(Photo by Lauren deLisa Coleman)
While the narrative around artificial intelligence may have seemingly sucked all the air out of
the room for the moment, do not be fooled.
Web3 and AI’s convergence with it is simmering beneath it all and will definitely continue to create one of the most massive shifts in our culture since the advent of the Web itself. Indeed, we are at a pivotal moment in the development of this arena. While the initial craze around speculative NFTs has clearly slowed, the technology has given way to fresh business use cases given its blockchain foundation.
The big addition to the conversation? Brands.
Consumer brands have been injecting themselves into the mix at greater speed and now even seem to now be leading the charge in creative, exciting ways.
Professionals from all parts of the ecosystem gathered to unravel present and future opportunities and challenges of the re-imagined space during the annual NFT.NYC conference.
In its 5th year, the conference noted that attendance was down from the previous year from last but boasted more corporate attendees. The space seems to now be morphing and maturing. Perhaps this fact was reflected even in the conference venue selection.
(Photo by Lauren deLisa Coleman)
This year NFT.NYC was held all under one sun-drenched roof of the iconic Javits Center. This is a remarkable consolidation from the previous high-energy circus-of-sorts that consisted of more than six venues, with Marriott Hotel as anchor, in Times Square and attendees sprinting to and from in order to take in the latest thought-leadership talks many times lasting only 10 minutes to ensure enough room on the agenda for everyone who wanted to participate could snag a space. While many presentations this year were still only 10 minutes, they were balanced out with 25-minute panels that provided more depth into certain topics. Those are adept at connecting business dots by listening well could unearth gold.
Indeed, while the energy at NFT.NYC was somewhat lower than last year – perhaps due to the general climate of uncertainty and apprehension overall – the vibe was more pinpointed. There was a more intense, intentional approach as badge-holders moved between several stages that focused on talks around specific topics of “entertainment”, “art”, “legal”, and” future”, as well as a large “main stage” for top-tiered conversation. This grouping of stages was located directly above the exhibition floor which also held stages for talks around “gaming” and “brands.” While some talks were still rather vague and big picture, some offered wonderful case studies.
Indeed, powerful new business models are on the horizon, and an open sea (pun, intended!) of exchange was the order of the day. Here are the major takeaways:
1. The word NFT will probably be sunset in the near future. Most speakers felt there was a stigma to it that was limiting in nature. While many are using the word digital collectible” in its place, this proves to be a mouthful. The “get” is also proving to be far, far more than just collectibles. No one has this quite figured out yet. Watch this area. Jargon is everything.
2. The focus is building on being a “member” and using an NFT (or whatever this will be called) to create that space. With a free-for-all sign up, for example, on a brand site, the company has no way of really knowing who already owns said product or who does not. The offering on an NFT allows the brand to tailor different conversations to those who have various levels of relationship with the brand. “Validation of ownership” is a big, buzzy term that NFTs enable and its coveted by brands. Forget the awkward registering for warranties or anything else. A sexier offering is now at hand which is all encompassing: ownership meet experience, experience meet ownership. This advancement will also widen the term D2C from direct to consumer to direct to community as verticals are created around those who have differing levels of tokens (i.e. validated owner or not) that act as passes into different parts of the brand. Exclusivity will have its privileges, as always.
(Photo: NFT.NYC)
3. The support is how brands see the next level of integration into consumers lives. MasterCard noted that marketing has to now move into a new paradigm to better connect with people. The MasterCard brand chooses to do this via “passion.” It finds that people are passionate about music so it capitalized on that to create a recording artist accelerator with an NFT proposition to drive loyalty, immersive experience, and more all through tokens. Macy’s also spoke about the company’s commitment to Web3 and helping support its customers in new ways by making Web3 much less complex and, thereby, creating communities that can support its customers interests and endeavors. Smaller outfits may consider support at a different level. Some speakers talked about effectively being able to create massive interest around a creative endeavor by becoming entrenched in specific, existing Web3 groups and offering as much support as possible so that when support was needed, it appeared. Other panelists lamented about having to rely heavily on Web2 to create community to drive Web3. The matter seems to be about perspective, goals, and expectations. The point? Collaboration and community become even more crucial in Web3. Plan accordingly.
