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Web3 a hot topic at SXSW despite bear market and declining interest in NFTs

Web3 was a major theme at SXSW 2023, yet previous hype around NFTs and building during a bear market may be contributing factors to Web3 adoption.

Last year, giant rabbits in fashionable clothes stood next to animated characters with Tianhong in their mouth, ranked on the street south-southwest (SXSW). This is mainly because there are two new items that cannot replace dynamic password (NFT)-Doodles and Fluf World dominate SXSW 2022.

However, such projects are nowhere to be found on SXSW 2023, indicating a lack of interest in NFT this year. But it's not surprising. With the reduction in the price of data encryption, coupled with the decline in NFT prices and transaction volume, it seems that very few new projects are devoted to digital collections. In turn, SXSW 2023 was swallowed up by touting the big Web3 brand and consulting management companies.

Brand discusses Web3 Development Strategy on SXSW 2023

Avery Akinini, chief executive of Vayner3, a Web3 consulting management company founded by Gamortinichak, told Cointelegraph,Web3 that it had moved beyond its novelty to the implementation of its development strategy, which is why the technology has become a hot topic among SXSW business leaders this year. She said:

Web3 technology enables highly secure, fully transparent and more efficient software, potentially revamping areas from financial services to health care to social networks. Increasing enthusiasm for Web3 is important because it means moving on to the next Internet era, which is more immersive and personalized for consumers.

Akkineni added that, in her view, every brand should take the time to master Web3 and make decisions. "Brands use Web3 in a variety of ways, from building community ownership to implementing a distributed ledger supply chain management system," she said. "

In order to deal with this correctly, Vayner3 and the cryptocurrency exchange Coinbase held an afternoon tea during the SXSW period, which mainly included a group discussion entitled "the Future of Web3 and customer participation: how brands stay ahead".

Rachel Weiss, senior vice president of L's venture capital firm, a development strategy venture capital firm, pointed out in the study that Web3 allows the beauty industry to allow "beautiful rights to use." She said:

What does "Web3" mean for the economic development of new creators who are closely around beauty? With the application of this new technology, what will be a new look around beauty? What are fans like as a brand? These are the things that I think Web3 will enhance. It will provide a new form of activity for the next generation of beauty and skin care users, making what you build on Web2 a steroid hormone.

It is worth mentioning that Bold Ventures recently announced an investment in Digital Village, a start-up in the United States, to help brands build digital identities and assets in the virtual world. In addition, L'Or é al's subsidiary NYX professional makeup products were integrated into sandboxie's game last year, showing a three-dimensional makeup look on Wechat avatars, enhancing the definition of customer ownership.

But while Stony is excited about the potential of Web3's S-change beauty industry, Samsung NeXT head Peter Lee mentioned in the discussion that Samsung's portfolio companies and partners are still waiting for ChatGPT to exceed Web3 "all the time." He said:

I think ChatGPT is a page that everyone only knows, but that is after years of basic scientific research and product marketing experiments. I think the same thing is happening now. You have seen a lot of attempts, especially in brands, to participate in Web3. But I don't think people found ChatGPT at that moment.

However, this obviously did not prevent enterprises from participating in Web3-themed activities. For example, Coinbase has more business processes in SXSW, focusing on the recent release of Wallet-as-a-Service (commonly known as WaAS) products.

Leonard Law, head of Waas merchandise at Coinbase, told Cointelegraph,Waas that the goal was to deal with one of the key troubles of choice: the wallet. Lao stressed that because of the large-scale existence of Web3, it is very important to present WAAS during the SXSW period. "the goal of WAAS at SXSW is to combine the right technology with the right brand and to help the brand create a strong, close relationship with their customers," he said.

Lao explained that WAAS makes the whole process of logging in Web3 wallet very easy for end users, because the account password is the only element needed to browse Coinbase's Web3 wallet. "easy access will reduce the entry threshold for customers, and then open the Web3 experience to the outside world."

Many official SXSW 2023 working groups focus on Web3 solutions. For example, there was a working session called "Building an Open Virtual World", which mainly included a conversation with TimmuT ó ke, CEO and founder of Ready Player Me, Ready Player Me, a virtualization technology service platform dedicated to interoperability.

After the study, T ó ke told Cointelegraph that virtual worlds are an integral part of Web3 because so many people spend their time in virtual worlds. Brands are interested in creating business processes in the virtual world, he explains. "I have seen people selling virtual assets in games or virtual worlds, making billions of dollars a year. Web3 plays an important role because he has completed a set of technologies that will allow customers to eventually own his virtual assets.

The emergence of NFT is small in scale, but it is also very centralized.

T ó ke shows that NFT may have played an important role in Web3 software, making it easier for customers to have digital currency. He shared that because of the current market situation, brands have become more and more cautious about releasing NFT: "they don't want to associate their brand with something that is considered to be of use value or reduced popularity." You saw this mindset when the market collapsed, and many brands told you that they liked the concept of virtual worlds, but didn't want to involve NFT.

While this is supposed to be an objective fact, Nicole Benhamou, founder of marketing agency Beyond Media, told Cointelegraph that although few people on SXSW talk about NFT this year, communities are still gathered because of the previous NFT hotspot cycle:

The existing NFT community street personal collection still provides thematic activities, gossip and group discussions for his holders. We have been talking about the effect for a long time, and we are finally beginning to see what elite teams have been tracking.

Natasha Hoskins, founder of the Social Media decentralized Autonomous Organization (DAO) Boys Club, told Cointelegraph,DAO that she was interested in how to put key Web3 technologies into real life. She explained that the boys' club launched physical lines and digital NFT Drop along with the organization's newspaper, the Boys Club Magazine.

The discussion around NFT has gradually changed from the perfection of PFP [profile pictures] to the effect of being easy to use and easy to use. It's not that beautiful, so it's not obvious in a noisy environment, but this change is a key change for NFT to become a reliable integration of everyday applications, "Hoskins said.

Although the sales market is not good, people are still satisfied with Web3.

In general, taking into account the current market situation and the collapse of Silicon Valley Bank in the United States on the first day of SXSW from March 10 to 2023, it is of special concern that Web3 now has so many holdings in SXSW.

Tara von, co-founder and CEO of Web3 Development Co., Ltd. Co:Create, told Cointelegraph that SXSW was depressed the other day:

"personally, I found it difficult to be present and participate when we worked hard to solve the problem of where a large portion of working capital went and whether we could get it back."

However, Feng stressed that Silicon Valley bank depositors will be protected on March 12, which has affected the living environment of SXSW. "Let's see a lot of the excitement and buzzing that SXSW is famous for," Feng said.

On the login password stock market bear market, Lao explained that real estate developers see the stock market bear market as an excellent opportunity to create a stock market bear market: "this is also the reason to continue to drive a lot of excitement in this area."

by Rachel Wolfson
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.



Tue, 18 Apr 2023