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

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 major European event in the sector. A last 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 set on site to cover the event as closely as possible. Couldn’t be there this year? We return in detail to the major elements to remember to follow 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 an entirely dedicated day called Paris NFT Day. A concept of NFT that we have seen closely linked to that of metaverse. Several conference sessions provided a better understanding of the reality 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 that is looming between the “Big Tech” players who are rolling out the GAFA’s vision of Web2 versus the “blockchain” players who advocate 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 that we know today by proposing a transition from Web2 to Web3.

Source: @PBWS

NFT marketplaces are proliferating and must build Web3 ethics

In line with these conversations, we were also able to observe during the show the multiplication of NFT marketplaces which make it possible to buy and resell these non-fungible tokens. The question that then arose is that of the extremely important role that these actors will have in thinking about and creating the ethics of Web3 that is being built today. The stakes here are indeed to build a new model of platformization, with the aim of not simply reproducing the model of intermediation that we knew until then.

Building a community is a singular expertise

“Community is key” here is one of the lessons of the NFT show, the actors present on site were able to explain to us that 80% of their efforts were concentrated 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 appropriating 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 very concept on a global scale. It is the entire artistic sector that today uses the support of NFTs to invent and reinvent digital art. Renowned actors have 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 no slouch when it comes to talking about NFT in the market. Although musical digital assets are still lagging behind graphic digital works, the potential for growth appears to be all the more promising, because the support of digital assets allows artists to become their own platform and thus reshuffle the revenue generation in the sector.

NFT and DAO, new forms of ownership and organization

Luiz G. Ramalho (founder @Fingerprints DAO), Liat Aaronson (Co-Founder & 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 in the process of inventing a new work organization based on decentralization.

Companies are getting into blockchain and cryptoassets

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

The show was an exciting opportunity to gather feedback from the field of companies that are 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, data confidentiality was guaranteed.

1654205902 78 Web3 What to remember from the last edition of the
Source: @PBWS

Another topic of discussion addressed during the conferences, the subject of the acceptance of cryptoassets by companies in order to democratize the use of cryptocurrencies as a means of payment. A trend that appears increasingly strong today, especially in the world of luxury with Gucci, which recently announced that it will accept crypto payments in its stores.

Finally, the subject of cybersecurity in connection with the development of blockchain applications was also at the heart of the issues raised. A subject on which Laszlo Szabo from Skillz was able to speak, who has just changed his name to now be called Kiln.

The sports industry particularly represented

Sport, crypto and NFT have been offering a cocktail that works for several months. It is now important to note that the marriage between these two worlds goes beyond the simple sponsorship contracts worth several hundred million dollars that we can see in F1, or for the naming of stadiums.

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

Crypto also appears to be the new essential tool for fan engagement through fan tokens, which are developing at breakneck speed! Alexandre Dreyfus, the boss of Socios was present at the PBWS to explain how the application based on the Chilliz blockchain allowed to create value, connection and commitment between fans and clubs.

An edition of the PBWS of the richest, which demonstrates that the crypto ecosystem is moving forward and achieving growth that is not just speculative!

Cryptocurrencies and NFTs are often singled out for their high volatility and the speculative appeal generated around these new assets. The PBWS made it possible to show that behind the hype and the announcement effects, the sector was truly changing with a real structure. Elements that today allow traditional companies to take an interest in a paradigm shift between Web2 and Web3, where the use of NFTs and cryptocurrencies appears as obvious and a new tool with high added value, where some years ago, it was still hard to see what blockchain technology could actually bring.

Use cases are multiplying today, bringing many opportunities to the market that players are now beginning to decipher. A decryption and demystification of the issues in which the PBWS and the NFT Day will have largely participated this year! We hope that this debrief will have allowed you to note the important points of the show this year and we look forward to covering the next edition for you to observe how the market will have evolved by then!

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


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