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

The Polkadot Decoded 2023 conference just wrapped up and this year it was attended by over 100 speakers and 100 blockchain projects.

The beauty of crypto bear markets is that they catalyze a realignment of perspectives and goals. All the hidden leverage is gone and most of the speculation is gone. SBF is gone. Do Kwon is gone. Three Arrows Capital, Su Zhu, Kyle Davies and a handful of other hucksters and snake oil sellers have been exiled.

And have a good trip to all of them. Crypto does not need hops, messiahs, populists and dream peddlers. What we need are builders, fresh ideas, solutions that fit the product and the market, and some kind of realistic real-world application.

That's what I like about blockchain conferences. Especially during a bear market.

The build-first mentality is the whole vibe of Polkadot decoded. For the past two days, a tight-knit community of ecosystem brothers comprised of developers, investors, ambassadors, and a few curious journalists like myself have gathered at the Øksnehallen conference center, which is tucked away from the bustling cobbled streets of central Copenhagen, Denmark. .

The location is almost poetic given that it's a surprisingly quiet place that's nestled discreetly within a thriving city center, and that spirit was carried through the conference events where the focus has been:

• Create better interoperability between projects in the Polkadot ecosystem;
• Making the blockchain more builder-friendly; and
• Refine cross-chain bridges connecting Polkadot to Ethereum, Cosmos, and other blockchains.

Hardly anyone talks about airdrops, token prices, memecoins, Bitcoin (BTC) hitting a new all-time high or any of the general conversation fodder that makes up the bulk of most crypto discussions.

It's bigger than a dollar sign

Instead of price, panelists discussed the challenges and occasional successes of helping TradFi and Web2 companies transition to Web3, steps being taken to make VC project financing more transparent, and the need for all the crypto jargon and gibberish to be put into the DApps backend and UX UI to make them more seamless.

Many people even suggested that "blockchain", "crypto" and "Web3" should not be mentioned on websites, apps, project roadmaps, etc.

According to the executive director of Public Pressure, Giulia Maresca:

“I think it's not about talking about technology because mass adopters don't know how the phone works or Google maps or any technology. We need to create products that are really user friendly, but have the advantage of being based on Web3 technology. It should be really easy for the user; it shouldn't be complicated. We shouldn't be talking about wallets, bridging, or doing complicated crypto stuff. People freak out the moment you start talking about wallets. It should be as easy as using Instagram."

Speaking of Web3 and the need for cryptocurrencies to have a better product-to-market fit and better connection to real-world assets, I moderated the keynote panel at Polkadot Decoded, which focused on on-chain entertainment within music and cinema. It was an intriguing conversation, given that the general consensus among creators and builders is that music and film will be the hardest when it comes to user growth, retention, and the mass application of NFTs in everyday life.

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

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

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

Providing a real world example of how fashion brands like Diesel were entering the Web3 space, Maresca explained:

“Diesel would like to get more involved in Web3, so we've helped them build a really strong concept using music at the core of their strategy, whereby Diesel acts like a record label, discovering emerging and revolutionary artists to give a voice. to his art. . And they've already done some releases with us that were really successful, but we're planning a big release in early September that will be a phygital release. So now I think a lot of the future is phygital; it is to give experience, profits, what the community wants, which is to have a VIP experience. They want something from the brand, not just the clothes. They want to be part of the Diesel family. It's a long process and a lot of education at the C level, but there are many opportunities for brands to work with the music community, with fans and with new fans."

Ed Hill, Beatport's senior vice president of media services, emphasized that rather than just being a buzzword, Web3 must become a tangible and actionable ideology within the corporate fabric of the entertainment industry.

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

“That's hard to figure out, but we have to go deeper and build better communities. If you look at YouTube and Facebook, those platforms are audience builders, and the only thing that has mattered to everyone is views, reach, impressions, and the like. We have to go deeper into building communities, and not doing that is why younger audiences have been separated from the traditional Web2 social media platforms, and I think over time, if we build better, more authentic communities from zero, that space The gap between the company, the creator and the consumer begins to narrow”.

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

Community members are stakeholders, not just consumers

From my point of view, and that of most conference attendees, crypto is all about community, and the most viable projects tend to have a very basic approach where community members are stakeholders. and their desires influence the direction of the project. Historically, whenever the crypto sector deviates from this ethos and falls victim to the whims of money hunters and demagogues, investors and community members are essentially robbed of their agency within the project.

For corporations to transition to Web3 in an authentic way that pays off, creators, consumers, and community members must be seen as more than just a proletariat within a system focused solely on increasing revenue and co-opting culture and turn creators into IP. in corporate marketing trinkets. The crypto media should also take note, but I digress.

Similar sentiments, culminating in an optimistic view on the future of Web3, were expressed by Define Creative founder Finn Martin, who said:

“What excites me about Web3 is that it offers all the tools and solutions to solve the problems that traditional Web2 has. By moving the assets in a chain, you can make it transparent to the creators, you can give them direct revenue because, currently, the streaming model doesn't work. As a music creator, you own a fraction of a cent from each stream, and all of that can be addressed and resolved through Web3.”

Blockchains should stop aspiring to be a jack of all trades

In general, the vast blockchain ecosystems tend to have a disjointed feel where a multiplicity of goals and philosophies leave investors and advocates feeling lost at sea. These projects tend to have difficulties in clearly defining their purpose, and this has a side effect that affects the effectiveness of market adjustment.

Basically, they still struggle with the old crypto problem, which involves creating solutions to problems that aren't really problems for normal people. What stands out to me the most about Polkadot Decoded 2023 is the unified goal of making the chain easier to use for builders, investors, and users.

Regardless of whether the project is an AMM, DEX, lending marketplace, blockchain gaming startup, IPFS storage solution, or cross-chain bridging, every panel has made some reference to the need for composability. , interoperability, and turning the concept of Web3 from thought to reality by building our infrastructure so projects thrive.

This is why I again stress the importance of getting out from behind the screen and the TradingView token price action charts and fellowshipping with the community at conferences. No man is an island, and it pays to find a safe space to socialize, brainstorm, test, and refine your investment thesis and views on blockchain evolution.

Kudos to Polkadot Decoded for getting the narrative right this year.