The challenge of NFTs for companies explained at the Paris Blockchain Week Summit

The Paris Blockchain Week summit ended about a month ago, leaving memories of an exciting blockchain show. By bringing together all the big names in the global blockchain ecosystem, this show was an opportunity to discuss various topics related to this environment.

However, one technology in particular has been able to hold its own: NFTs! Let’s see what were the arguments for justifying this craze and how companies should use this new technology.

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The Paris Blockchain Week Summit was held on April 13 and 14 at the Palais Brongniart in Paris. The event was of such a magnitude that the figures obtained speak for themselves. In fact, nearly 3,000 blockchain professionals, 250 speakers, 100 sponsors and 100 media partners, Chain of Events, the show’s organizer, have gathered in the heart of Paris.

The program for these two days, prior to Paris NFT Day, lived up to the expectations of those present. The event was actually formulated around 4 main issues, which are companies and blockchain, decentralized financing, blockchain technological revolution and the close relationship between blockchain and regulation.

The Paris Blockchain Week Summit was therefore an opportunity for blockchain professionals to meet to discuss common issues, but also the development of their projects. Many conferences with quality speakers were able to cover almost all the major topics in the ecosystem and led to interesting debates about these technologies. We will return to some of the most compelling arguments regarding the use of NFTs for companies.

NFTs as a community tool for businesses

The word that should be remembered to describe NFTs’ interest in companies is: community! In fact, the various panelists explained the extent to which web3 culture and NFT technologies are community tools beyond their innovative aspect.

Grégory Boutté, from the luxury agency Kering, expressed the real need for companies to come and embrace this culture in order to discover its codes. You need to understand the challenges of these technologies and the digital real estate aspect they are introducing to create a new way of consuming, focused on the user. In fact, NFTs today bring an identity layer to a digital product.

Let’s take the example of the Bored Ape Yacht Club, a very limited group of NFT Bored Ape holders. Some people criticize the high price of NFTs in this collection, currently around 100 ETH for the cheapest. However, owning a Bored Ape means being part of a community of web3 technology enthusiasts. The members of this group exchange tips, share innovative ideas and reflect together on business ideas to be brought forward. NFTs are therefore, in this specific case, but for many other uses, a vector for belonging to a society to be exploited.

Few companies today have understood the potential of NFTs

Like any new technology, its widespread introduction will take time. Among the conferences we were able to attend, the need for evangelism and information constantly emerged. You who are reading this article are in a learning process that can only allow you to better understand the challenges of these technologies. Informing about the potential of NFTs and explaining how they are a digital revolution will be crucial to their larger-scale adoption. We have seen the rapid development of several web3 agencies in recent years to perform this very task, and their number is likely to increase only in the coming years.

The Paris Blockchain Week Summit was packed with blockchain personalities and quality speakers. We were able to listen to light sources from this ecosystem debate on these issues of the future, to our greatest delight. In summary, it is necessary to understand the interest in NFT, especially with regard to their societal aspect. These tools are, according to panelists present at the fair, the next vectors to unite a community and drive a brand. However, their adoption will only take place after a collective awareness of their revolutionary aspect.

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