Paris

The view from Paris Blockchain Week 2023: Web3 builds while the city burns

It was champagne and optimism for Paris Blockchain Week 2023 despite Parisian protests and economic uncertainty.

Paris Blockchain Week (PBW) celebrated its fourth edition in spring 2023 against a backdrop of riots, protests and general civil unrest. The builders in the Bitcoin (BTC), crypto, and Web3 spaces were unfazed by protesters chanting and dancing on the doorstep of the conference venue. 

The event occurred amid ongoing protests in Paris and worsening macroeconomic conditions in France. Many attendees expressed concern about the impact of these factors on the future of the blockchain and crypto industry, particularly in Europe.

Nevertheless, the overall mood at PBW 2023 was optimistic, with many attendees citing the recent surge in Bitcoin’s price as a sign of growing mainstream acceptance of the technology. As the CEO of Ledger, Pascal Gauthier, explained to Cointelegraph: “Bitcoin was designed for this.”

“Bitcoin was designed in reaction to Lehman Brothers in the 2008 crisis. It was designed because you can’t trust central authorities. And it’s designed because it’s clear that central authorities will fail. It’s not a question of if. It’s more a question of when.”

However, as protestors marched by the entrance of “Les Salles du Carousel” — the crypt in the Louvre where the event was held — there appeared to be a disconnect between the Web3 space and reality.

Denelle Dixon, CEO of the Stellar Development Foundation, explained that “It is a little bit like we’re not recognizing what’s happening with the builders and what’s happening with the protesters.” Nir Kouris, the founder of Creator Nations, told Cointelegraph that the work of Paris Blockchain Week is “super important,” but it’s important to speak to those in the mainstream world:

“We need to not live in a bubble to include, to embrace, to empower all these people from outside. They don’t have a clue about what is blockchain. So our goal is to use different and different terminology so we can include all of them into the conversation.”

Cointelegraph interviewed some of the protesters during the event; very few were aware of crypto, and some had not heard the word “Bitcoin” before.

Cointelegraph speaks to protestors in front of the conference venue

The streets of Paris saw fires, trash and fire extinguisher fluid — an apocalyptic scene for many of the tourists visiting France — but Parisians were unperturbed, and some called for calm. Gauthier, a Parisian through and through, shrugged his shoulders at the protests. It’s part of French culture to take to the streets, he explained.

Another key theme throughout the event was the risk that Web2 companies, including Google, Nasdaq and Facebook, and traditional brands, such as LVMH and Gucci, could be co-opting the Web3 vision. The headliners at PBW included established brand managers from the likes of Diesel and Fiat. What are established retail brands doing at a crypto conference? Animoca Brands CEO Robby Yung wades in:

“The reason that there is a place for them in Web3 is because brands themselves have power. You know, they resonate with consumers, whether it’s gaming brands or, you know, handbag and and luxury watch brands. Brands have resonance with consumers.”

Web3 provides new ways to innovate, Yung explained. Ryan Nix, head of solutions architecture at Coinbase, agreed, to an extent. He said that Web2 players want to get in on the action, but must also “obfuscate difficulty from their users.” Ultimately, Nix continued, to access a greater audience, simplifying the somewhat complicated crypto and blockchain tools could help.

Cointelegraph speaks to Coinbase’s Nix 

An interesting omission for the 2023 iteration was the notable absence of the crypto exchange Binance. In 2022, Binance financed the largest stand at the conference, and Changpeng Zhao, the CEO of the crypto exchange, gave a keynote speech. This year, the world’s largest exchange is caught up in a lawsuit in the United States while the crypto bear market rages on.

Related: BUSD deposits and withdrawals via OCBS suspended on Binance.US

As the industry evolves, events like PBW 2023 will play an increasingly important role in bringing together key players and driving innovation. However, the crypto space must begin to address more real-world use cases to reach the mainstream and catch the eye of those ordinary people taking to the streets of Paris. 

Indonesian government looks to NFTs to preserve cultural heritage

The Deputy of Indonesia’s Ministry of Tourism and Creative Economy explains how NFTs and cryptocurrency can help solve social and economic challenges within Indonesia.

One of the primary benefits of blockchain technology is the ability to record and capture information in a permanent, tamper-proof record. Once data is on a blockchain network, it cannot be altered, making it an ideal solution for record-keeping. 

Tokenized assets, such as nonfungible tokens (NFTs), can also be placed on a blockchain. This can verify ownership while demonstrating that certain events occurred at particular times. For example, the Meta History Museum tokenized data from the war in Ukraine in May 2022, placing the information on a blockchain network to preserve records of the war.

Ensuring that specific events take place is also becoming more important than ever due to the rise of artificial intelligence (AI) and its ability to generate deep fakes, along with historical images that may appear realistic.

NFTs for preserving cultural heritage

Preserving information using decentralized technologies is gaining traction. For instance, Muhammad Neil El Himam, deputy chairman for digital economy and creative products in Indonesia’s Ministry of Tourism and Creative Economy, told Cointelegraph that he recently formed a partnership with Quantum Temple — a technology company using NFTs for preservation — to help maintain the country’s cultural heritage. Himam explained that NFTs could ensure that heritage can be preserved and created without limits:

“I believe that NFTs can contribute to preserving Indonesia’s cultural heritage while enhancing virtual tourism. NFTs may also be a medium in ushering in the next billion users into the crypto space, especially if the NFT elements of the cultural heritage are well-known and appreciated.”

Linda Adami, CEO of Quantum Temple, told Cointelegraph that her firm developed a multichain NFT marketplace to bring cultural heritage and tourism to the Ethereum and Algorand blockchain networks. Adami explained that the platform is working closely with Indonesia’s Ministry of Tourism and Creative Economy to tokenize tangible and intangible cultural heritage as unique digital assets.

Recent: The secret of pitching to male VCs: Female crypto founders blast off

“Digital representations include traditional ceremonies, craftsmanship, and knowledge of nature and our universe, but also musical and oral expressions, dances and pilgrimages. By tokenizing cultural heritage, three critical areas of value are created: immutable archives of culture, transparent alternative income streams through royalties, verified provenance and recognition for cultural creators,” she stated.

On March 21, 2023, Quantum Temple launched its “Paths to Alangö” NFT collection at L’Atelier des Lumières in Paris, France, during Paris Blockchain Week. “The collection includes 11 unique NFTs that represent different aspects of Balinese cultural heritage, such as dances, temples, landscapes and philosophy. The NFTs are created by local artists and cultural heritage experts,” Adami said.

NFT artwork displaying a Galungan celebration at Penglipuran Village in Bali, Indonesia. Source: Quantum Temple

Adami said that technological innovations such as blockchain could play a significant role in addressing key challenges within a country’s cultural sector. 

“Authenticity and quality are fundamental to cultural heritage’s tangible and intangible value. Blockchain can be used to create an immutable and invaluable record that recognizes authorship and guarantees the authenticity and provenance of creative assets,” Adami remarked.

Harry Halpin, CEO and co-founder of decentralized privacy platform Nym, told Cointelegraph that documenting things like cultural artifacts is becoming critical to prevent manipulation. According to Halpin, blockchain technology is one of the best ways to ensure this, noting that Nym has been working with the decentralized storage provider Filecoin to document war crimes on its blockchain network.

