The Latest Web3 Craze Didn't Make an Appearance at Consensus

During Consensus last week, Yat Siu was almost late for his Main Stage talk as he was besieged by a horde of fans eager to get a moment with the metaverse tycoon. Maya Zehavi, Siu's fellow panelist, and I, his moderator, were getting ready backstage, observing as the production team became increasingly anxious with each passing minute. When someone finally located him and shared what had occurred, I found it to be remarkable. Remarkable, because not even three years ago, Web3 and NFTs were not mainstream. Blockchain gaming was not yet prevalent, and Yat Siu was not being pursued by admirers. Early Web3 enthusiasts like Yat were more likely to be found on the periphery of major conferences, organizing meetings among themselves.

Leah Callon-Butler is the founder and director of Emfarsis, an advisory and investment company that specializes in Web3 and open Metaverse. She has a particular interest in how cryptocurrencies are driving progress in developing economies. Leah is also a Coindesk opinion columnist and the writer/narrator of the acclaimed mini-documentary, "Play-to-Earn: NFT Gaming in the Philippines."

I have first-hand experience of Web3's evolution, having delved into it before it became mainstream. In August 2020, I wrote the inaugural article about Axie Infinity on CoinDesk, which many considered to be early, given that the platform had less than 500 daily users at the time. However, looking back, I believe that I was already late to the party. In hindsight, it's evident that Web3 began taking shape as early as 2018 when Axie was launched, Animoca Brands was sowing the seeds for future Web3 heavyweights such as DapperLabs and OpenSea, and the Blockchain Game Alliance (BGA) was established. All this is remarkable, considering that the rest of the blockchain industry still considered blockchain gaming to be more of an oxymoron than a genuine use case. It wasn't until later, with instances like the Beeple Everydays NFT that sold for $69.3 million in March 2021, that "NFT" became everyone's favorite acronym.

As we enter 2023, I am more confident than ever that Web3 is a permanent fixture in the industry. CoinDesk's decision to devote an entire stage to metaverse and gaming at Consensus this year was a significant factor in my optimism. The conference is a renowned annual assessment of the industry's status, capturing the personalities and, at times, the mayhem that have become our industry's legends. The inclusion of metaverse and gaming provides credibility to a concept that has been in the works for a long time. Nonetheless, we should remember that conferences tend to be a lagging indicator. As someone who seeks to identify the next big thing before it reaches the mainstream, I believe that the projects showcased on stage are already in the final stages.

It's easy to criticize decisions made in organizing large events, until you find yourself in the position of programming one of these stages - as I did, for the Metaverse and Gaming Stage at Consensus 2023. These events need to attract a significant audience, and without a substantial following or much traction, I can understand how risky it is to allocate valuable air time to a fledgling use case that may not yet be widely accepted. Therefore, in curating this three-day conversation, I sought to strike a balance between established names like Jeffrey 'Jihoz' Zirlin of Sky Mavis, Sebastien Borget of The Sandbox, Spencer Tucker of Yuga Labs, and of course, Yat, while also allowing room for lesser-known but equally impactful and inspiring individuals and projects that I've come across in recent years.

Cloudwhite, the second-largest owner of virtual land in Axie's metaverse, Lunacia, is a prime example of someone who saw the potential of digital ownership and verifiable scarcity long before major brands such as Atari, Warner Music, and Gucci jumped on the trend. What's remarkable is that Cloudwhite wasn't a wealthy investor or a highly educated expert in the field. Instead, he was simply an avid collector since childhood, hoarding Pokémon cards and selling Beanie Babies out of his mom's car.

Anand Venkateswaran, who was previously known as Twobadour, worked for the Metapurse fund. He is known for being one of the two people behind the purchase of the $69.3 million Beeple NFT. However, what people don't know is that he also bought the most expensive NFT of 2019 under the pseudonym Twobadour. At that time, the NFT market was immature, and the $100,000 price tag for the NFT was considered crazy. This move required a high level of conviction, especially when almost nobody was paying attention to NFTs.

The humble beginnings of these pioneers may make for a charming fireside chat, but relying on nostalgia won't help you catch the next big trend before it becomes mainstream news. It took years for each of the men I mentioned to earn their spot at Consensus as a speaker. That's why I encourage you to pay attention to the voices that didn't make it to the official stage at Consensus 2023. The person who pitched you in the coffee line or the degen raving at the after-party could be the next Yat, Cloudwhite, or even the next Twobadour. While the blaring vuvuzelas in the stadium are hard to ignore, don't overlook the quiet squeaks of mice beneath the bleachers. Because the faint rumbling heard in the winter could be the deafening roar of the next bull run.

Source Coindesk