NFT NYC 2023: No drills, but lots of innovation and community
NFT NYC is a collection that continues to evolve. NFT NYC 2023, compared to last year’s event, certainly had a more organized feel and instilled a sense of calm against the frenetic energy of previous years. What was on display, given the bear market, were the sparsely populated hallways and meeting rooms – despite a full line-up of qualified panelists and attendees.
NFT NYC 2023 – even against this bearish backdrop and missing key players like Bored Ape Yacht Club and their signature “Apefest” event – confirmed that the NFT market remains full of innovation and long-term
potential.
While industries, such as finance, continue to adopt NFTs and new projects emerge, there are reasons to be optimistic about the future of NFTs and the crypto market as a whole. Nevertheless, investing in this forward-looking market requires a degree of caution.
Innovation and growth: topics du jour
NFT NYC 2023 featured a number of innovative projects and platforms, such as Adidas’ #ALTSbyadidas ecosystem and the Genesis NFT drop, which showcased the impressive growth and creativity of the NFT ecosystem. Nile, for example, presented interactive virtual worlds, while other projects highlighted AI-generated art. This impressive display of innovation highlighted the growing importance and maturity of NFTs across the creative and technology industries.
“The sense of community was stronger this year compared to previous years,” said Rob Volovets, Client Solutions Executive of BairesDev. “Headwinds in the market generally lead to companies scaling back on innovation and focusing on their core competence. That said, the energy in the room and the level of optimism that there will be a resurgence and wider use of NFTs was undeniable by the show’s attendees.”
While there were more vacant seats than last year, those in the hall persevered and showed their support.
Web3…but first Web2.5
Security was also another hot topic at NFT NYC 2023. Those who have experienced a crash or security breach recognize the importance of maintaining privacy.
During the future track panel discussing safer NFT marketplaces, Jordan Calinoff, VP of Strategy for Horizen Labs, said something that really resonated: “We are now entering a phase of Web2.5, where closed marketplaces will allow people and brands to introducing their customer base to the concept of digital assets and the Web3 world.”
Given how traditional Web2 companies are, especially those enterprise players, Jordan added: “In the next 10 years, this shift will fundamentally change the way we think about value and how we do business with each other. This underlines the need for increased safety and security measures.”
More education? Yes please
The event also featured people dedicated to providing education, not just to those currently within the ecosystem.
I had the pleasure of speaking with Elizabeth Sullivan, the author of The Three Little PFPs, a children’s book that aims to introduce the youngest readers and industry explorers to Web3 terminology. I received a signed copy of the book from Elizabeth and shared it with my own children aged nine and eleven. They were excited to learn about the metaverse, bear markets, and other concepts covered in the book.
In recent years I have noticed a gap in education for people who are not actively engaged in NFTs or the wider market. Elizabeth’s book has the potential to educate many people. This includes those who will play a crucial role in transforming the industry in the future and shaping the Web3 of tomorrow – but may not yet understand that our work extends beyond just working on a computer.
While the NFT market is still in its infancy and growing to maturity, it is important to recognize what is working and what is not. Community has always been a key component of the industry. In a less crowded gathering, the community’s role was even more important and clearer.
As the industry evolves, it is possible that the insights gained from events each year will lead to better and more rewarding experiences for those who attend future events.
For now, the biggest takeaway is that we operate firmly in Web2.5. We have a long runway for Web3, and we’re still figuring out exactly what that means. The future is bright and the cold winter days will (hopefully) soon be behind us.
Next: Consensus 2023. See you there!
Kelly Ferraro is an events columnist at Grit Daily. She is the co-founder, CEO and president of River North Communications and has two decades of experience as a communications and TradFi professional. Having previously worked at Bank of America and Guggenheim Securities, she is well equipped to design and implement media campaigns that align with business objectives. Kelly began her career at a hedge fund, developing a love for numbers as they told a company’s true story. She is also passionate about the blockchain evolution and believes transparency is the key to widespread adoption.
