The Blockchain Hustle: Key Takeaways from Consensus

Metaverse Zone at Consensus 2022

This was the first year Coindesk hosted their annual conference show, Consensus, outside of NYC—the event took place in Austin Texas. As usual, the Consensus show attracted the biggest blockchain businesses and people from around the world.

Aside from all the side events and cool after parties hosted around Consensus, here are some of the key takeaways from this year’s event.

1. It’s Time To Build

As markets continue to crumble, the crypto industry shifts their focus to building with plenty of money still pouring in from VCs. Many companies are actually hiring right now.

Companies scooping lost talent from competitors include FTX, Kraken, Cake Defi, Binance, OpenSea and Polygon. Binance CEO, Changpeng Zhao said in a Tweet, “It was not easy saying no to Super bowl ads,” — a jab at their competitors crypto.com and Coinbase’s Super Bowl spot. In an interview with Fortune, at the Consensus 2022 conference in Austin, Texas, Changpeng Zhao added that Binance has a “healthy war chest” and will leverage a crypto winter.

It is arguably a wise time for these companies to leverage the market volatilities and turbulence where valuations of startups are reduced rather significantly, allowing for a greater upside potential in future returns on investments.

Dr Julian Hosp, CEO at Cake DeFi said “Crypto and blockchain projects that have strong fundamentals in terms of user traction, tech and founding team remain particularly attractive, they are mostly positioning themselves to capitalize on the market recovery.” Cake DeFi has recently launched a US$100M venture capital arm, with an investment focus on Web3, blockchain, NFTs and fintech. 

Some of the other big names in the blockchain industry which are well funded and are using this time wisely to further develop their projects include: EOS, Ethereum, TRON, and Bitcoin.

EOS is developing a platform which will allow businesses to create decentralized applications more easily, Ethereum is working on a new version of their platform called “Serenity” which will allow for faster and cheaper transactions, TRON is creating a decentralized entertainment platform, and Bitcoin is working on increasing the scalability of their network, according to Tom Kelly, CTO at Life Part 2.

2. NFTs Are Here To Stay

Lucia Gallardo, an MIT Innovator Under 35 and cofounder of Aeternals, an NFT project aiming to save the environment, views the current volatility of the crypto market as an opportunity to stand out in a crowd where many projects with no real value, impact or long-term roadmap end up failing.

“Despite their instability in the current market, NFTs are a democratizing tool that have drawn interest from elite, sophisticated investors using them as instruments for wealth creation, as well as from new kinds of players drawn to the space, including artists and storytellers,” said Ms Gallardo.

3. Move To Earn Fitness

The recent play to earn downturn happened because of a fatal flaw that many P2E games have: most of the players are there specifically to earn the game tokens and cash them out immediately in order to earn a living from doing so. This creates constant downward pressure on the reward token’s price unless there is a never-ending supply of new players always arriving who want to buy those tokens so they can get started.

Axie Infinity’s native token took a beating precisely for that reason. But this isn’t the death knell for this tokenomics model. There is still huge upside for move to earn ecosystems that can provide their users with an engaging experience that encourage their users to spend their earnings within the game instead of cashing them out.

Stepn.com is one such example of a move to earn application where users buy NFT sneakers and then receive token rewards for running. With a waiting list for their Telegram group and a Discord community of almost a million people, the rewards are generated by the large community’s desire to keep spending money on improving and repairing their NFT sneakers and engaging with the game instead of just withdrawing the tokens and cashing them out.

Another move to earn project to keep your eyes open for is the Galvan.Fitness app.

4. The Next Big Wave of Web3 Applications

The internet is currently in the throes of an irreversible and seismic shift from Web2 to Web3 technology. This will create all kinds of different opportunities, particularly in two areas of internet infrastructure: storage and streaming.

As the internet moves to decentralized solutions, storage and streaming will move away from big tech’s centralized servers onto a distributed network.

“The next big wave of Web3 applications lies within projects that utilize blockchain as a technology to transform sub-industries such as art, real estate and other intersection of tech. Web3 browsers like Brave have doubled their growth in global market share at 0.05% against brands like Chrome.” said Dr Julian Hosp, CEO at Cake Defi.

“Storage system like Google Drive and Cloud are competing with web3 alternatives like Filecoin. Steem, Metamask, Ethereum and DeFiChain are just some companies building towards decentralized solutions that will be at the forefront of a market recovery.”

The Blockchain Hustle Carries On

For this year’s show, we teamed up with Cassius Cuvee to be our front man host of Blockster, and to connect with all the incredible blockchain people, or as we like to call them Blockchain Hustlers. Watch the video for a quick recap of this year’s Consensus vibrant energy.

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