaverse, new stars of the show this year

The organizers of PBWS took pride in this year’s NFTs with a fully dedicated day called Paris NFT Day. An NFT concept that we find closely linked to the metaverse. Many conference sessions provided a better understanding of the reality of the land of actors building around NFTs and metaverses on a daily basis.

The ecosystem emphasizes the vision of an open metaverse

Speaking of the metaverse, during the conference sessions, the war was coming up between the “Big Tech” players launching the GAFA vision of Web2 against the “blockchain” players promoting a open metaverse based on decentralization and digital ownership. The opportunity for representatives of TheSandbox in particular or even RTFKT to explain why the second option is one that allows us to reshuffle the internet cards we know today by proposing a transfer from from Web2 to Web3.

Source: @PBWS

NFT markets are growing and need to establish Web3 practices

Consistent with these conversations, we also observed during the show the proliferation of NFT markets making it possible to buy and sell these non-fungible tokens. The question that has arisen in the past is the even more important role that these actors play in thinking and creating the Web3 behavior that is being established today. The stakes here are to create a new platformization model, with the goal of not just copying the intermediation model we knew until then.

Building a community is a unique skill

“Community is the key” here is one of the lessons of the NFT show, the actors on site were able to explain to us that 80% of their efforts are centered on building strong and committed communities. An essential pillar for the success of an NFT project. Justin Aversano (Founder of Quantum Art), Mohsen El-Sayed, Drew Austin (Greenfeld; Founder; Knights of Degen) explain to us how building a Web3 community requires the use of unique codes and cultures.

The world of art and music: fertile ground for NFTs

NFTs and the art world have been closely intertwined since Beeple’s record sales democratized the very concept around the world. This is the entire art sector that now uses the support of NFTs to invent and reinvent digital art. Famous actors had the opportunity to speak on the topic 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 slouch when it comes to NFT’s share of the market. Even if musical digital assets are still behind graphic digital works, the potential for growth appears to be even more promising, as the support of digital assets allows artists to become their own platform and thus reshuffle the revenue generation of the sector.

NFT and DAO, new forms of ownership and organization

Luiz G. Ramalho (founder @Fingerprints DAO), Liat Aaronson (Co-Founder & COO of Horizen Labs), Benjamin Rameau (Jenny DAO), Alex Taub (Co-Founder of Upstream DAO), Mohsen El-Sayed intervened to present if how DAOs (Decentralized Autonomous Organizations) are in the process of inventing and new work organizations based on decentralization.

Companies have access to blockchain and cryptoassets

The time has come for companies and institutional players to take an interest in the blockchain to study and develop use cases around crypto-assets.

The show is an exciting opportunity to collect feedback from the field of companies that have built concrete cases of blockchain use. Andrei Semenov (CONA Services – Coca Cola), Lionel Chocron (Hedera), Rajesh Dhuddu (Tech Mahindra) spoke at a conference to explain how companies ensure that data shared on blockchain networks is shared with good users. stakeholders, and despite the use of public blockchain networks, data confidentiality is guaranteed.

Source: @PBWS

Another topic of discussion addressed during the conferences, was the topic of accepting cryptoassets by companies to democratize the use of cryptocurrencies as a means of payment. A trend that seems to be getting stronger now, especially in the world of luxury with Gucci, which recently announced that it will accept crypto payments in its stores.

Finally, the topic of cybersecurity related to the development of blockchain applications is also central to the issues raised. A topic on which Laszlo Szabo from Skillz was able to speak, having recently changed his name to what is now called Kiln.

Particularly represented is the sports industry

Sport, crypto and NFT offer a cocktail that will last for months. It is important now to note that the marriage between these two worlds would go beyond the simple sponsorship contracts worth a few hundred million dollars that we see in F1, or for the name of the stadiums.

At the turn of the conferences, we see Patrick Mouratoglou, the former trainer of star tennis player Serena Williams. He was able to explain how he used NFTs to make it possible to spend the careers of the best players in his tennis academy.

Crypto also appears to be the new essential tool for fan participation through fan tokens, which is growing exponentially! Alexandre Dreyfus, the boss of Socios was at PBWS to explain how the Chilliz blockchain -based application allows for value creation, connection and commitment between fans and club.

A PBWS edition of the richest, showing that the crypto ecosystem is moving forward and achieving growth beyond mere speculation!

Cryptocurrencies and NFTs have always been chosen for their high volatility and the speculative appeal created around these new assets. Made possible by PBWS to show that behind the hype and the effects of advertising, the sector is truly evolving with a real structure. Elements that now allow traditional companies to take an interest in a paradigm shift between Web2 and Web3, where the use of NFTs and cryptocurrencies appear to be obvious and a new tool with high that added value, which a few years ago, it’s still hard to see what blockchain technology can really bring.

Use cases are on the rise now, bringing many opportunities to the market that players are now starting to translate. A decryption and demystification of the issues on which PBWS and NFT Day are increasingly involved this year! We hope this debrief will allow you to mark the key points of this year’s show and we look forward to covering the next edition so you can observe how the market has evolved in the past!

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