With this potential in mind, Himam believes that it is highly likely other regions will incorporate blockchain elements in the future. “Indonesia is just one example of many developing countries that have begun to explore the potential of these technologies,” he said.

Challenges remain

While tokenized digital assets could be a solution for preserving important information, regulatory and technical challenges may hamper adoption. For instance, while Himam is bullish on blockchain technology, he noted that regulatory uncertainty within the region might create friction.

Himam said that Indonesia’s Commodity Futures Trading Regulatory Agency controls how blockchain technology is applied domestically. “Crypto assets are categorized as a commodity that can be used as the subject of futures contracts traded on an exchange,” he said. However, he added that as Indonesia begins to implement more blockchain use cases, the government will start to establish clear regulations and policies on how decentralized technologies could be applied.

It’s also notable that Indonesia’s national crypto exchange is scheduled to be completed in June 2023. According to Himam, Indonesia is showing clear interest in cryptocurrency adoption. “The country has created regulations around cryptocurrencies and is encouraging their use,” he said.

Recent: Adoption and nerves — Crypto pumps amid banking crisis

However, Indonesia’s technical infrastructure could create challenges for projects using decentralized networks. Himam pointed out that blockchain-based technologies require specialized infrastructure, such as digital wallets, which may not be widely available in certain areas in Indonesia. This, coupled with the fact that most Web3 projects require skilled professionals, could result in slow regional innovation.

Despite the challenges, Quantum Temple’s Adami believes that Asian institutions may be the furthest along in understanding blockchain-based use cases. “The Indonesian Ministry of Tourism and Creative Economy leadership understands how NFTs could offer a new funding model for the cultural and creative sector while also protecting the intellectual property rights of artists,” she remarked.

Optimism reigned at Paris Blockchain Week

Careful optimism was the theme at this year’s Paris Blockchain Week. Builders will build and the crypto community will keep going.

Expectations for Paris Blockchain Week were relatively low considering the downbeat market conditions. However, Paris can always surprise you. Indeed, conference halls at the event were not nearly as empty or depressing as Consensus after the big crypto meltdown of 2018. People were present, and conversations were fruitful. (And yes, the croissants were, as always, delicious.)

In 2022, the conference was held symbolically in Palais Brongniart, a building known for hosting the historical Paris Stock Exchange until 1987. This time, organizers managed to outsoar themselves and held the event right under Louvre in the elegant “Carrousel du Louvre” conference halls.

Evening side events took place all around central Paris, overlapping and pushing some attendees to have three or even four dinners each night. Star speakers did not make any overly positive market predictions, but the conference vibe was definitely optimistic.

Is Paris the next best bet for crypto?

With regulators tightening their grip on crypto companies in the United States, Europe might be the next bet for crypto. While Paris is already home to prominent companies in the space — such as Ledger and The Sandbox — rumors are spreading that some big players will move their offices here or become more active in Paris.

Binance held its blockchain event in Paris last year. Circle just announced that it is seeking regulatory approvals in France and wants to establish a headquarters in Paris. Who knows? Coinbase could be next. Obviously, regulation will be a major factor in the future success of any European stablecoin or crypto service.

Need for crypto consortium

Another subject that flowed through many keynotes and discussions was the lack of industry collaboration. While it’s obvious to everyone now that crypto’s narrative is falling short, the question is: How can major industry players unite to stabilize the industry long-term and ensure its growth?

Related: EU MiCA crypto regulation is a ‘balancing act’: Paris Blockchain Week 2023

Some experts called for the industry to self-regulate as malicious players hurt everyone in the sector. Others stressed out a much-needed dialogue with regulators. If rules come from dusty offices without consultation with crypto industry players, the threat remains that those laws will become too complex, expensive or impossible to implement. Most experts agree and advocate for an industry-wide consortium. While initial industry collaborations to build discussions with the regulators have already started in the U.S. this year (with questionable results), much more effort is required.

Interoperability challenge

Experts across multiple panels raised interoperability concerns. Privately operated and centralized bridges have shown a vulnerability to hackers, and the lack of connectivity between networks hurts user experiences significantly and slows adoption.

Mobile carriers faced the same issues in their early days, but different smartphones and networks nonetheless manage to communicate flawlessly with each other today. Crypto users should similarly be able to switch in a safe and simple manner between applications and blockchains. From a technical standpoint, cross-application calls remain challenging even within a single blockchain, not to mention the same operation between two applications on different networks.

Existing solutions to traditional bridging (wrapping assets) are so-called “message passing” protocols that don’t move assets but enable calls between blockchains instead. Others are blockchain operating systems that use “state proofs” and reference them on other chains.

Related: PBW 2023 explores the current state of the blockchain space

If this technical debate feels a bit overwhelming, the key takeaway is that many bright minds are seeking core technical solutions for interoperability. However, nailing it down in a decentralized way might take them a few more years.

This year’s Paris Blockchain Week presented curated content, carefully balanced between commercial talks, panels on deep tech and narrow topics, and entertaining keynotes — imagine Tim Draper singing a Bitcoin song on stage. (Yes, that happened.) Careful optimism prevailed; builders build and keep going!

Sophia Schteiner is the founder of Schteiner PR, which focuses on luxury brands in art, French craftsmanship, design and interiors. She previously worked for an international communications agency with a focus on blockchain startups. She holds a degree in journalism and began her career as an art critic covering the film industry and urban architecture.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Keeping the faith in crypto amid TradFi crisis: Paris Blockchain Week 2023

On this episode of Decentralize with Cointelegraph, reporter Joe Hall is at Paris Blockchain Week 2023, chatting with some of the industry’s most prominent thinkers in the aftermath of the recent banking crisis.

Paris Blockchain Week 2023 (PBW) was buzzing with talk of innovation in blockchain technology and the future of the Web3 industry.

However, the conference occurred amid a major banking crisis in the United States, which shuttered crypto-friendly Silicon Valley Bank (SBV) and continues to affect many others worldwide. While it was not the central theme of PBW, for many, it was a moment to emphasize the utility of decentralized finance (DeFi) when traditional finance fails. 

Cointelegraph reporter Joe Hall was on the ground in Paris catching up with some of the leaders in the Bitcoin (BTC), crypto and Web3 space. In this episode of Decentralize with Cointelegraph, we tune into the highlights of some of Hall’s conversations with industry movers and shakers on topics including Web3 mass adoption, the role of Bitcoin in current market conditions, the metaverse and more. 

The episode starts with a message from Pascal Gauthier, CEO of Ledger hardware. Gauthier spoke on the master stage at PBW, delivering a message of hope for the crypto space in times of uncertainty in traditional finance, or TradFi.

Related: ETHDenver 2023: Cointelegraph afterparty delivers a ‘packed house’ and other notable events

Sergej Kunz, co-founder of 1inch Network, and Paolo Ardoino, chief technology officer of Bitfinex and Tether, spoke on the power of Bitcoin against problems in TradFi, such as fiat inflation and the banking crisis. 

