NFT Paris takes us on board for a new edition in February 2023

In 2022, the digital asset market suffered from the bear market, but also from the many repercussions in the crypto sphere. A situation which has led to numerous bankruptcies and which still places several players in the value chain in a difficult financial situation. The field of NFTs has not been spared by this cold snap that has hit the entire industry. In this exclusive interview, Alexandre Tsydenkov, founder of NFT Paris, the biggest NFT event in France, discusses the realities of the market in 2022.

The NFT industry has been heavily affected by the instability affecting digital assets. Do you think NFT art and the industry as a whole will survive this bear market? For what ?

Gartner Hype Cycle
Gartner Hype Cycle

When you look at the Gartner Hype Cycle curve, you quickly notice where we are in terms of NFT technology adoption. Currently, we are in a kind of disillusionment after the great euphoria that there was on this market, which we can call a hype, and which was linked in particular to the inflation of prices and growing interest. More clearly, a group of NFT enthusiasts, including myself, saw the potential of this technology very early on and subsequently over-anticipated its mass adoption.

The truth is that the price level of NFTs is not the indicator to consider if the market will recover from the crisis. Behind this indicator hides an important reality: the rate of adoption of NFTs has not ceased to increase. Thus, it becomes clear that NFTs are not disappearing from the landscape. They evolve.

Using NFTs on Polygon
Using NFTs on Polygon

How do you think NFT art has evolved over the past few years? In terms of progress, what has been done and what still needs to be done? You talked about the evolution of the market. What are the illustrative elements of this mutation?

In fact, there is no NFT art to speak of. We can talk about digital art marketed through NFT technology. Then there are more complex artistic works, which adapt to the mechanisms of blockchain and tokens, in order to create a new form of art.

The evolution I am talking about is linked to the possibility for artists to have a different basis of remuneration. They can indeed receive royalties, be independent of existing platforms such as Manifold. Above all, they have the possibility of minting on their own smart contract. It should be known that the signs of change in the NFT industry are the desire to hide the word NFT and hide the blockchain. Thus, we will no longer speak of NFT, but of “digital collectibles”. In view of all the above, it can be said that everyone is gearing up for mass adoption.

Today, there is a real trust issue in the digital asset industry, especially the crypto arena where recent events have forced investors to be on high alert. How do you think the NFT industry could regain the trust of ordinary users after all these events?

There are several key elements to regaining user trust. There is regulation, which will provide better protection for players in the sector. Then there are the words and expressions used. I think the word NFT must disappear from usage. It also needs ease of use. Indeed, there is great progress to be made with regard to UX/UI. It is important to address security related issues as no one should risk losing their assets due to a hack or any other breaches or mistakes of industry platforms.

Finally, the problem of decentralization must return to the center of concerns. Human biases should be countered by technology.

What measures are in place to effectively combat fraud? How can we assess the transparency of the sector?

The advantage of the blockchain is that all transactions are traceable. This information alone makes this technology a very transparent field. A field much more transparent than the traditional economy. Many blockchain players are able to give you information about fraud, theft, etc. For example, there are people like ZachXBT who analyze all the frauds, track them down, and often find the culprits.

The dramatic events we have witnessed regarding the platforms
centralized could have been avoided to some extent. These are important human biases. Blockchain and NFT technology must be used to prevent these human behaviors.

2022 has been a difficult year for the sector. What lessons have you learned from it? What are your recommendations for the new year?

The main lesson I took away from 2022 is that it takes patience for breakthrough technology like NFTs to reach the mainstream.

What trends to watch for in 2023?

NFT Betting is a big believer in SBTs, or “soul bound tokens”. Open your eyes and watch the projects we are preparing for this purpose.

What are the future prospects for the NFT sector over the next ten years?

I am convinced that the NFT sector will have driven a great revolution in a whole range of fields, such as gaming, art and fashion, the way of creating online communities, identification issues, etc.

I think it will be an almost invisible, but gradual and effective transformation. Eventually, we will no longer talk about NFT. Instead, we will be immersed in a world where “digital scarcity” and transactions of secure values, of digital files, will become the norm.

For the founder of NFT Paris, 2022 has certainly been a year full of various challenges for the NFT sector, but contrary to what is said, the sector still has a bright future ahead of it. The most immediate evidence being that in addition to low token prices, adoption is growing. He remains convinced that NFTs will transform the global economy over the next 10 years.

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