Web3 Culture Prevails Despite Market Crash
According to reports, the crash of companies in the crypto industry in 2022 has had a significant impact on consumers’ buying behavior. In particular, NFT trading volume decreased from $2 billion in Q3 2022 to $1.9 billion in Q4 2022.
However, there is some good news for the industry. Recent reports show that NFT trading volume has increased to $4.5 billion at the end of Q1 2023. Speaking in support of the industry at Consensus 2023, several thought leaders in the Web3 space noted that Web3 culture is not over and remains a promising area for growth.
Betty, the co-founder of Deadfellaz, an NFT project, narrated that from the time she came into the industry, she has always seen criticism against Web3 that insists that the industry is dead. Rather, the strength and eagerness to build and innovate in the industry have always been visible.
She added that this narrative exists because of the nature of Web3, where people in communities are given the chance to create and recreate. In Web3, both the community and the brand build together and share value between each unit.
Betty went on to address the audience, saying that instead of seeing Web3 as dead, it is companies and organizations that build in isolation from the ecosystem that is dead. These companies focus on creating value and benefits for a single group instead of the Web3 community.
Web2 firms in Web3
Another guest at the event that supported the resilience of Web3 is the founder of Studio LOGIK, Julian Gilliam. He said that the coming in of firms such as Starbucks, Mastercard, and Adidas is a sign of how strongly the Web3 industry has thrived over time.
In 2022, Starbucks launched its first NFT project, Odyssey, for its loyal customers; while Adidas released digital wearables. Mastercard acquired crypto intelligence firm CipherTrace in 2021, launched a music program with Polygon in 2022, and released NFTs to support artists in 2023.
According to Gilliam, when top brands create case studies and proof of concepts to explore a new field, it opens up new opportunities for those operating in different parts of the world with unique cultural perspectives.
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