Explaining the NFTs Challenge for Companies at the Blockchain Week Summit in Paris

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

However, one technology in particular has managed to hold its own: NFTs! Let’s see what the arguments are to justify this madness and how companies should use this emerging technology.

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The Paris Blockchain Week Summit was held on April 13-14 at Palais Bronneart in Paris. The event was so great that the numbers achieved speak for themselves. In fact, nearly 3,000 blockchain professionals, 250 speakers, 100 sponsors and 100 media partners are brought together by the event series, the organizer of the show, in the heart of Paris.

The two-day programme, preceded by the Paris NFT Day, met the expectations of the attendees. In fact, the event covered 4 major issues which are businesses and blockchain, decentralized finance, the technological revolution of blockchain and the close relationship between blockchain and regulation.

So the Blockchain Week Summit in Paris was an opportunity for blockchain professionals to come together to discuss common issues, but also develop their projects. Several conferences with distinguished speakers have been able to cover almost all the major topics of the ecosystem and have led to interesting discussions about these technologies. We will return to some of the most compelling arguments regarding the use of corporate NFTs.

NFTs as a corporate societal tool

The word to remember to describe NFTs’ interest in businesses is: Community! In fact, the various panelists demonstrated to what extent Web3 technologies and NFT technologies are societal tools that go beyond their innovative aspect.

Grégory Boutté, of luxury agency Kering, expressed the real need for companies to come and embrace this culture to discover their icons. You have to understand the challenges of these technologies and the aspect of digital ownership they offer to create a new, user-focused way of consumption. In fact, today’s NFTs provide an identity layer for a digital product.

Take for example the Bored Ape Yacht Club, which is a very limited group of NFT Bored Ape holders. Some people criticize the high price of NFTs in this pool, currently around 100 ETH the cheapest. However, owning a monkey that is bored means being part of the community of web 3 tech enthusiasts. Members of this group exchange tips, share innovative ideas and together think of business ideas to get them out. Therefore, NFTs, in this specific case but for many other uses, are a vector of belonging to a community that must be exploited.

Few companies today understand the potential of NFTs

Like any new technology, its widespread adoption will take time. Among the conferences we were able to attend, the need for evangelization and information constantly emerged. You who read this article are in a learning process that only allows you to better understand the challenges of these technologies. Reporting the potential of NFTs and explaining how they are a digital revolution will be essential to their wider adoption. We have seen the rapid development of many web 3 agencies in recent years to precisely perform this task and their number is likely to increase in the coming years.

The Blockchain Week Summit in Paris was full of blockchain personalities and quality speakers. We have been able to listen to the leading figures in this ecosystem debate on these topics in the future, for the sake of our utmost happiness. In short, it is necessary to understand the interest of the NFT, especially with regard to the societal aspect. These tools, according to the panelists present at the exhibition, are the next vectors to unite the community and drive the brand. However, it would only be adopted after a collective realization of its revolutionary side.

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