Forget about price! Polkadot Decoded 2023 Says Bearish Market to Build

The Polkadot Decoded 2023 conference just concluded and this year featured over 100 speakers and 100 blockchain projects.

The beauty of crypto bear markets is that they catalyze a realignment of perspective and objectives.

All hidden profits are gone and most speculation is gone.

SBF is gone.

Do Kwon is gone.

Three Arrows Capital, Su Zhu, Kyle Davis and a handful of other hucksters and snake oil salesmen have been deported.

And good riddance to them all. Crypto does not need hopium, messiahs, populists and dream merchants. We need builders, fresh ideas, solutions that are suitable for product-to-market and have some sort of realistic real world application.

That’s what I love about blockchain conferences. Especially during bear markets.

The Building First mindset is the whole spirit of Polkadot Decoded. For the past two days, a close-knit community of ecosystem brothers and sisters made up of developers, investors, ambassadors and a few curious journalists like me met at the Øksnehallen conference center, located away from the bustling, cobbled streets of central Copenhagen, Denmark.

The venue is almost poetic as it is a surprisingly serene location situated within a thriving city centre, and this ethos continues through the conference events where the focus is on:

• creating better interoperability between projects in the Polkadot ecosystem;
• making blockchain more welcoming to builders; And
• Refining the cross-chain bridge connecting Polkadot to Ethereum, Cosmos and other blockchains.

Hardly anyone is talking about airdrops, token prices, memecoins, bitcoin (BTC) hitting a new all-time high, or any of the general conversations that make up the bulk of most crypto discussions.

it’s bigger than a dollar sign

Instead of price, the panelists discussed the challenges and topical successes of helping TradeFi and Web2 companies transition to Web3, the steps being taken to make VC funding of projects more transparent, and the need to get past all the crypto jargon and rigmarole. The backend and frontend UX of DApps will be more seamless.

Many also suggested that “blockchain,” “crypto,” and “web3” should not be mentioned on projects’ websites, apps, roadmaps, etc.

According to Giulia Maresca, CEO of Public Pressure:

“I think it’s not about talking about technology because the mass adopters don’t know how phones or Google Maps or any technology is working. We need to make products that are really easy to user, but keeping in mind the advantage that they are built on Web3 technology. It should be really easy for the user; It doesn’t have to be complicated. We shouldn’t talk about wallets, bridging or complicated crypto things. People get scared as soon as you start talking about the wallet. It should be as easy as using Instagram.

Speaking about Web3 and the need for crypto for better product-to-market fit and linkage to real-world assets, I moderated the opening panel at Polkadot Decoded, which focused on on-chain entertainment within music and film . It was an interesting conversation, given that the general consensus among creators and builders is that music and film will be the stickiest when it comes to user growth, retention, and large-scale application of NFTs in everyday life.

During the panel, Maresca explained why she believes there is a natural synergy between the creative industries and the Web3 ideology:

“Web3 is a very social and creative space, and it suits the workflow and ideas of artists and creators.”

Maresca also firmly believes that phygital NFTs and experiences will gain a foothold in all aspects of the fashion design, film industry and music industry.

Giving a real-world example of how fashion labels like Diesel were entering the Web3 arena, Maresca explained:

“Diesel would like to be more involved in Web3, so we’ve helped them build a really strong concept using music at the heart of their strategy, so Diesel is acting like a discovery label, looking for emerging and successful artists. is searching so that they can give voice to their art..and they have already done some tryouts with us which have been really successful but we are planning a big one in early september which will be a phygital fall will happen. So, I think a big part of the future now is physical; it’s delivering experiences, utilities, that the community wants, which is a VIP experience. They want something from the brand, not just apparel. They Diesel Want to be part of the family. It’s a long process and a lot of education up to C-level, but there are so many opportunities for brands to work with the music community, fans and new fans.

Ed Hill, Senior Vice President of Media Services at Beatport, emphasized that Web3 needs to become a concrete and actionable ideology within the corporate structure of the entertainment industry, rather than just a talking point.

When asked about the differences between the desires of consumers, the objectives of creators, and the products and experiences currently provided by the entertainment industry, Hill said:

“It’s hard to deal with, but we have to dig deeper and build a better community. If you look at YouTube and Facebook, those platforms are audience builders, and all anyone cares about is views, reach, impressions and things like that. We need to go deeper into community building, and failure to do so is driving young audiences away from traditional web2 social media platforms, and I think, in time, if we build better, authentic communities from the ground up , then that’s where the distinction between the corporate, the producer, and the consumer begins to shrink.”

RELATED: New Web3 ID app lets users find each other based on proven interests

Community members are stakeholders, not just consumers

From the perspective of me and most of the conference attendees, crypto is about the community, and most viable projects have a very grassroots approach where community members are stakeholders and their wishes factor into the direction of the project. Historically, every time the crypto sector deviates from this ethos and falls prey to the whims of money chasers and rogues, investors and community members are essentially denied their agency within the project. .

For corporations to transition to Web3 in an authentic way that bears fruit, creators, consumers, and community members must be viewed as more than simple proletarians within a system that exists solely for revenue-raising and co-optation. Focused on transforming culture and creator IP. In Corporate Marketing Trinket. The crypto media should also pay attention to this, but I am digressing.

Similar sentiments, which ended with an optimistic outlook on the future of Web3, were expressed by Finn Martin, founder of Define Creative, who said:

“What excites me about Web3 is that it really provides all the tools and solutions to fix the problems of traditional Web2. By moving assets across a chain, you can make it transparent to creators, you can give them direct revenue because, currently, the streaming model is broken. As a music producer, you own a fraction of a cent from each stream, and all of them can be addressed and resolved via Web3.

Blockchain should stop aspiring to be the leader in all trades

Generally, there is a disjointed feeling in the vast blockchain ecosystem where investors and supporters feel lost at sea due to a multiplicity of objectives and philosophies. These projects struggle to clearly define their purpose, and this has an impact on their appropriate effectiveness in the market.

They are basically still grappling with the age-old crypto problem, which involves creating solutions to problems that aren’t really problems for normal people. What stands out to me most about Polkadot Decoded 2023 is the unifying goal of making the chain easier to use for builders, investors and users.

Regardless of whether the project was an AMM, DEX, lending market, blockchain-gaming startup, IPFS storage solution or cross-chain bridge, each panel made some reference to composability, interoperability, and the need to transform Web 3 concepts from one to the next. The reality was considered by building our infrastructure to take the projects forward.

Which is why I again stress the importance of stepping out from behind the screen and engaging with the community on TradingView Token price action charts and conferences. No one is an island, and there is value in finding a safe space to socialize, ponder, test, and refine one’s investment thesis and ideas on the development of blockchain.

Best wishes to Polkadot Decoded for presenting the right narrative on lock down this year.