NFT Paris 2024: key insights and takeaways

At the heart of Paris from 24th till 25th of Febuary NFT Paris conference took place, one of the largest web3 events worldwide. As a frontrunner in innovation, BSMS agency was there to meet top web3 players – luxury, fashion and food&beverage brands, Web3 ecosystem builders, investors, digital artists and enthusiasts representing technology innovation, art, fashion, gaming, finance, education, sport and media industries.

Our goal was to hear from the best in class about:

  • the widely adopted use cases by various global brands,

  • various long-term pragmatic developments by large global players in fashion, media and music shows the global reach and connectivity of the web3 space and its intersections with businesses,

  • meet the most successful digital marketing platforms with 10plus millions of users onboarded, gain valuable business connections, get inspired and learn how far we in the mass-adoption. The time to join Web3 and tokenize customer touchpoints is now to be ahead of the curve.

We really felt that web3 community is united, strong, very passionate, energetic and more excited than ever as mass adoption globally is clearly visible and as more use cases are gaining millions of adoption. The amount of succesful and long-term projects is incredible.

Our key takeaways 🧵👇

  • It’s inevitable - most of our lives will become tokenized and most physical objects will have a digital twin e.g. digital product passports;

  • Brand engagement will become hyper-personalized by using blockchain tools and platforms powered by AI, and in some cases also by AR and VR,;

  • Web3 loyalty programm is a “killer” use case as loyalty through ownership, plus adding a gamification elements builds a lasting relationship. Being loyal will become an asset which can be borrowed and sold if needed;

  • The Digital Product Passport (DPP) initiative that is redefining standards for authentication and provenance in luxury and street fashion goods promising enhanced consumer trust and a more transparent approach

Other important points to consider:

  • We are seeing a new era of culture rising with those who are using blockchain technology

  • Community, exclusivity and loyalty: some customers will want community, some not, for the second group of customers you can offer exclusivity or redesigned loyalty;

  • Digital craftmanship was mentioned many times, especially from luxury brands;

  • Some brands entered Web3 as part of their experimentation efforts, now their approach is more pragmatic and they have mentioned the importance of web3 in their long term strategy;

  • Roblox and Fortnite (400-600 million audience) mentioned a lot across various panels, are very important and strategic for brands who targets younger audience. Many brand integrations already happening and there are endless opportunities of engagement, storytelling and more;

  • For youngsters digital appearance is more important than physical. How they look, their avatar, their digital outfit and accessories;

  • Once customers own their digital assets, they become sticky customers, Web3 is adding a new layer of stickiness;

  • We see more and more AI created content and not all can be trusted, it is a danger to democracy, thus, blockchain is needed to verify content authenticity;

  • Content is king, but content distribution is queen. Very important to know where your audience is and meet them where they are.

  • Louis Vuitton VIA’s exclusive community memberships showcase a forward-thinking strategy for engaging the digital-first consumer leveraging the allure of scarcity and exclusivity

  • The adoption of “scan-to-own” NFC technology in everyday items like T-shirts facilitating direct NFT minting bridging the gap between physical products and their digital identities

  • The expansion of Web3 marketplaces to integrate digital and physical assets leads to the creation of new asset classes and investment opportunities which reflect a more maturing digital economy

Article authors: Liva Rudzona, Janina Vinklere

Sources: Marc Baumann, Liva Rudzona, Janina Vinklere reporting from the event