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

The Paris Blockchain Week Summit concluded 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 was able to hold its own: NFTs! Let’s see what the arguments were to justify this craze and how companies should use this emerging technology.

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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. In fact, almost 3,000 blockchain professionals, 250 speakers, 100 sponsors and 100 media partners that Chain of Events, the organizer of the show, has gathered in the heart of Paris.

The program of these two days, preceded by the Paris NFT Day, met the expectations of those present. The event was in fact articulated around 4 main themes which are companies and 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 for the development of their projects. Many conferences with quality speakers have been able to cover almost all major ecosystem issues and have led to interesting debates on these technologies. We will return to some of the more compelling arguments regarding the use of NFTs for companies.

NFTs as a community tool for businesses

The word to remember to describe NFT’s interest in companies is: community! In fact, the various speakers explained to what extent web3 culture and NFT technologies are community tools beyond their innovative aspect.

Grégory Boutté, of the luxury agency Kering, expressed the real need for companies to come and embrace this culture to discover its codes. It is necessary to understand the challenges of these technologies and the aspect of digital ownership they introduce to create a new way of consuming, centered on the user. Indeed, today, NFTs impart a level of identity to a digital product.

Let’s take the example of the Bored Ape Yacht Club, a very small group of NFT Bored Ape owners. Some people criticize the high price of the NFTs in this collection, currently around 100 ETH for the cheapest. However, owning a Bored Ape means being part of a community of web3 tech enthusiasts. The members of this group exchange advice, share innovative ideas and reflect together on business ideas to bring to light. 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 in which we were able to participate, the need for evangelization and information constantly emerged. You who are reading this article, 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 represent a digital revolution will be essential for their adoption on a larger scale. In recent years we have seen the rapid development of several web3 agencies to do just that and it is likely that their numbers will only increase in the next few years.

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

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