The challenge of NFTs for companies explained at the Paris Blockchain Week Summit

The Paris Blockchain Week Summit 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 show was an opportunity to discuss various topics related to this environment.

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

PBWS: the French blockchain success signed Chain Of Events

The Paris Blockchain Week Summit was held on April 13 and 14 at the Palais Brongniart in Paris. The event was of such magnitude that the figures achieved speak for themselves. Indeed, it is nearly 3,000 blockchain professionals, 250 speakers, 100 sponsors and 100 media partners that Chain of Events, the organizer of the show, has brought together in the heart of Paris.

The program for these two days, preceded by the Paris NFT Day, met the expectations of those present. Indeed the event was articulated around 4 main issues which are companies and the blockchain, decentralized finance, the blockchain technological revolution and the close relationship between blockchain and regulation.

The Paris Blockchain Week Summit was therefore an opportunity for blockchain professionals to meet to discuss common issues, but also the development of their projects. Many conferences with quality speakers were able to cover almost all the major topics of the ecosystem and led to interesting debates on these technologies. We are going to come back to some of the most convincing arguments regarding the use of NFTs for businesses.

NFTs as a community tool for businesses

The word that should be remembered to describe the interest of NFTs for companies is: community! Indeed, the various panelists explained to what extent web3 culture and NFT technologies are community tools beyond their innovative aspect.

Grégory Boutté, from the luxury agency Kering, expressed the real need for companies to come and embrace this culture to discover its codes. You have to understand the challenges of these technologies and the digital property aspect they introduce to create a new way of consuming, focused on the user. Indeed, today, NFTs bring an identity layer to a digital product.

Let’s take the example of the Bored Ape Yacht Club, a very restricted group of NFT Bored Ape holders. Some people criticize the high price of NFTs in this collection, currently around 100 ETH for the cheapest. However, owning a Bored Ape means being part of a community of web3 technology enthusiasts. The members of this group exchange tips, share innovative ideas and reflect together on business ideas to bring out. NFTs are therefore, in this specific case but for many other uses, a vector of belonging to a community that must be exploited.

Few companies today have understood 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, you are in a learning process that can only allow you to better understand the challenges of these technologies. Informing about the potential of NFTs and explaining how they are a digital revolution will be essential for their adoption on a larger scale. We have seen the rapid development of several web3 agencies in recent years to perform precisely this task and their number is likely to only increase in the coming years.

The Paris Blockchain Week Summit was packed with blockchain personalities and quality speakers. We were able to listen to the luminaries of this ecosystem debate on these topics of the future, for our greatest pleasure. In summary, it is necessary to understand the interest of NFT, especially on their community aspect. These tools are, according to the panelists present at the show, the next vectors to federate a community and propel a brand. However, their adoption will only happen after a collective awareness of their revolutionary aspect.

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