Polkadot Decoded 2023’s central theme is to shift the focus from token price to constructing superior products. This annual conference, which recently concluded, attracted more than 100 speakers and an array of blockchain projects, underscoring the positive shift catalyzed by crypto bear markets.
This event saw the exit of high leverage speculators, leaving behind a landscape for genuine builders and innovative solution providers. This reorientation towards genuine product creation and market-fit solutions, away from opportunistic speculations and groundless promises, resonates strongly, especially during bear markets.
Polkadot Decoded promotes the ‘build first’ mentality, gathering a close-knit community of developers, investors, ambassadors, and journalists in the tranquil Øksnehallen conference center, a serene spot nestled in the lively heart of Copenhagen, Denmark. The focus of the conference has been on:
- Enhancing interoperability within the Polkadot ecosystem;
- Facilitating builders’ experience on the blockchain; and
- Advancing the cross-chain bridges that connect Polkadot with Ethereum, Cosmos, and other blockchains.
Discussion topics shifted away from common crypto talk such as airdrops, token prices, or Bitcoin’s new highs. Instead, the discourse revolved around aiding traditional finance and Web2 companies transition into Web3, promoting transparency in venture capital funding, and simplifying the user interface of DApps.
Some suggested that terms like “blockchain,” “crypto,” and “Web3” should be inconspicuous on project platforms. Giulia Maresca, CEO of Public Pressure, believes that creating user-friendly products based on Web3 tech is crucial for mass adoption. Comparing it to using Instagram, she stressed the need to eliminate complex crypto procedures from the user’s view.
Delving into Web3’s potential in connecting to real-world assets, a panel discussion at Polkadot Decoded focused on on-chain entertainment within music and film. The panel explored how creative industries could benefit from Web3’s creativity-centric environment and how ‘phygital’ NFTs can potentially find strong footing in fashion design, the film industry, and music.
Ed Hill, Senior Vice President of Media Services at Beatport, emphasized that Web3 needs to evolve from a mere buzzword to a concrete and implementable ideology within the entertainment industry. He highlighted the necessity of building authentic communities, a critical element in bridging the gap between corporate interests, creators’ objectives, and consumer desires.
The crux of cryptocurrency is about community, where members are stakeholders influencing project direction. As long as crypto remains faithful to this ethos, investors and community members retain their agency within the project. Crypto is more than a revenue-spinning system; it must respect the cultural aspects and intellectual property of creators.
Finn Martin, founder of Define Creative, is optimistic about Web3’s potential to rectify the issues that plague traditional Web2 systems. By transitioning assets to a chain, creators gain transparency and direct revenue, addressing the inefficiencies of current streaming models.
Polkadot Decoded 2023 distinguished itself by promoting a unified objective of enhancing the chain’s usability for builders, investors, and users. Be it an AMM, DEX, lending market, blockchain gaming startup, IPFS storage solution, or a cross-chain bridge, all share the need for composability, interoperability, and turning Web3 from concept to reality.
The importance of community interaction and exchange of ideas in conferences cannot be overstated. Polkadot Decoded deserves commendation for anchoring the right narrative this year.