Cointelegraph journalist Joseph Hall with Tether chief technology officer Paolo Ardoino at Paris Blockchain Week. Source: Cointelegraph

The episode concludes with thoughts from Michael Amar, chairman of Paris Blockchain Week; Robbie Young, CEO of Animoca Brands; and Ryan Nitz, head of solutions architecture at Coinbase, who shared his thoughts on how brands are making the transition from Web2 to Web3.

To hear more industry insights from Hill’s time at PBW 2023, tune in and listen to the full episode of Decentralize with Cointelegraph on Cointelegraph’s new podcasts page or on Spotify, Apple Podcasts, Google Podcasts or TuneIn.

Paris Blockchain Week 2023: A net positive for the entire crypto industry

The theme of PBW revolved around the evolution of Web3 in the mainstream and the crypto industry’s past, present and future.

Paris Blockchain Week 2023 brought together some of the biggest names in the blockchain and crypto industry. Starting on March 21, the three-day event turned out to be a net positive for the crypto industry, with prominent industry players coming together to discuss and share their thoughts on the decentralized ecosystem’s past, present and future.

The Cointelegraph team was present on the ground to bring readers some behind-the-scenes content, exclusive interviews, insightful video bites from industry experts and more. Cointelegraph editor-in-chief, Kristina Lucrezia Cornèr; head of video, Jackson DuMont; and reporter, Joseph Hall, were tasked with bringing readers a bird’s eye view of the event.

The Cointelegraph team making sure you get the best angle

Father of the metaverse reflects on the industry today

Even before the main event kicked off on March 21st, the Cointelegraph team caught up with Neal Stephenson, an American author who first coined the term “metaverse” in the 1990s. Cointelegraph’s editor-in-chief sat down with Stephenson to reflect on the meaning of the word in today’s world.

Stephenson said that the meaning of the word has definitely changed. While reflecting on the failure of the metaverse to see mass adoption and very few takers in the bear market, he said that people and companies are skipping the important steps of building an economy first.

The first day of the event kicked off on March 21 and turned out to be eventful. The opening keynote speech by Ethereum co-founder Joseph Lubin reflected on the growing demand for a Web3-based payment infrastructure and the need for a decentralized solution in traditional finance.

Industry experts discuss the potential impact of MiCA

Among numerous expert panels throughout the day, the one that caught everyone’s attention was a discussion on the implications and potential impact of the European Union’s Markets in Crypto-Assets (MiCA) regulation.

Experts on the panel unanimously agreed that the upcoming regulations would help the European crypto industry overall. It would set a certain standard that other nations could potentially use in the future. Janet Ho, head of EU policy at Chainalysis, stressed the need for a review of the implementation and obligations of the law, and to consider feedback from government supervisors and industry participants.

Tim Draper has a song about the current banking crisis with a Bitcoin twist

The American venture capital investor Tim Draper took the stage at Paris Blockchain Week 2023 to talk about decentralization and the future of money. Draper addressed the ongoing banking crisis and promoted Bitcoin (BTC) to be the true capital hedge. In his keynote speech, he said:

“They have shaken our confidence in the banking system. […] What a really strong leader would do is build that trust back. Trust the banks that now remain and set them free.”

He also sang a Bitcoin song he had written four years ago but believed was more relevant today.

No shortage of passion in the Parisian people despite  nationwide protests

The PBW 2023 had no shortage of enthusiasm or energy despite the host country seeing nationwide protests following the French government’s controversial pension reforms. Cointelegraph reporter Joesph Hall talked to the CEO of Animoca Brands, Robby Yung.

Yung said that the local government had provided a “warm embrace” for crypto and blockchain enthusiasts amid a sea of protests. He told Cointelegraph:

“All of that stuff happening out there is why we’re here, to begin with […] The reason that we decided that decentralization was a better way to do things was precisely because of our concern as to what might happen in the financial sector, which continues to be borne out.”

The second day of the event was equally packed and full of energy, with the Cointelegraph team on the front line bringing the latest updates. The first major panel discussion revolved around the complicated relationship of ethics in Web3. The industry experts took to the stage to discuss how current innovations will shape the future of ethics in Web3. Loic Brotons, CEO of Galeon, said that mixing innovation and ethics is complicated and explained:

“Usually, innovation comes first, and sometimes we have really bad things happen. After comes the ethics because we look at what the innovation has done.”

The collapse of banks is a ‘crash course to Bitcoin’

Cointelegraph journalist Hall sat down with Ledger CEO Pascal Gauthier to get his view on what the current banking crisis teaches us. He said that the recent series of events show how BTC can be a safe haven against the threat of central authorities.

Ledger CEO Pascal Gauthier sits down with Cointelegraph at Paris Blockchain Week 2023

“Bitcoin was designed in reaction to Lehman Brothers in the 2008 crisis. It was designed because you can’t trust central authorities. And it’s designed because it’s clear that central authorities will fail. It’s not a question of if. It’s more a question of when.” Gauthier added.

Don’t trust anyone, verify: 1inch co-founder

In another exclusive interview with Cointelegraph, 1inch Network co-founder Sergej Kunz reflected on the need for self-custody. He said that the FTX saga helped people understand the importance of self-custody, and the current banking crisis only highlights the importance even further.

He also talked about the reasons behind a curtailed mass adoption of crypto, saying that people’s understanding and education would be the key to achieving this.

Magazine: US enforcement agencies are turning up the heat on crypto-related crime

Paris Blockchain Week 2023: Second day of the summit kicks off

After an eventful opening day spanning the impact of Web3 and its growing adoption, Cointelegraph is all set to bring key updates from the second day of PBW Summit.

Paris Blockchain Week (PBW) kicked off its fourth year as one of the world’s largest conferences tackling all things blockchain, crypto and Web3. The event hosts over 10,000 attendees and sold out last year.

Following two days packed with hackathons, talent fairs and investor demos, the main event of the week, the summit, continues with its second day on March 23.

The Cointelegraph team is stationed in Paris to bring readers the latest news from the ground, presented below in ascending order (the newest story at the top). Time stamps are in UTC.

Paris Blockchain Week Summit 2023: Day 2

3:00 pm: Circle CEO Jeremy Allaire took the stage in a fireside chat about the future of money. “What’s happening in the U.S. is extraordinarily disappointing,” Allaire said in reference to digital asset regulation. “The United States Congress is not doing its job.”

2:00 pm: In another exclusive interview, Cointelegraph’s Joseph hall talked to Ledger CEO Pascal Gauthier about the current banking crisis in the United States and what it means for the crypto world. he said that the collapse of major banks highlights the importance of Bitcoin and self-custody. Read more here.

Cointelegraph’s Joseph Hall in conversation with Ledger CEO Pascal Gauthier. Source: Cointelegraph

1:00 pm: Cointelegraph journalist Joseph Hall sat down with 1inch co-founder Sergej Kunz to discuss the present and future of the crypto ecosystem. Kunz shared his thoughts on numerous topics, including the limitations of investing for ordinary people, what mass adoption looks like and big companies jumping into the Web3 space. Read more here.

12:00 pm: The next panel discussion was focused on the impact of Web3 on startups and investors, moderated by Michael Amar, chairman of Paris Blockchain Week. The panel was joined by Igneus Terrenus, head of partner relations at BitDAO; Laurenz Apiarius, founder of Blockwall Digital; Dan Tapiero, founder of 10T Holdings; Amos Meiri, founding partner at Node Capital; and Eden Shochat, equal partner at Aleph. The panel discussion revolved around the role of investors amid the emerging importance of governance and decentralized autonomous organizations.

