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I’ve just returned to Singapore from last month's NFT Paris, the first edition of a major industry event that follows the successful NFT NYC.
As a founder of Metabay.co, a platform aiming to restore proximity between creators and fans leveraging blockchain properties, I came to meet new partners, connect with existing ones, and gain inspiration from fellow innovators and talents in the space, and left with valuable insights into how the space is developing and growing.
Inclusive community
The first thing that struck me was the diversity of attendees at the event. The NFT community sits at the intersection of artists, degens, entrepreneurs, techies, and individuals from many other backgrounds, which makes this space truly magical. The company booths ranged from blockchain neuroscience to UFC fantasy games, demonstrating the breadth and inclusivity of this community.
The Web3 community is unique in its celebration of individuality and self-expression, as attendees were dressed in a wide range of styles, from sweatshirts with NFT collections to double sunglasses and robot cosplay. This added to the inclusive and fun atmosphere of the event. Unexpectedly, I connected with serious leads for Metabay.co, such as sports agents, whom I would never have envisioned meeting here.
Art still is a big theme
NFT adoption started with art and generative art, but was quickly followed by many other applications, such as the one we described earlier.
However, to my surprise, art was still largely represented at NFT Paris. Half of the hall was occupied by art and artist corners, all of them innovating in Web3, bridging real-life and digital art or using dynamic NFT to make their work more interactive.
Shift from opportunists to builders
I was pleased to see a shift away from "cash grabs" and overnight success projects. As the industry has matured and the hype has died down, the focus has shifted to creating real-world use cases and building products that are designed to last.
Instead, at NFT Paris, I saw serious builders who are true believers in technology and have a long-term vision for its potential, like us. These builders are not limited by any one industry or vertical; they are exploring the full potential of blockchain technology and what it can do for the world.
As an entrepreneur familiar with various technology applications, I was impressed by the high level of innovation on display at the event despite crypto winter. Among the many impressive projects, a few stood out for me and showcased the full potential of Web3.
- Tropee, a project that strongly emphasizes community building – a key aspect of Web3. Their platform facilitates the management of utilities through the creation, discovery, and collection of NFTs. Notably, the platform not only allows creators to design utilities, but also enables community members to create utilities for one another, fostering collaboration and shared success.
- Partouche, a traditional casino and resort group based in France, has embraced Web3 by launching NFT collections that offer exclusive perks within their establishments. This move has helped the company reach a new audience and appeal to a younger generation of customers.
- Another standout project is Cometh, a blockchain game company that has created an exciting galactic strategy game where players assume the roles of spaceships for play-to-earn space battles. In just 8 months, their beta game has already reached 700,000 sessions!
Those conversations I had showcased the vast array of profiles and missions within Web3. Despite this diversity, there was a common theme that bound all these projects together: an infectious excitement for building in this space. It still seems so early in terms of growth and potential!
Blue-chip collections are extremely active
Community is a strong word here, and blue-chip NFT collections that have paved the way for the NFT space are still alive. Collections like BAYC, DeGods, Pudgy Penguins, CloneX were well represented in their presence at the event.
Also, the founders of those collections made the trip to Paris to talk on stage and were extremely approachable on the sidelines. Many had the opportunity to take their picture and have a chat with Greg Solano (BAYC founder) or Luca Netz (Pudgy Penguins CEO). These projects also hosted side events and parties and I was lucky to attend the one by DeGods and Pudgy Penguins on a boat rented out on the Seine River.
Such parties are more about fun than networking, as it represents a rare occasion that the community, which usually meets online, can get together in real life. Once again, founders were busy engaging with the attendees and it really created a sense of belonging to a strong community, which is the strength of those projects!
Hot trends
As I listened to teams present their promising use cases of the technology, I picked up on three main themes shaping the NFT space: utilities, games, and dynamic NFTs.
- Utility is a word used by most projects – it's about time! A project's utility makes it more tangible. It’s much less about utilities in the metaverse, and much more about real-word applications. Ultimately, no single project was pitching about being a speculative asset.
- NFT games are positioned as a strong utility for many projects. Even for projects that do not have a game at its core, most tried to gamify the offering, creating a new level of engagement with the users.
- Dynamic NFTs were providing a new dimension to the collectible aspect, keeping the holder invested and creating a unique experience that was constantly evolving. Creativity usages seem endless.
For all use-cases, the feeling was that the industry was only scratching the surface of how the technology could applied. While some of these use cases from the companies mentioned above are already showing promise and gaining traction, the challenge remains to seamlessly integrate them into our daily lives.
Hence what I’m looking forward the most is seeing how the companies, including ourselves at Metabay.co, will evolve and keep innovating next year or into other events!
Maxime Berger is a seasoned entrepreneur based in Singapore since 2018. After being 2x cofounder of tech and crypto companies, he launched Metabay.co, a platform that aims to reinstate proximity between content creators and their community through blockchain technology. He is actively building in the web 3.0 space to bring NFTs mainstream and seamlessly integrated in our everyday lives.
