The Polkadot Decoded 2023 conference has concluded, featuring more than 100 speakers and 100 blockchain projects. This year’s bear market has served as a catalyst for a shift in perspectives and objectives within the crypto industry. The conference focused on the importance of builders, fresh ideas, and solutions with realistic real-world applications. It aimed to create better interoperability between projects in the Polkadot ecosystem, make blockchain more welcoming to builders, and refine the cross-chain bridges that connect Polkadot to other blockchains like Ethereum and Cosmos.
Unlike most crypto discussions that revolve around token prices and market speculation, the conference centered around more significant issues. Panelists discussed the challenges and successes of helping traditional finance and Web2 companies transition into Web3. They also emphasized the transparency of venture capital funding in crypto projects and the need to simplify the user experience by minimizing the use of complex crypto jargon and technical terms.
Giulia Maresca, the CEO of Public Pressure, highlighted the importance of creating user-friendly products that leverage Web3 technology without overwhelming the mass adopters. She compared it to using a smartphone or Google Maps, where most users don’t necessarily understand the underlying technology but can easily navigate and benefit from the features. Maresca suggested that projects may refrain from explicitly mentioning blockchain and crypto on their websites, apps, and roadmaps to appeal to a wider audience.
One of the panel discussions explored on-chain entertainment within the music and film industries. Maresca stated that there is a natural synergy between creative industries and Web3 ideology, as both are centered around creativity and innovation. She also predicted that phygital NFTs and experiences would gain traction in fashion design, the film industry, and various aspects of the music industry. She mentioned that fashion label Diesel is venturing into the Web3 space, collaborating with emerging artists to provide a unique experience to their fans.
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Ed Hill, Senior VP of Media Services at Beatport, emphasized the need to build authentic communities in the entertainment industry. He argued that platforms like YouTube and Facebook focus on views and impressions, neglecting the importance of building genuine connections and communities. Hill believes that by going deeper into community building, the gap between corporations, creators, and consumers can be bridged.
The conference highlighted the significance of community in the crypto industry, as the most successful projects often have strong grassroots support. Stakeholders and community members play a pivotal role in shaping the project’s direction and success. For corporations to genuinely transition into Web3, they must prioritize the desires and needs of creators, consumers, and community members. This marks a departure from the profit-focused approach often seen in traditional Web2 platforms.
Finn Martin, founder of Define Creative, expressed optimism about Web3, as it offers solutions to the problems observed in the traditional Web2 model. He mentioned the broken streaming model in the music industry, where artists receive only a fraction of a cent per stream. Martin believes that Web3 can address these issues by providing transparent revenue streams and direct ownership for creators.
The conference also emphasized the importance of clarity and purpose in blockchain ecosystems. Projects that struggle to define their objectives often face difficulties in achieving market fit. Polkadot Decoded 2023 showcased a unified goal of making the Polkadot chain more accessible for builders, investors, and users. Panels stressed the need for composability, interoperability, and the development of infrastructure to support thriving projects.
In conclusion, Polkadot Decoded 2023 marked a departure from the speculative mindset often associated with crypto conferences. It focused on practical solutions, real-world applications, and the importance of community in the Web3 ecosystem. By prioritizing builders, user experience, and transparency, the conference exemplified the shift in perspective brought about by the bear market and highlighted the potential of blockchain technology in various industries.
