Forget about price! Polkadot Decoded 2023 says bear markets are for building

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

The beauty of cryptocurrency bear markets is that they facilitate a realignment of perspective and purpose.

All hidden leverage is gone, as is most of the speculation.

SBF is gone.

All right to go.

Three Arrows Capital, Su Zhu, Kyle Davis and a handful of other peddlers and panacea salesmen have been exiled.

I wish them all the best. Cryptocurrencies don’t need opiates, messiahs, populists, and dream mongers. What we need are builders, fresh ideas, product-market fit solutions, and some kind of real-world application.

This is why I love blockchain conferences. Especially during a bear market.

A build-first mindset is the overall vibe of Polkadot Decoded. Over the past two days, a tight-knit ecosystem brother community of developers, investors, ambassadors and a few curious journalists (like myself) met at the Øksnehallen conference center, far from the hustle and bustle of central Copenhagen, Denmark cobbled street.

The location is almost poetic as it is a surprisingly quiet location, discreetly nestled in the thriving city center, and this spirit pervades the conference programme, which focuses on:

• Create better interoperability between projects in the Polkadot ecosystem;
• Make blockchains more welcoming to builders; and
• Improve cross-chain bridges connecting Polkadot with Ethereum, Cosmos and other blockchains.

There was almost no talk of airdrops, token prices, memecoins, Bitcoin (BTC) hitting new all-time highs, or any of the general conversational fodder that forms the bulk of most cryptocurrency discussions.

it’s bigger than a dollar sign

Instead of prices, the panelists discussed the challenges and occasional successes of helping TradFi and Web2 companies transition to Web3, steps taken to make venture funding for projects more transparent, and the need to put all the crypto jargon and red tape on the web. necessity. DApp’s backend and frontend UX are more seamless.

Many even advised against mentioning “blockchain,” “cryptocurrency,” and “Web3” on projects’ websites, apps, roadmaps, etc.

Public Pressure CEO Giulia Maresca said:

“I don’t think it’s talking about technology because the mass adopters don’t know how phones or Google Maps or any technology works. We need to create products that are really simple for users, but given that they’re built on Web3 technologies. For It should be easy for users; it shouldn’t be complicated. We shouldn’t be talking about wallets, bridging, or doing complex cryptographic things. Once you start talking about wallets, people get scared. It should be as easy as using Instagram.”

Speaking of Web3 and the need for better product-market fit and connections to real-world assets in cryptocurrencies, I moderated the opening panel of Polkadot Decoded, which focuses on on-chain entertainment in music and movies. It’s an interesting conversation, as the general consensus among creators and developers is that music and movies will be the stickiest when it comes to user growth, retention, and mass adoption of NFTs in everyday life.

During the panel discussion, Maresca explained why she sees a natural synergy between the creative industries and the Web3 ideology:

“Web3 is a very Socratic and creative space that aligns with the workflow and ideas of artists and creators.”

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

Maresca provided a real-world example of how fashion brands such as Diesel are entering the Web3 space, explaining:

“Diesel wanted to get more into Web3, so we helped them build a really strong concept with music at the center of their strategy, so Diesel behaved like a discovery label, discovering emerging and breakthrough artists for their Art Voices.. They’ve done a couple of launches with us that have been very successful, but we’re planning a massive launch in early September and it’s going to be a physical launch. So, I think a big part of the future right now is digital ; it provides experience, utility, which is what the community wants, which is to have a VIP experience. They want something from the brand, not just clothing. They want to be part of the Diesel family. It’s been a long The process requires a lot of education for the C-level, but there are 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 viable ideology in the corporate structure of the entertainment industry, not just a buzzword.

When asked about the disconnect between consumer needs, creator goals, and the products and experiences the entertainment industry currently offers, Hill said:

“It’s a hard problem to solve, but we have to go deeper and build better communities. If you look at YouTube and Facebook, those platforms are audience builders, and all people care about is watching Times, reach, impressions, etc. We have to go deeper into community building, and failing to do that is why younger audiences have moved away from traditional Web2 social media platforms, and I think over time it would be better if we built from the ground up, More authentic communities, that space where the gap between businesses, creators and consumers starts to close.”

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

Community members are stakeholders, not just consumers

From my perspective and from the perspective of most attendees, cryptocurrencies are about the community, and the most viable projects tend to take a very grassroots approach, where community members are stakeholders whose wishes influence the direction of the project. Historically, whenever the cryptocurrency industry strayed from this ethos and fell victim to the whims of money chasers and demagogues, investors and community members were essentially disenfranchised from their agency in the project.

For businesses to transition to Web3 in a real way, and to achieve results, creators, consumers, and community members must be seen as more than simple proletarians in a system purely focused on increasing revenue and absorbing culture and bringing creation Or IP into corporate marketing accessories. Encrypted media should also be noted, but I digress.

Finn Martin, founder of Define Creative, expressed similar sentiments, ultimately optimistic about the future of Web3, stating:

“What excites me about Web3 is that it provides all the tools and solutions to really solve the problems that traditional Web2 has. By moving assets on-chain, you can make it transparent to creators, and you can provide them with direct income because The streaming model is broken right now. As a music creator, you own a small piece of every stream, and all of that can be solved with Web3.”

Blockchain should stop aspiring to be a jack-of-all-trades

In general, the sprawling blockchain ecosystem often feels disjointed, with multiple goals and philosophies leaving investors and advocates feeling disoriented. It is often difficult for these projects to clearly define their purpose, which can have knock-on effects affecting the efficacy of market fit.

They’re basically still fighting the age-old encryption problem, which requires creating solutions to problems that aren’t actually problems for the average person. What stands out to me about Polkadot Decoded 2023 is the unifying goal of making the chain more accessible to builders, investors, and users.

Whether the project is an AMM, a DEX, a lending marketplace, a blockchain gaming startup, an IPFS storage solution, or a cross-chain bridge, each group mentioned composability, interoperability, and moving Web3 concepts from building our foundations to Facilities enable projects to flourish and bring ideas to life.

That’s why I’m re-emphasizing the importance of getting out from behind the screens and TradingView token price charts and engaging with the community at the conference. No man is an island, and there is value in finding a safe space to socialize, think, test, and refine your own investment thesis and perspective on blockchain evolution.

Hats off to Polkadot Decoded for locking in the right narrative this year.