CONSENSUS is a festival covering all sides of blockchain, crypto, Web3 and metaverse.
It is hosted by CoinDesk and the world's biggest and longest-running crypto festival.
Some reporters and attendees say about the air of the festival as a suprising air of confidence and optimism that was not present in previous conferences held during market downturns.
This tough market condition is very excellent for quaility projects to focus on building real products not distracted by volatile price chart.
The five takeaways below are suggested by COINLIST reporter.
I do not agree all things. I agree on why that are matter, but the solution directions seem to be a bit twisted by commercial and biased view.
Private Market Valuation expectations are resetting
Many crypto funds expect both public and private prices would not good for the remainder of this year.
A slower deployment of VC funds to crypto startups.
Crypto funds and potential investors expect more reasonalble and no bubble valuations, less noise and more good environment signals and much discounted price tokens.
Projects' evolution and then not much wothless token distribution
Many projects now understand what is more important, rather than just distributing tokens to many unknowns.
They focus on building real crypto networks and know that it is not easy.
Project teams are trying to allocate tokens to whom have previously demonstrated value added activities and remarkable positive on-chain activities.
Stakers, Devs, votes, liaquidity providrers, feedback providers.
Game, Play and Enjoy. Not weigh on earning
One common narrative across game related publishers and developers is that P2E model is not a sustainable (I think if it maintain recent Axie Infinity style structure).
Game need to be fun.
What is the applicable definition of fun?
"Would I be playing this game if I wans't getting paid to?"
-Jason Blink, Gala Games
New generation game may focus on fun with allowing owning in-game assets and trade them on markets,
Many NFT and game item exchages may have severe battle to have hiigh portion of this market.
Centralized Support for Web3
Even though blockchaina and web3 insists decentralized internet that owned by the builders and users, it may take much time and energy while it is still unclear if web3 would be achivable.
So, it should be required to get srtong support centralized facilities like CEX exchanges or any crypto platform providers.
Users could be ediucated and easily supported on transaction, comliant and legal matters.
Omnichain
I am not so sure about this.
If there are one or two strong chains or networks, and some of CEX or high volume DAO could decide direction, I think many other exchanges will die or lose powers. So, many medium sized exchages or chains insists on omnichain strongly.
But who knows our future exactly?
Anyway, the need for interoperability and composability among blockchains was a hot topic at crypto conferences, and Consensus 2022 was no different.
As more ecosystems like Cosmos, Solana, and Avalanche gain traction, bridging technology has significantly matured.
Source: CONSENSUS 2022 CoinDesk, Coinlist