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Shifting Focus at SXSW 2023: From NFTs to Web3

Explore the evolving trends at SXSW 2023 as focus shifts from NFTs to Web3 and major brands take center stage.
Published on 2023-03-21

Decline of NFTs at SXSW 2023

The South by Southwest (SXSW) festival in 2023 marked a significant shift in focus from the previous year. In 2022, the event was dominated by vibrant NFT projects like Doodles and Fluf World, which captured the attention of attendees with their creative displays. However, in 2023, these projects were noticeably absent, reflecting a waning interest in NFTs.

Factors Influencing the Shift

This change comes amid a broader decline in the crypto market, with reduced prices for both cryptocurrencies and NFTs. Trading volumes for digital collectibles have also dropped significantly. As a result, fewer projects are concentrating on NFTs, leading to their diminished presence at SXSW.

Rise of Web3 and Major Brands

In place of the NFT-centric displays, SXSW 2023 was characterized by the prominence of Web3 technologies. Major brands and consultancy firms took the opportunity to showcase innovations and solutions within the Web3 space. The festival featured discussions and panels from notable companies like Coinbase and Vayner3, emphasizing the potential and future of Web3.

Conclusion

SXSW 2023 highlighted a pivotal transition in the tech and creative industries. While NFTs may have taken a backseat, the emergence of Web3 indicates a new direction for innovation and engagement. As the market evolves, it will be interesting to observe how these trends continue to develop in future events.

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