The experts shared their views on the ongoing debate around crypto tokens deemed as securities and how the Web3 ecosystem is tackling the financial aspect of the innovation. Apiarius talked about the impact of bad actors in a new economic sector like Web3 and the role of investors. He explained:

“The movement of Web3 is misused by some bad entrepreneurs, and it’s the job of investors to filter that and not put capital into entrepreneurs that make fun of it.”

 Dan Tapiero, Igneus Terrenus, Laurenz Apiarius, Eden Shochat, Amos Meiri and Michael Amar (from left to right).

11:30 am: The panel discussion titled “The Ethics of Web3” revolved around public policy and was moderated by Moojan Asghari, the co-founder of Thousand Faces. The panel consisted of Oscar Wendel, senior manager at Dubai World Trade Centre; Margaux Frisque, co-founder of D&A Partners; and Loic Brotons, CEO of Galeon.

The industry experts on the panel shed light on the role of ethics in fast-paced evolutionary techs like blockchain and Web3. Asghari in her address noted that Ethical frameworks or standards always lag behind the advancement of technology and explained:

“This is the biggest challenge of ethics – what are the right questions to ask ourselves today, in order to make sure that the technology doesn’t harm us in the near or far future.” 

The panellists stressed that innovation typically comes before any ethical standard is implemented. Read more here.

Dr Loic Brotons, Oscar Wendel, Moojan Asghari and Margaux Frisque (from left to right).

11:20 am: In a panel titled “Crypto, Culture, and Capital: How Web3 is Changing the Game for Startups and Investors,” a group of Web3 professionals discussed the evolution of startup culture centered around the new internet. The panel highlighted the role of investors in Web3, the growth of decentralized autonomous organizations (DAOs) and the cultural shift from a Web2 to a Web3 paradigm. Read more here.

Paris Blockchain Week venue in Paris, France. Source: Cointelegraph

11:00 am: The next keynote speech revolved around smart contracts, a key-building tool in the decentralized and blockchain space. The speech delivered by Stellar Development Foundation VP Tomer Weller touched upon the subject of smart contract development and how difficult and complex it is. He said:

“Smart contracts are not easy and only as smart as the coders that build them and we need to hold them to a higher standard.”

Tomer Weller talking about the state of smart contracts in today’s world

10:30 am: The next keynote speech came from Alexandre Dreyfus, founder and CEO of Chiliz, on the integration of blockchain and gaming tokens in mainstream sports. He shared how decentralized tech added to mainstream sports is making the experience for fans more immersive. 

Alexandre Dreyfus talking about the evolution of fan experience with Web3

10:00 am: The first panel of the day, titled ‘The Need for Yield,’ was moderated by Cinderella Amar, co-founder of Glass Slipper Ventures and joined by Maxime Boonen, founder of B2C2 & PV01, Tim Grant, head of EMEA at Galaxy, Yoann Caujolle, co-founder of Rockby, and Charlie Meraud CEO of Woorton.

The panel discussion revolved around the concept of yield farming in crypto and how it has evolved over time. The panelists shed light on the legality and regulatory aspect of yield farming in today’s time and how viable of a business model it is.

Tim Grant, Maxime Boonen, Yoann Caujolle, Charlie Meraud,  and Cinderella Amar (from left to right). 

9:30 am: The first keynote speech of the day came from Jeff Hasselman, the head of Web3 at Amazon Web Services (AWS). Hasselman, while talking about the interest of enterprises like Amazon in the Web3 ecosystem, said that he was highly influenced by the Bitcoin white paper. He explained:

“I read the Bitcoin whitepaper in 2013 and I was like if this works, then this would really be amazing because it would redefine what the internet is all about.”

Hasselman went on to list how AWS is actively involved in helping builders of Web3 and offering the infrastructure to companies and blockchain developers alike.

Jeff Hasselman, Global Head Web3, Amazon Web Services talking about Web3

8:30 am: Welcome to day 2 of the Paris Blockchain Week Summit, a day that will be focused on the culture, adoption and importance of decentralized tech. Some of the notable panel discussions to look forward to will cover the ethics in Web3, the evolution of crypto payments, how to protect users from crypto scams. The Cointelegraph team is on the ground to bring the latest updates, exclusive interviews and behind the scenes throughout the day.

Paris Blockchain Week venue shot. Source: Cointelegraph

Cointelegraph’s Joe Hall looks for perspective amid Paris riots

Reporter Joe Hall spoke to Animoca Brands CEO Robby Yung to hear his thoughts on Paris hosting a major crypto and blockchain conference as many have taken to the streets in protest of a bill raising France’s retirement age from 62 to 64 years old. According to Yung, the local government had provided a “warm embrace” for participants of the event and saw the representation of major brands including Gucci as a positive sign for adoption. Read more here.

Animoca Brands CEO Robby Yung speaking with Cointelegraph’s Joe Hall at Paris Blockchain Week. Source: Cointelegraph

Paris Blockchain Week Summit 2023: Day 1

4:40 pm: Ledger CEO Pascal Gauthier delivered a keynote speech during which he discussed Bitcoin:

“You can try to explain why you think it has flaws, but you should always have reasonable doubts. It’s just like if you don’t believe in God, that’s OK. But you should always have reasonable doubt because the day you die, you will find out.”

Ledger CEO Pascal Gauthier delivered a keynote speech on the Master Stage at PBW. Source: Cointelegraph

13:40 pm: 2022 was the year of epic crypto collapses, with the collective failures of Terra, Celsius, Three Arrows Capital and FTX leaving a stain on the industry. A panel as a part of the Open Finance stream discussed how the crypto industry can recover from these events in light of the recent banking failures in the United States. Read more here.

A panel discussion titled “FTX, Luna, Celsius, 3AC: From Hero to Zero” at Paris Blockchain Week. Source: Livestream

12:40 pm: Metaverse regulation was on the agenda during an industry panel that included representatives from IBM Consulting France, Jacob Avocats, France Meta, Crypto Circle, Metacircle and Fenwick. The general takeaway from the panel was that businesses need to take calculated, strategic risks to grow their Web3 ambitions. “Get comfortable with discomfort,” one panelist said. Read more here.

Paris Blockchain Week venue. Source: Cointelegraph

12:00 pm: Tether chief technology officer Paolo Ardoino talked about the recent USDC saga and stated that Bitcoin is the “ultimate way” to hold wealth in an exclusive conversation with Cointelegraph’s Joseph Hall.

While discussing the USDC depeg, Ardoino said that stablecoin issuers should always make sure that their reserves remain protected. Read more here.

Cointelegraph journalist Joseph Hall with Tether CTO Paolo Ardoino at Paris Blockchain Week.

11:00 am: Bitcoin proponent Tim Draper was the next keynote speaker, discussing “The Decentralization of Everything.” Draper talked about the need for decentralization in today’s time amid lessening confidence in the banking system. He advised people to use Bitcoin to hedge against bad governance and banking.