4. The sound strategywill become even more important within Web3. A few panel addressed the fact that in order for an experience in Web3 to become memorable it must include sound just experiences in real life and that this sound should be diverse. This means moving away from the default usage of a Caucasian female voice for instruction or assistance, a panelist noted. The element of sound also means planning and executing for the hearing impaired. Sonic strategy around NFTs will blossom over the next 12 months. In addition, music and tokens as various levels of members and collectibles (well beyond the initial offer to buy into a part of an album) are being explored as well as an intriguing synthesis of music, music videos, gaming, and tokens. Listen, up!
5. The term token-gating seems to be the next big thing. Questions like: “What does this code give you? How do you access it? How do I buy something exclusive once inside?” are what marketers are pondering right this very second as it relates to a specific experience and/or product. Think of it like a VIP pass at a bronze, silver, and gold level. This ties in a bit to a big panel discussion that took place at the conference on sports and entertainment ticketing Beyond giving deeper access of an experience to fans, venues are interested in how a ticket on the blockchain could help them access secondary (read: re-sellers, scalpers) of tickets to enable them to actually get a piece of the ticket each and every time it changes hands which is impossible to do in the current state. Think Taylor Swift.
6. The inclusion of all will be critical. Two-time NBA All-Star and entrepreneur Baron Davis, spoke about being a fan of Web3 because, as a creator, the technology enables him to protect his IP. However, he wants to give others a chance to do as well. He spoke about the fact that he recently started an endeavor called More Than Us that is a lab-of-sorts that offers a studio for collaboration and to make connections all pertaining to Web3. It is based in Los Angeles, California with the goal of helping people understand that Web3 is a movement for which everyone should have access.
On the panel was two-time NBA All-Star and entrepreneur Baron Davis, seated second from the left. (Photo by Lauren deLisa Coleman)
Similarly, it is important to note that many in Web3 have said that inclusion will be automatic because “we are all building together simultaneously,” however there still seems to be the sense of a bit of separate-but-equal. Web3 is not a utopia because it still sits inside the mind of those still clinging to long-held norms, consciously or subconsciously. For example, diversity of the attendees at the conference was extremely low. This could possibly be due to the fact that this year there was a notation on the conference site that said that only “mainstream media” would be provided press credentials. Given that different demographics read different outlets, it’s important to consider messaging strategy, particularly with an arena that is new of which one is positioning itself as a champion.
Fellowships could have also been a nice addition here for those who could not afford the three-figure fees and travel. Creators-In-Residence could also help NFT.NYC broaden its core team and allies. Strategists and consultants are always great to leverage for those who network is rather homogeneous and such approaches, along with the advent of brand interest, is what will really take Web3 to the next level.
A world of possibility remains on all levels, and the opportunity is huge for those who want to
truly create a new way forward. We are now deeply into the era of Collaboration. Winners will
be those who do so authentically and creatively.
About the Author A digi-cultural trend analyst, author, speaker, and consultant; Lauren deLisa Coleman is an expert at deciphering and forecasting power trends and public sentiment within the intersection of popular culture & emerging tech of AI, VR and Blockchain and the impact of such on business and governance. She helps brands and politicos create messaging that better resonates with today’s tech-savvy, pop culture millennials consumer by providing innovative communication strategies, forecast & analysis on cultural trends, attitudes and behavior as it all intersects with emerging tech usage. Lauren has contributed to such media outlets as Forbes, Inc, Daily Beast, cnbc.com, The Next Web, and Campaigns & Elections. She has also been a guest commentator on MSNBC, Cheddar TV, among other media outlets. An innovator and thought-leader she has provided digi-culture intelligence to notables from Snoop Dogg to Microsoft execs to public policy leaders. Lauren is represented as a professional speaker by Leading Authorities agency. Extended bio and full information can be accessed via www.ultralauren.com. |