The future of NFTs explained at the Paris Blockchain Week Summit

The Paris Blockchain Week Summit hosted the Palais Brongniart in Paris on April 13 and 14. This blockchain show was an opportunity to discuss emerging technologies in the blockchain ecosystem and to take a look at the latest innovations. A large number of projects and stakeholders shared their position on the future of the ecosystem and more specifically of NFT technologies. Let’s go through some of the ideas showcased during the show.

The Paris Blockchain Week Summit in a nutshell

A real French blockchain success, this event was able to satisfy the crypto-enthusiasts who made the trip. Indeed, it is nearly 6,000 participants, 355 speakers, 250 sponsors and 350 media and journalist partners that Chain of Events, the organizer of the show, was able to bring together at the Palais Brongniart.

Source: Chain of Events, @DamienBresson

The program for these two days, preceded by Betting NFT Day, swept across all major blockchain topics. Indeed, the event was articulated around 4 main issues which are companies and the blockchain, decentralized finance, the blockchain technological revolution and the close relationship between blockchain and regulation.

The Paris Blockchain Week Summit was therefore an opportunity for blockchain professionals to meet to discuss common issues, but also the development of their projects. Many conferences with quality speakers were able to cover almost all the major topics of the ecosystem and led to interesting debates on these technologies. The promising technology of NFTs was able to animate the debates. Let’s review together the arguments put forward to justify the widespread use of this technology in the coming years.

NFTs as an instrument of digital property

Thus, the first conference we attended dealt with the metaverse. Indeed, in this panel, the place of the metaverse in a digital world powered by Big Tech was in the spotlight. The various panelists, including S├ębastien Borget, co-founder of Sandbox, and Benoit Pagotto, explained their vision of the metaverse and the importance that NFT technologies would hold there.

I’m not telling you anything, the world of Big Tech is built on the collection, analysis and resale of personal data. Web3 technologies, and by extension NFT technologies, aim to put the ownership of this data back in the hands of users. Thus, adopting this culture means embracing a new way of consuming the web. However, the Big Techs are today the companies with the greatest global strike force in terms of product development. This debate has therefore made it possible to realize that the transition to Web3 and the massive use of the resulting technologies would not happen without the will of these digital giants.

Then the conferenceHow NFTs are transforming the art worldhighlighted the importance of this technology for artists. Hosted by Giulia Archetti, Inna Modja and Agoria, this discussion revolved around these new work enhancement tools geared towards creators. In short, NFTs allow the artist to receive a larger share of the sale of their work, provide an alternative source of income and ensure the creator receives a royalty in the event of a sale on the secondary market. The artists mentioned above explained their journey and how this new technology had been able to propel them to the front of the stage.

The end of notaries with NFTs?

Finally, the impact of NFTs in the real estate sector was highlighted in the conference: “New Forms of Ownership: Digital Real Estate“. Real estate procedures are very tedious today and blockchain technologies could well modernize this area. Indeed, by introducing digital property, NFTs could, to some extent, lighten notarial processes. Imagine being able to transfer the ownership of an apartment, a house simply by sending the appropriate NFT? Obviously, we are still far from this paradigm, for obvious regulatory reasons! However, when we highlight the age of these technologies with all the questions they raise, it is easy to see their potential in the medium and long term!

NFT technologies were in the spotlight during these three days at the Palais Brongniart. The Paris NFT Day, the 100% NFT opening ceremony of the show, highlighted the interest of this technological revolution in the ecosystem before giving way to the Paris Blockchain Week Summit. However, these digital assets are suffering from their reputation, as many abuses have erupted against them. How can such inflation rates be justified, populations suffering the consequences of global geopolitical conflicts when teenagers exchange images of monkeys at $200,000? This field of blockchain has developed at record speed and a regulatory framework will have to be put in place in a fair way so as not to harm its proper development.

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