Tim Draper advocated for Bitcoin against bad governance and banking failures.

Draper also sang a poem about Bitcoin and how the asset has outperformed traditional financial tools amid the growing banking crisis. Read more here.

10:00 am: The first round of panel discussions kicked off, with Cointelegraph editor-in-chief Kristina Lucrezia Cornèr moderating a discussion on the evolving role of Web3 technology in the traditional financial ecosystem.

Cointelegraph editor-in-chief Kristina Lucrezia Cornèr moderating a panel on Web3.

The panel, titled “State of the Chain 2023,” was joined by Patrick McGregor, head of product at Coinbase; Matthew Savarese, vice president at Nasdaq Digital Assets; Richard Widmann, global head of Web3 strategy at Google; Dante Disparte, head of global policy at Circle; and Denelle Dixon, CEO of Stellar Development Foundation.

The discussion focused on the state of traditional finance, the recent banking crisis and how Web3-based solutions are becoming a norm during times of financial crisis — something envisioned by Satoshi Nakamoto themselves when they created Bitcoin.

In addition to reflecting on the current state of Web3, the experts gave their insights and predictions on how things could pan out in 2023. Read more here.

Patrick McGregor, Matthew Savarese, Richard Widmann, Dante Disparte, Denelle Dixon and Kristina Lucrezia Cornèr (from left to right).

Another panel discussion around the European Union’s Markets in Crypto-Assets regulation, set to come into effect by 2024, saw industry experts weigh in on its impact. The panel was moderated by Sabine Van Haecke-Lepic, a lecturer and researcher at Sciences Po, and joined by the likes of Gundars Ostrovskis, team leader of digital finance at the European Commission; Nadia Filali, director of blockchain programs at Caisse des Dépôts; Hubert de Vauplane, partner at Kramer Levin Naftalis & Frankel LLP; Janet Ho, head of EU policy at Chainalysis; and Vytautas Karalevicius, co-founder of Bankera.

Gundars Ostrovskis, Sabine Van Haecke-Lepic, Vytautas Karalevicius, Nadia Filali, Hubert de Vauplane and Janet Ho (from left to right).

The industry experts and regulators opined on the implications and potential impacts of the proposed regulation. Read more here.

9:30 am: The following keynote speech was delivered by the CEO of Stellar Development Foundation, Denelle Dixon. She talked about the real-world use cases of blockchain technology, focusing on humanitarian aid. Dixon stressed that blockchain tech can bring efficiency to aid distribution, especially when those who need it the most are unbanked.

Stellar Development Foundation CEO Denelle Dixon talking about role of blockchain in humanitarian aid.

9:00 am: The opening keynote of the event came from Ethereum co-founder Joseph Lubin, who talked about the importance of decentralized networks in traditional finance. Lubin highlighted the diversity in the Web3 space and how it has helped the ecosystem grow stronger with a broad spectrum of talent.

Ethereum co-founder Joseph Lubin during his opening keynote speech.

8:30 am: The next keynote speech came from Henri Arslanian, co-founder of the investment banking company Nine Blocks Capital Management, and revolved around the latest global crypto trends — including Bitcoin, central bank digital currencies and nonfungible tokens.

Arslanian shed light on some of the past year’s key events in the crypto world, from the growth of Bitcoin to the numerous crypto contagions and recent bank runs. He stressed that there will be more stress on regulations and transparency moving forward. 

Henri Arslanian talking about global crypto trends.

8:00 am: The first day of the summit kicked off with a keynote from Zahreddine Touag, co-founder of Paris Blockchain Week. During his keynote, he stressed the need for events like PBW and its role in building business relationships and connecting to new people.

Paris Blockchain Week Summit started with a keynote by Zahreddine Touag.

Investor panel: What are the best investment opportunities in Web3?

In the next panel discussion, which focused on investment opportunities in Web3, investor Marguerite de Tavernost said that the bear market is the best time to build in the crypto market. She added that they offer more time for investors and innovators to build their reputations.

Ivan de Lastours de Bernarde, Katelin Holloway, Marguerite de Tavernost, Michael Amar, Andrei Brasoveanu and Richard Muirhead (from left to right)

Fabric Ventures co-founder talks Bitcoin, bank crisis

Richard Muirhead, the co-founder of Fabric Ventures, talked about Bitcoin price, inflation, the bank crisis and the emerging role of Web3 amid it all. He said that with its deflationary properties, Bitcoin is the first use case of Web3 and can become a safe haven during times of crisis. He added that Web3 is actively working on resolving traditional financial problems, but new use cases can take time to emerge, as they represent much more than simple software development.

In-depth discussion on metaverse gaming

Neal Stephenson, an American author and founder of metaverse project Lamina1, joined Paris Blockchain Week chairman Michael Amar to discuss the concept of interoperability in metaverse gaming. 

Stephenson, who coined the term “metaverse” in the 1990s, also talked with Cointelegraph editor-in-chief Kristina Lucrezia Cornèr on the evolution of the word. Read more here.

Neal Stephenson and Michael Amar (from left to right).

Stephenson said the idea of interoperability is irritating for some game developers, as many have been focused on building their own ecosystems for years, such as Fortnite and Minecraft. He explained that the idea of interoperability seems like an abomination because, at this point, all it offers is dragging and dropping assets from one game to another.

Cointelegraph behind-the-scenes on day two

The Cointelegraph team kicked off the second day of Paris Blockchain Week 2023 with a reflection on the cultural and historical depth of the venue:

Web3 headlines the agenda on day one of the summit

The main agenda for March 21 revolves around the scope of Web3 in today’s world. The one-day Web3XP event focuses on how brands and creators can generate value in the metaverse and how Web2 companies can transition to Web3. The event will see professionals representing consumer brands, gaming, collectibles, art and fashion in one place.

March 20 saw a relatively crowded talent fair tailored for the crypto and blockchain industry. Source: Cointelegraph

Cointelegraph reporter Joe Hall attends pre-summit events

The pre-summit events at the PBW 2023 included a talent fair.

The Cointelegraph team making sure you get the best angle.

The Cointelegraph team arrives in Paris

Cointelegraph editor-in-chief Kristina Lucrezia Cornèr, head of video Jackson DuMont and reporter Joseph Hall are deployed on the ground in Paris all week to deliver the most recent developments from the conference. 

Jackson DuMont, Kristina Lucrezia Cornèr and Joseph Hall (from left to right). Source: Cointelegraph

Investors Day

Investors Day kicked the week off on March 20, bringing together investors interested in Web3, nonfungible tokens (NFTs), the metaverse and blockchain applications. 

Stay tuned for continuous updates from PWB, including key takeaways, highlights and behind-the-scenes footage.

Paris Blockchain Week kicks off

The 2023 edition of PBW features speakers from some of the industry’s biggest players, such as ConsenSys, Ledger, Animoca Brands, Algorand, Reddit and more. It consists of the main summit and the Web3-focused Web3XP, and its main themes include public policy, enterprise blockchain, open finance, Web3 art, and investing in Web3 culture and entertainment, among others.

PBW also has a dedicated event for investors, a competition for startups, a hackathon and additional side events.

Last year’s event saw around 3,000 summit-goers and featured keynotes and fireside chats from some of the most prominent figures in the industry, such as Binance’s Changpeng Zhao and Tether’s Paolo Ardoino, among many others.

‘No shortage of passion in the Parisian people’ for PBW amid protests — Animoca Brands CEO

As it hosts Paris Blockchain Week, France’s capital city has seen protests following the government pushing through a bill raising the national retirement age from 62 to 64.

Robby Yung, CEO of metaverse ecosystem developer Animoca Brands, seemed to suggest that, despite the recent attempts to debank crypto and protests on the streets of Paris, confidence in the space was undeterred.

Speaking to Cointelegraph on March 22 at Paris Blockchain Week, Yung said the local government had provided a “warm embrace” for crypto and blockchain enthusiasts amid many overflowing trash bins, protests and burned-out vehicles. France’s capital city has seen massive protests since the government pushed through a bill without a vote in the legislature that would raise the national retirement age from 62 to 64 years old.

“I see no shortage of passion in the Parisian people,” said Yung in reference to both Web3 and the protests.

The Animoca Brands CEO added that there were similarities between the 2008 financial crisis and the recent failures of crypto-friendly institutions, including Silicon Valley Bank and Signature:

“All of that stuff happening out there is why we’re here to begin with […] The reason that we decided that decentralization was a better way to do things was precisely because of our concern as to what might happen in the financial sector, which continues to be borne out.”

Animoca Brands CEO Robby Yung speaking to Cointelegraph’s Joe Hall at Paris Blockchain Week.

Some of the speakers at the Paris event have highlighted some regulators’ attempts to debank the services of crypto firms and address the 2022 market crash. In addition, brands with name recognition, including Gucci, were represented at the conference in what Yung called a positive sign for adoption.

“As the Web3 community, we need to embrace everybody, and to have these big multinational corporations, these major household name brands involved, is a fantastic seal of approval that we’re on to something here,” said the Animoca Brands CEO. “Brands themselves have power: They resonate with consumers, whether it’s gaming brands or handbag and luxury watch brands.”

Related: Paris Blockchain Week 2023: First day of the Summit kicks off

Paris Blockchain Week will be running from March 20 to 24 and feature a variety of speakers from the Web3 and crypto and blockchain space. Cointelegraph team members and staff will be reporting live on the ground to bring readers the latest developments at the event.

Magazine: Best and worst countries for crypto taxes — Plus crypto tax tips

Paris Blockchain Week 2023: First day of the summit kicks off

Pre-summit events such as the Talent Fair, Startup Competition and Investors Day made up the day on March 20 at Paris Blockchain Week.

Paris Blockchain Week (PBW) kicked off its fourth year as one of the world’s largest conferences tackling all things blockchain, crypto and Web3. The event hosts over 10,000 attendees and sold out last year.

Following two days packed with hackathons, talent fairs and investor demos, the main event of the week, the summit, started on March 22.

The Cointelegraph team is stationed in Paris to bring readers the latest news from the ground, presented below in ascending order (the newest story at the top). Time stamps are in UTC.

Paris Blockchain Week Summit 2023: Day 1

12:40: 2022 was the year of epic crypto collapses, with the collective failures of Terra Luna, Celsius, Three Arrows Capital and FTX leaving a stain on the industry. A panel in the Open Finance stream discussed how the crypto industry can recover from these events in light of the recent banking failures in the United States. Read more

A panel discussion on “FTX, Luna, Celsius, 3AC: From Hero to Zero” at Paris Blockchain Week. Source: Livestream.

12:40: Metaverse regulation was on the agenda in an industry panel that included representatives from IBM Consulting France, Jacob Avocats, France Meta, Crypto Circle, Metacircle and Fenwick. The general takeaway from the panel was that businesses need to take calculated, strategic risks to grow their Web3 ambitions. “Get comfortable with discomfort,” a panelist said. Read more

Paris Blockchain Week venue. Source: Cointelegraph

12:00: Tether CTO Paolo Ardoino In an exclusive conversation with Cointelegraph’s Joseph Hall talked about the recent USDC saga and reaffirmed that Bitcoin is the “ultimate way” to hold wealth.

Ardoino while talking about USDC depeg said that stablecoin issuers should always make sure that their reserves remain protected. Read more

Cointelegraph journalist Joseph Hall with Tether CTO Paolo Ardoino at the Paris Blockchain Week

11:00 am: Bitcoin proponent Tim Draper was the next keynote speaker, discussing “The Decentralization of Everything.” Draper talked about the need for decentralization in today’s time amid lessening confidence in the banking system. He advised people to use Bitcoin to hedge against bad governance and banking.

Tim Draper advocated for Bitcoin against bad governance and banking failures.

Draper also sang a poem about Bitcoin and how the asset has outperformed traditional financial tools amid the growing banking crisis. Read more here.

10:00 am: The first round of panel discussions kicked off, with Cointelegraph editor-in-chief Kristina Lucrezia Cornèr moderating a discussion on the evolving role of Web3 technology in the traditional financial ecosystem.

Cointelegraph editor-in-chief Kristina Lucrezia Cornèr moderating a panel on Web3.

The panel, titled “State of the Chain 2023,” was joined by Patrick McGregor, head of product at Coinbase; Matthew Savarese, vice president at Nasdaq Digital Assets; Richard Widmann, global head of Web3 strategy at Google; Dante Disparte, head of global policy at Circle; and Denelle Dixon, CEO of Stellar Development Foundation.

The discussion focused on the state of traditional finance, the recent banking crisis and how Web3-based solutions are becoming a norm during times of financial crisis — something envisioned by Satoshi Nakamoto themselves when they created Bitcoin.

In addition to reflecting on the current state of Web3, the experts gave their insights and predictions on how things could pan out in 2023. Read more here.

Patrick McGregor, Matthew Savarese, Richard Widmann, Dante Disparte, Denelle Dixon and Kristina Lucrezia Cornèr (from left to right).

Another panel discussion around the European Union’s Markets in Crypto-Assets regulation, set to come into effect by 2024, saw industry experts weigh in on its impact. The panel was moderated by Sabine Van Haecke-Lepic, a lecturer and researcher at Sciences Po, and joined by the likes of Gundars Ostrovskis, team leader of digital finance at the European Commission; Nadia Filali, director of blockchain programs at Caisse des Dépôts; Hubert de Vauplane, partner at Kramer Levin Naftalis & Frankel LLP; Janet Ho, head of EU policy at Chainalysis; and Vytautas Karalevicius, co-founder of Bankera.

Gundars Ostrovskis, Sabine Van Haecke-Lepic, Vytautas Karalevicius, Nadia Filali, Hubert de Vauplane and Janet Ho (from left to right).

The industry experts and regulators opined on the implications and potential impacts of the proposed regulation. Read more here.

9:30 am: The following keynote speech was delivered by the CEO of Stellar Development Foundation, Denelle Dixon. She talked about the real-world use cases of blockchain technology, focusing on humanitarian aid. Dixon stressed that blockchain tech can bring efficiency to aid distribution, especially when those who need it the most are unbanked.

Stellar Development Foundation CEO Denelle Dixon talking about role of blockchain in humanitarian aid.

9:00 am: The opening keynote of the event came from Ethereum co-founder Joseph Lubin, who talked about the importance of decentralized networks in traditional finance. Lubin highlighted the diversity in the Web3 space and how it has helped the ecosystem grow stronger with a broad spectrum of talent.

Ethereum co-founder Joseph Lubin during his opening keynote speech.

8:30 am: The next keynote speech came from Henri Arslanian, co-founder of the investment banking company Nine Blocks Capital Management, and revolved around the latest global crypto trends — including Bitcoin, central bank digital currencies and nonfungible tokens.

Arslanian shed light on some of the past year’s key events in the crypto world, from the growth of Bitcoin to the numerous crypto contagions and recent bank runs. He stressed that there will be more stress on regulations and transparency moving forward. 

Henri Arslanian talking about global crypto trends.

8:00 am: The first day of the summit kicked off with a keynote from Zahreddine Touag, co-founder of Paris Blockchain Week. During his keynote, he stressed the need for events like PBW and its role in building business relationships and connecting to new people.

Paris Blockchain Week Summit started with a keynote by Zahreddine Touag.

Investor panel: What are the best investment opportunities in Web3?

In the next panel discussion, which focused on investment opportunities in Web3, investor Marguerite de Tavernost said that the bear market is the best time to build in the crypto market. She added that they offer more time for investors and innovators to build their reputations.

Ivan de Lastours de Bernarde, Katelin Holloway, Marguerite de Tavernost, Michael Amar, Andrei Brasoveanu and Richard Muirhead (from left to right)

Fabric Ventures co-founder talks Bitcoin, bank crisis

Richard Muirhead, the co-founder of Fabric Ventures, talked about Bitcoin price, inflation, the bank crisis and the emerging role of Web3 amid it all. He said that with its deflationary properties, Bitcoin is the first use case of Web3 and can become a safe haven during times of crisis. He added that Web3 is actively working on resolving traditional financial problems, but new use cases can take time to emerge, as they represent much more than simple software development.

In-depth discussion on metaverse gaming

Neal Stephenson, an American author and founder of metaverse project Lamina1, joined Paris Blockchain Week chairman Michael Amar to discuss the concept of interoperability in metaverse gaming. 

Stephenson, who coined the term “metaverse” in the 1990s, also talked with Cointelegraph editor-in-chief Kristina Lucrezia Cornèr on the evolution of the word. Read more here.

Neal Stephenson and Michael Amar (from left to right).

Stephenson said the idea of interoperability is irritating for some game developers, as many have been focused on building their own ecosystems for years, such as Fortnite and Minecraft. He explained that the idea of interoperability seems like an abomination because, at this point, all it offers is dragging and dropping assets from one game to another.

Cointelegraph behind-the-scenes on day two

The Cointelegraph team kicked off the second day of Paris Blockchain Week 2023 with a reflection on the cultural and historical depth of the venue:

Web3 headlines the agenda on day one of the summit

The main agenda for March 21 revolves around the scope of Web3 in today’s world. The one-day Web3XP event focuses on how brands and creators can generate value in the metaverse and how Web2 companies can transition to Web3. The event will see professionals representing consumer brands, gaming, collectibles, art and fashion in one place.

March 20 saw a relatively crowded talent fair tailored for the crypto and blockchain industry. Source: Cointelegraph

Cointelegraph reporter Joe Hall attends pre-summit events

A talent fair was among the pre-summit events at the PBW 2023.

Cointelegraph team making sure you get the best angle

Cointelegraph team arrives in Paris

Cointelegraph editor-in-chief Kristina Lucrezia Cornèr, head of video Jackson DuMont and reporter Joseph Hall are deployed on the ground in Paris all week to deliver the most recent developments from the conference. 

Jackson DuMont, Kristina Lucrezia Cornèr and Joseph Hall (from left to right). Source: Cointelegraph

Investors Day

Investors Day kicked the week off on March 20, bringing together investors interested in Web3, nonfungible tokens (NFTs), the metaverse and blockchain applications. 

Stay tuned for continuous updates from PWB, including key takeaways, highlights and behind-the-scenes footage.

Paris Blockchain Week kicks off

The 2023 edition of PBW features speakers from some of the industry’s biggest players, such as ConsenSys, Ledger, Animoca Brands, Algorand, Reddit and more. It consists of the main summit and the Web3-focused Web3XP, and its main themes include public policy, enterprise blockchain, open finance, Web3 art, and investing in Web3 culture and entertainment, among others.

PBW also has a dedicated event for investors, a competition for startups, a hackathon and additional side events.

Last year’s event saw around 3,000 summit-goers and featured keynotes and fireside chats from some of the most prominent figures in the industry, such as Binance’s Changpeng Zhao and Tether’s Paolo Ardoino, among many others.

Paris Blockchain Week 2023: Latest updates by Cointelegraph

Pre-summit events such as the Talent Fair, Startup Competition and Investors Day made up the day on March 20 at Paris Blockchain Week.

Paris Blockchain Week (PBW) is about to kick off its fourth year as one of the world’s largest conferences tackling all things blockchain, crypto and Web3. The event hosts over 10,000 attendees and sold out last year. The Cointelegraph team is stationed in Paris to bring readers the latest news from the ground.

The 2023 edition of PBW features speakers from some of the industry’s biggest players, such as ConsenSys, Ledger, Animoca Brands, Algorand, Reddit and more. It consists of the main summit and the Web3-focused Web3XP, and its main themes include public policy, enterprise blockchain, open finance, Web3 art, and investing in Web3 culture and entertainment, among others.

PBW also has a dedicated event for investors, a competition for startups, a hackathon and additional side events.

Last year’s event saw around 3,000 summit-goers and featured keynotes and fireside chats from some of the most prominent figures in the industry, such as Binance’s Changpeng Zhao and Tether’s Paolo Ardoino, among many others.

Cointelegraph editor-in-chief Kristina Lucrezia Cornèr, head of video Jackson DuMont and reporter Joseph Hall are deployed on the ground in Paris all week to deliver the most recent developments from the conference. 

Jackson DuMont, Kristina Lucrezia Cornèr and Joseph Hall (from left to right). Source: Cointelegraph

Investors Day kicked the week off on March 20, bringing together investors interested in Web3, nonfungible tokens (NFTs), the metaverse and blockchain applications. 

Stay tuned for continuous updates from PWB, including key takeaways, highlights and behind-the-scenes footage.

Web3 had a small, yet important, presence at Paris Fashion Week

A handful of designers showcased Web3 initiatives at Paris Fashion Week, demonstrating inclusion, sustainability and creativity.

Paris Fashion Week 2022 consisted of 64 shows and 42 presentations, many of which demonstrated the future of fashion. From the sprayed-on dress worn by supermodel Bella Hadid at the Coperni show to upcycled fresh looks consisting of recycled garments, Paris Fashion Week brilliantly highlighted trends for upcoming seasons. 

While the majority of Fashion Week attendees and designers celebrated physical elements — such as in-person fashion shows and tangible designs — a handful of creators incorporated Web3 features to demonstrate fashion’s enormous digital potential.

Web3 democratizes fashion

Shedding light on this, Victor Weinsanto, a French designer who launched his brand in 2020 after spending two years working with the famous Jean Paul Gaultier, told Cointelegraph that virtual worlds allow creators to design without having to use real fabrics and materials. “In a sense, this ensures sustainability, even though a lot of energy and time is used to create such collections,” he said. 

Weinsanto revealed his first digital collection, M3talove, immediately following his fashion show that took place in the Marais district of Paris on Sept. 26. Unlike traditional fashion week experiences, the M3talove collection was showcased as 3D holograms within a series of glass cases housed in a dark room, equipped with bright lights and a DJ. Such a setting seemed appropriate, as the collection was a collaboration between Weinsanto and K-pop girl band Lightsum.

The “M3talove” collection from Weinsanto and BNV. Source: BNV

Richard Hobbs, founder and chief operating officer of Brand New Vision (BNV) — the Web3 platform behind M3talove — told Cointelegraph that the idea for this collection was inspired by the possibilities of merging K-pop culture with fashion. 

“This was a collaborative experience, with Victor presenting his concepts to each of the eight members of Lightsum, who then gave their comments and suggestions before BNV converted the sketches into digital outfits, along with individual customized avatars for the eight girls.”

Weinsanto added that the M3talove collection was one of the best ways to use nonfungible tokens (NFTs) to showcase a collaboration between music, the Metaverse and fashion. “I wanted a collection that could be wearable but still have details that would be impossible to incorporate in real life.” 

Going beyond realistic concepts is indeed one of the most important features offered by Web3 fashion. Hobbs remarked that M3talove is an entirely digital collection, noting that this allows for more imaginative concepts, along with sustainability.

“BNV’s business is digital fashion. If people can wear more virtual products and express themselves in that world while consuming less in the real world, that’s probably a good thing,” he said. Hobbs makes an important point, as it was previously reported that a typical New York Fashion Week emits up to 48,000 metric tons of carbon dioxide.

The French luxury fashion house Balmain also showcased its Web3 presence at Paris Fashion Week this year. Balmain introduced “Balmain Thread,” which is the brand’s Web3 hub powered by the XRP Ledger that is designed to unite their community with NFT projects. Txampi Diz, chief marketing officer of Balmain, told Cointelegraph that Olivier Rousteing — who has been the house’s creative director since 2011 — along with the entire Balmain team, have become acutely aware of the need to democratize fashion. According to Diz, this led to the creation of the Balmain Thread. He said:

“We are stressing the need to open up fashion, democratizing a previously closed-off universe. We knew that we had to introduce the Balmain Thread during our annual Balmain Festival, which is a celebration that mixes our runway presentation for Paris Fashion Week with a one-of-a-kind live concert that is livestreamed on Balmain.com.”

Crowds gathered at Balmain’s “Mint The Moment” during Paris Fashion Week. Source: Balmain

Diz explained that Balmain Festival attendees were presented with the opportunity to join the Balmain Thread community when they received their tickets. He added that those livestreaming the festival were provided with links to join on Balmain.com. “And all of those in the audience on the evening of the festival were invited to join by launching ‘The Moment,’ which is a mobile photo experience app powered by MintNFT that allows participants to transform their favorite Balmain Festival fashion moment into their own unique NFT.” 

While innovative, Diz pointed out that the ultimate goal behind Balmain Thread is to ensure new forms of communication with the brand’s followers while opening access to those who haven’t been involved with Paris Fashion Week before. He elaborated:

“Inclusion is a keyword in fashion, as we all know that the old vision of exclusivity and closed-off experiences is just not feasible for the new generation of fashion lovers. Web3 is one of the many interesting new tools that allow us to open our world to those who wish to enter.”

While such a concept is catching on with renowned fashion houses like Balmain, emerging brands are also incorporating Web3 experiences to provide greater accessibility for both consumers and creators. 

For example, the Paris-founded fashion company Faith Connexion highlighted its Web3 platform, Faith Tribe, during fashion week this year. Maria Buccellati, co-owner and co-founder of Faith Connexion, told Cointelegraph that Faith Tribe is an incubator under Faith Connexion that allows independent creators to design and customize digital and physical fashion assets that can then be minted into NFTs. Buccellati said:

“We had a showroom at Paris Fashion Week this year to display some of the collaborative names and labels that are part of Faith Tribe. This makes Faith Connexion an inclusive brand, which is different from the major players like LVMH. We are leveraging Web3 to give power back to creators.” 

To put this in perspective, Buccellati shared that Faith Connexion announced during Paris Fashion Week that Gavin Magnus, a 15-year-old pop star and social media influencer, will be partnering with the brand to create an NFT line. 

Wahid Chammas, co-owner of Faith Connexion, further told Cointelegraph that Faith Connexion is already working with hundreds of new designers to provide them with tools such as virtual studios, IP registrations and NFT minting capabilities to expand their presence. 

Unlike BNV, which focuses strictly on digital collections, Chammas explained that Faith Connexion emphasizes physical production associated with digital twins. “We believe that any designer will be able to create and curate for us under their own brand, while we enable NFT tags to ensure consumers have digital ownership,” he said. The idea behind NFTs for physical designs will also allow creators under Faith Connexion to have wearables in Metaverse environments that can be used to dress avatars.

Web3 will evolve within the fashion industry

Although Web3 has massive potential to expand the fashion industry’s reach, the fact remains that very few brands and designers are incorporating these elements. While this was apparent at Paris Fashion Week this year, innovative designers like Weinsanto are hopeful that Web3 concepts will catch on. 

Image from Weinsanto’s opening night showcasing the M3talove collection. Source: Alek Katar

“I think that the Metaverse is not yet well known by designers, but soon, everyone will want to create collections in the Metaverse, as it is stimulating and exciting but also easily accessible,” he remarked.

Diz added that it’s inevitable that more and more fashion houses will follow Balmain into the Web3 space since it democratizes the industry. However, he pointed out that education remains a key challenge, which is why Balmain Thread aimed to make the process of joining its community as easy as possible. He said:

“We made it clear that those joining the Balmain Thread community would never need to master any of the complex workings of crypto or blockchains in order to engage creatively with the house — all memberships were minted on the XRP Ledger, while MintNFT guaranteed security by proving authenticity via their video verification technology.”

Although Balmain decided to take this route, some industry experts believe that educating designers and creators at major events like Paris Fashion Week is critical. For example, Enara Nazarova, vice president of metaverse at Hype — an agency that helps brands get started in the Metaverse — told Cointelegraph that Hype hosted its second digital fashion soirée at Paris Fashion Week to educate attendees on Web3: 

“Inspired by the success of our New York Fashion Week soirée, we convened at the top of Centre Pompidou, where we welcomed the leading builders in the Web3 space to discuss what comes next for the fashion industry.”

While Nazarova believes that Web3 has advanced within the crypto space, she noted that education, along with onboarding users is key for driving adoption. Although this is happening slowly, she is confident that Web3 will have a bigger presence at flagship fashion events in the future.

“Web2 brands can’t ignore digital fashion’s power to connect with millions of consumers through virtual products. Yet transitioning from Web2 to Web3 is not a one-size-fits-all solution, so companies have to embrace experimentation. I think the opportunities for fashion to leverage Web3 infrastructure are just starting to emerge.”