NFT Miami Week 2023: We’re at the Party That Hasn’t yet Started

“We’re at the party that hasn’t yet started,” said one of the top speakers at NFT Miami Week, speaking to us anonymously backstage. This statement encapsulates the essence of the current state of the NFT market: It has moved beyond web2 but has not yet reached web3; it has moved past the stage of speculation but has not secured the mass introduction of utilities; it has gained a foothold in the metaverse, but the main events still take place at physical conferences and summits. Nevertheless, the market must maintain a facade and support its players during a bearish trend so they do not doubt that they are on the right track and that there is no turning back.

The importance of supporting NFT startups, collectors, and investors was confirmed by Erik LaPaglia, co-founder of NFT Miami Week. LaPaglia emphasized that providing this support in Miami, which has firmly established itself as not only the capital of the American but also the global crypto industry, was critical. The event was so important that state authorities were in attendance, including Miami Mayor Francis X. Suarez and Executive Director of Venture Miami Erik Gavin.

According to the Fuelarts Startups Report, 33% of web3 startups found funding sources through crypto and blockchain conferences in 2022. Therefore, it was not surprising that the number of participants at NFT Miami Week 2023 waiting to hear the speakers exceeded the number of people in the hall. Noisy networking sometimes interrupted speakers, but participants were mainly there not only to listen but also to share.

NFT Miami Week 2023 was traditionally divided into two stages: Miami Beach and South Beach, or ‘mature’ and ’emerging.’ The former discussed strategic issues, such as the state of the market and a look into the future, while the latter focused on tactical decisions that participants could take and implement immediately. The audience at the second stage was mainly startups and Gen Z, and in terms of practical knowledge and audience involvement, it surpassed the main stage.

The most frequently used words on both stages were community, utility, and creativity. On the second day, Baron Davis, an athlete, entrepreneur and web3 investor, repeated these words in the same order. The sessions themselves could be divided into thematic (art, fashion, music), partner (brands, banks, infrastructure of regions and cities), and social visionary (community, society, future).

One topic that garnered special attention was the intersection of the markets of Latin American (LATAM) countries and NFT collaborations, which also took a central place in Miami. Fourteen sessions out of 104 were devoted to the integration of businesses, investments, and creative ideas from Central and South America into North America’s infrastructure. A landmark event that reflected this direction was the participation of Mastercard and The Miami Ape, a Web3 media and consulting agency built around the BAYC collection, on one panel.

Of all the areas of the NFT ecosystem, the organizers gave the most attention to music, which was reflected in the invitation of legendary producers Timbaland and illaDaProducer as speakers. The latter heads two directions at Yuga Labs simultaneously — Music and Community and Partnership — indicating that the community today is largely built around music. This was reminiscent of 2008 when the Perrotin Gallery invited artist KAWS as art curator Pharrell Williams in Miami, during the Art Basel fair.

One of the most prominent attendees at NFT Miami Week 2023 was Yu-kai Chou, a GameFi pioneer and popular lecturer. During the conference, he unveiled his new book, “Actionable Gamification”. This comprehensive and practical publication is filled with personal experience and years of practice. Another highly anticipated speaker was Magnus Resch, an art economist and publicist who founded The Larry’s List and the art app Magnus.

At a panel discussion on NFT artist development, Resch made a bold statement: “Open your eyes! The typical NFT community is comprised of three celebrity collectors and those who aspire to emulate them.” Although his words were harsh, it’s hard to disagree that there’s still much work to be done in terms of fostering conscious ownership of art objects (as passion investments), which is what Web3 aims to achieve.

We must also mention the Miami Buildathon, an interactive start-up competition that the organizers have held for two years in a row. This event, which included three days of technical and non-technical talks, events, workshops, and parties, culminated in a hackathon at the conference site, bringing together over 50 startups and a professional jury.

During breaks between sessions, both stages were often empty. However, the physical basketball hoop placed in the middle of the conference was always crowded. This once again confirms the rule of the digital world: If you want to create a successful online project, take care of its offline side. The basketball hoop has become a symbol of the utilities that are lacking in the Web3 industry today.

Comparing NFT Miami Week 2022 and 2023 is not a fair comparison. The first event took place at the height of a hot market before its recession, while the second event was at the end of the recession before it started to rebound. Let us hope NFT Miami Week 2024 will be held in a calm and predictable market environment. We are yet to see such an environment, but we hope it will come.

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