Top 5 take-aways from Consensus 2022
Consensus kicked off like a Dickens novel — it was the best of times, it was the worst of times. The former, because post lockdown, we could actually meet IRL; the latter because there was a rather large elephant in the room — in the shape of a bear.
Although it’s been dubbed the SXSW of Crypto, it felt more like a Meet-up than a music festival; passionate people sharing knowledge. Here’s our top 5 take-aways:
1. Build in the Dip
While FUDsters fueled the last crypto winter (because no one knew if it would turn nuclear), this season, the sentiment had swapped. As the crypto market topped $1.3 trillion, and the World Economic Forum estimated 10% of global GDP will be stored on blockchain technology by 2027, even weak hands were HODLing. Another iteration was obvious; Buy in The Dip (BTD) had become Build in The Dip. Attendees bustled about the inadvertent upside of a bear market: the time and space to develop even cooler crypto shit.
2. Focus on Web3
In previous years, when the sun was shining, we witnessed a lot of lambo projects, especially in the NFT space. With the current climate, the focus has shifted to sustainable change through development of infrastructure bridging Web2 with Web3. The Dogecoin car provided further confirmation: McLarens are the new measure.
But after a while, it started to feel a bit like we were breathing our own exhaust. Yes, we all get the implications of infrastructure — but what if we could convey that directly to our Web2 colleagues? We hope future conferences enable Web3 innovators to talk openly to Web2 companies, assisting and advising them through the digital transition.
3. Diversity is finally here
We would love to see the official stats, but the attendee demos were far more diverse than we’ve witnessed previously — across age, gender, and background. The Gender Diversity Happy Hour with We3, BFF, and Coindesk in the Sunset Room was one of the best parties in town.
4. GameFi is the space to be
Panel topics spanned the spectrum, ensuring enough information for everyone, while the speakers themselves presented with so much passion. Our favorite was Renz Chong, CEO of BreederDAO, with fascinating insights into GameFi player personas. He summarized the four kinds of gamers: Play-to-earn, play-and-earn, play-to-own, and play-and-own. Chong concluded that while individuals present different needs — some playing only to earn, with others turning a hobby into a side hustle, GameFi inherently appeals to everyone. The opportunities are obvious when watching the $300 billion gaming industry intersect with the projected multi-trillion dollar blockchain revolution. Probably why Alexis Ohanian, co-founder of Reddit, predicts 90% of the gaming market will be play-to-earn within five years.
5. Lockdown is officially over (hopefully)
Seeing people in person for the first time in years was incredible. I lost count of how many times I scanned a LinkedIn QR code. Plus, I couldn’t walk a full block in Austin without running into an event or end of day party. Regardless of the vertical, there was mutual respect for everyone building in the Web3 space.
But it wasn’t all upside: the Consensus App was a little clunky; we often failed to find each other, and we missed the most sought-after merch — the Binance iridescent bag. But ultimately, it was well worth the trip, plus we all snagged some pretty cool swag, including a Galaxy OAT (On-chain Achievement Token)!
Next stop: NFT NYC — touted by the Times as the Woodstock of the NFT world. Will NFT London be Glastonbury? In the meantime, Infinity Force is enjoying the opportunity to BTD and reveling in the retro return to conferences IRL.
Sam Welch is CMO and Co-Founder of Infinity Force.
Infinity Force (IF) builds applications for the Web2/Web3 transition, specializing in DeFi and GameFi. Specifically, IF is building the ultimate infrastructure for GameFi: a cross-chain platform for Play-to-Earn (P2E) games, that connects guilds and gamers, introduces an NFT marketplace, and delivers a dashboard of tools to maximize performance, play and profit share. The native token, $INFF, launching in 2022, powers the platform, provides utility for gamers and guild managers, and offers investment opportunities as IF innovates and expands the GameFi industry.
