Yet these projects were nowhere to be found at SXSW 2023, demonstrating the lack of interest in NFTs this year. This shouldn’t come as a surprise, though. With crypto prices down, coupled with
Akkineni added that she believes every brand should be taking the time to understand Web3 and strategize toward it. “Brands will leverage Web3 in various ways, from creating community-owned channels to implementing blockchain-based supply chain management systems,” she said. It’s important to point out that Bold Ventures recently announced an investment in Digital Village, a United States-based startup that helps brands create digital identities and assets in virtual worlds. In addition, NYX Professional Makeup, a subsidiary of L’Oreal,Crypto winter can take a toll on hodlers’ mental health
However, this clearly hasn’t stopped companies from engaging in Web3 activities. For example, Coinbase had a large presence at SXSW, with a heavy focus on itsLeonard Law, product lead for WaaS at Coinbase, told Cointelegraph that WaaS was aimed to solve one of the key pain points for adoption: wallets. Law noted that WaaS was important to showcase during SXSW due to the large Web3 presence.
Although this may be, Nicole Behnam, founder of marketing agency Beyond Media, told Cointelegraph that while not many people were talking about NFTs at SXSW this year, communities were still congregating because of the previous NFT hype cycle: Tara Fung, co-founder and CEO of Web3 development firm Co:Create, told Cointelegraph that the mood at SXSW during the first two days was dampened: