Mar 3, 2022
CryptoGene at ETHDenver
Some of the CryptoGene team was on the ground at ETHDenver last month and saw firsthand what’s happening in the space. The multi-day summit had 20,000 pre-registered attendants and drew legislators and politicians, celebrities, royalty, and some of the biggest names in the development community took to the mainstage of the Castle to talk web3, NFTs, DAOs, and ethereum’s major upgrade coming later this year.
Building, building, building
Nine out of ten people at the conference appeared to be either building something of their own, or recently joined a team building something new on the blockchain. Seeing this much development activity and company formation is inspiring.
Interoperability matters
Popular projects were focused on working together, first with Ethereum, but also with other chains as well. The most prominent and recognizable projects all had a focus on how they could benefit the entire ecosystem instead of just themselves. Beyond Ethereum, notable chains and protocols that were present were NEAR, Harmony, Polygon, Terra, and Metis.
Privacy is a top priority
It was clear that privacy had to be baked into your project if you wanted to be successful. Every talk and conversation included a piece on privacy as the web3 world becomes more interconnected. People want to know they can stay anonymous and protected if they so choose.
Original ideas
Conversations often flowed to how founders are creating original and novel ideas, instead of “recreating facebook on the blockchain” as you commonly would hear at the conference. Innovations in finance, fundraising, interoperability, insurance, gamification, and more were all hot topics recently. Consumers, and investors, are thirsty for fresh new ideas. Industries of focus are still the mainstays, such as tech, finance, supply chain, etc, but newcomers such as art, cannabis, and “phygital” were all hot topics.
Capital is flowing
Consumers are spending and investors are investing. Money did not seem to be an issue for many conference goers, and many were still bullish on the crypto economy despite recent downturns on price action. Capital seemed to be coming from both investors and “new money” (those who recently gained more disposable income). No one was shy to discuss the topic of capital, and this is a trend that differs from decades prior.
Investors are curious and active
Investors were excited to talk to individuals from all walks of life. Gone are the days of pretentious and “made” investments. Investors must talk to founders and explore the world of web3 to sniff out the best opportunities. There are many diamonds hidden in the rough which was not as obvious in years past.
NFTs are evolving
NFT projects were easily the most popular and common. The main difference was the realization by both founders and consumers is that you must push boundaries to attract consumers to your project. You must truly be pushing the boundaries of an NFT project to reach critical mass.
The community is aware and engaged
People are excited. They want to learn and ask questions. They are aware of similar projects immediately and are willing to make introductions or show you the way of their community and/or project. This shows brands are in good hands to grow from a grassroots perspective, and that consumers are excited to be a part of something new.
For more information on ETHDenver, visit their website
