What’s a more perfect way to understand a new technology than going to an event that is completely dedicated to it? Nothing beats getting immersed into the community you want to know more about. In May, VeeCon 2022, a four-day conference bringing together leaders in business, music, art, Web3, sports, and popular culture, kicked off in Minneapolis, Minnesota, at U.S. Bank Stadium. 

A first-of-its-kind NFT (non-fungible token) ticketed event, VeeCon was hosted by entrepreneur Gary Vaynerchuk and was built around his NFT collection VeeFriends. While the major focus was the impact NFTs and Web3 technology can have on various industries, VeeCon also highlighted how beneficial NFTs are for the culture and community given the opportunity to establish direct connections between artists and their fans. 

Attendees who were present spent their days experiencing panels and interviews featuring big-name celebrities and crypto creators, all capped off by captivating entertainment. For those who are a little curious about NFTs and want some insights before next year’s event, let’s dive into the key things we gathered from this year’s event. 

Educational Takeaways from the VeeCon NFT Conference

• We are very early in the Web3 space, and everyone is learning and trying to figure it out.
• There are approximately 360k NFT holders around the world today. 
• If you get into the space, expect to make mistakes and lose some money. It’s still the wild west, but those who get in and build now will be the leaders of the next digital revolution. 
• The bear market in cryptocurrency is healthy for the space and weeds out people and projects that are mostly there to make quick cash and not invested in the long haul. 
• VeeFriends is a thoughtful project that is a good example of the type of project that can be built regardless of a bull or bear market because they believe in the technology and the value that NFTs and the Blockchain bring.
• Discord & Twitter is where this community can be found. It is where connections are made and projects are being built. VeeFriends is one of the largest NFT Discord Servers in the world today.
  
• Audiences in Web3 expect things to be different from those in Web2/social media. They expect more authenticity, transparency, and security measures to protect the community as they are financially investing in people’s projects.
  
• Don’t bring your Web2 thinking to Web3. It’s a different place, and strategies from Web2 will likely fail in Web3. 

Icons Connecting With the Community

Speakers from media & entertainment like Mila Kunis, Eva Longoria, Seth Green, and Snoop Dogg spoke on the excitement of engaging with their fans in a more meaningful and authentic way. NFTs and Web3 can allow their fans to become owners of their IP and finally reap financial benefits and exclusive access by supporting the artists and entertainers they love. Here are some examples from the event:

• Snoop Dogg talked about releasing music as an NFT and giving the owner of that NFT the rights to the song where they can exploit and benefit financially from their work.
  
• Mila Kunis spoke about her animated NFT project, The Gimmicks, and how NFT holders get to impact the show’s outcome that lives on the blockchain.
  
• Mark Manson tokenized his book The Subtle Art of Not Giving a F*ck by segmenting it into 1,111 NFTs and giving holders rights to use and monetize the portion of the book they purchased. 

Excitement Surrounding the Future of Web3, NFTs, and the Metaverse

While early, these are tangible examples of how disruptive Web3 and NFTs can be for the media and entertainment space. If we look back, when social networks started gaining traction, many in the industry ignored them because they didn’t understand the benefits to their audiences and customers. This time around, it’s imperative that those mistakes aren’t made. It’s still early for NFTs and Web3, but the most important takeaway from this conference was the importance of being curious, asking questions, reading, being involved in conversations, and getting educated. 

As with most new technologies, no one has all the answers yet. Almost every panelist said the same thing, “We’re still figuring it out,” even authors who have written books about NFTs and the Metaverse! There is beauty in having that commonality with a group of people at the forefront of the next big revolution. As more information becomes available, it will be exciting to learn more about this space as we build the future together. 

At Wizeline, our teams have contributed to conversations and projects around top metaverse technologies, and we’re always ready for more! We’d love to chat if you’re prepared to explore how your brand can leverage the metaverse. Contact us today at consulting@wizeline.com to start the conversation!