FT.NYC 2022 was a great event with many exciting companies and brands in attendance and many interesting Web3 projects being unveiled. Below are some thoughts and takeaways on what I learned, what I believe will be taking place in the near future, and some of the Web3 issues that companies, content creators, and brands should be paying attention to in the coming months and years:
- Things Are Moving Fast – The speed at which Web3 projects are developing is astonishing. This applies to both the speed at which new projects are being conceptualized and launched, as well as the speed at which existing projects are changing and/or expanding. While the ability to scale quickly is certainly one of the benefits of decentralized technology, it is important that companies and content creators remain thoughtful about their roadmaps. In my opinion, the companies and brands that will ultimately be the most successful will be those that strike the right balance between listening to their communities and trusting in the product and the course that they have laid out internally. Pivoting can be very costly (both financially and in terms of time and ability to go to market) and while it can sometimes be easy to succumb to the voices of a select group of community members, it is important for companies and content creators to really think about how a particular new idea fits into what has been built to date, how it might change the course of things going forward, and most importantly whether it will actually add value to the overall product and community experience before diving in.
- Interoperability – As far as what I believe is on the horizon, two things in particular jump out at me, both related to interoperability. The first will be the continued integration of digital (including Metaverse but not always) and IRL experiences. Some of the most compelling projects that I saw last week are the ones that are combining ways to experience both worlds in unique ways. Whether it is the use of NFTs to provide access to VIP tickets for a live concert experience, IRL minting events for a piece of digital art, or the ability to scan your own face onto your Metaverse avatar, as technology continues to develop to make these experiences more frictionless I see continued adoption and buy-in. For brands in particular, this is something that should be given a lot of attention and considered as part of all marketing plans going forward. The second will be the further interoperability between platforms and the development of technology and software solutions that help reduce current barriers that exist. Right now there is still a lot of silos with respect to the interoperability between wallets, cryptocurrencies, APIs, and other underlying technologies on which various Web3 content properties are being built. It was nice to see that many companies are giving thought to this and are starting to develop new compatibility tools that are very much needed.
Filed in: Digital Media
June 28, 2022