Boom, niche or future? – Paris NFT Day in review

The Paris Blockchain Week Summit ends after three days of discussion and discussion on the major issues of Web3. The event was organized by Chain of Events and took place from April 12 to 14 at the Palais Brongniart in Paris. On the first day, the so-called Paris NFT Day, as the name suggests, was exclusively dedicated to NFT. In this review, we want to talk about the topics that were discussed that day.

The NFT revolution

On April 12, Paris NFT Day took place for the first time. NFTs, or Non-Fungible Tokens, are a revolution in digital ownership and are a kind of proof of ownership on the blockchain.

To understand what fungible means, let’s take a banknote as an example. If you exchange one 10 euro note for another, they get the same value. Both notes are fungible. Nothing distinguishes them (except the serial number) and they have the same value.

On the contrary, NFTs are a class of digital assets that differ in several characteristics. These characteristics can be used to identify who owns an NFT, what price it has historically traded at, what benefits it offers, such as discounts, event access, or other rights. Until now, a specific entity, namely a centralized institution, acted as guarantor. Today, the blockchain can prove ownership using NFTs. This is one of the reasons for the hype around this innovation.

Paris NFT Day

As part of the Paris Blockchain Week Summit, the Paris NFT Day aimed to bring together the NFT ecosystem at the Palais Brongniart in Paris. Cointelegraph was there that day and can confirm that Paris NFT Day lived up to expectations. People from different backgrounds – experts, novices and individuals – met and discussed with the actors working to democratize these technologies.

The Partouche casino chain won the Frisson du Jour award. It has installed a roller coaster simulator at the Palais Brongniart. With a gun and virtual reality goggles, you can sit in a wagon and embark on an adventure. More than just an attraction, this stand was intended to show that Partouche also works with the metaverse, NFTs and blockchain technology in general. This was confirmed at the end of the day, as the company announced its intention to introduce cryptocurrency payments in the group’s casinos in the future.

Motorsport still interesting for scholarships

For thrill seekers, there was another experience offered by the exchange: a Formula 1 simulator. This begs the question, “Why would a cryptocurrency exchange offer such immersive experiences?”. However, the answer is relatively simple. The platform has been sponsoring more and more racing and motorsport teams for nine years. The Formula 1 attraction was therefore an advertisement for this area. Additionally, whoever has the fastest time of the day in the simulator receives $1,000 from the trade.

Innovative projects

Many projects were presented at the conference. First, the company Nifty presented its NFT wallet. Similar to a ledger key, this product should be able to sign transactions when exchanging NFTs. However, the device has a larger screen for the user to view their NFT and view their gallery. The Nifty case is currently in the shipping phase and will be available in the coming weeks for $199.

Meanwhile, members of the Bored Ape Yacht Club (BAYC), those who own the well-known NFTs featuring the apes, represented their community. This collection from Yuga Labs is now world famous and the popularity is also reflected in the prices. The owners of Bored Apes first met at an NFT show in Paris.

The majority of the owners are young investors who have been with the project since its inception and are enthusiastic about the vision of Yuga Labs. What is certain, however, is that no one expected the collection to be so successful. The energy of the BAYC members was particularly striking. They are constantly exchanging ideas on the latest trends. In addition, the French community wishes to develop its own projects and will announce them on social networks.

Implementing NFTs in real life

The Solid NFT project met with great success during the three days at the Palais Brongniart. The company specializes in printing NFTs on physical media and was a partner at the show. Many people came to the booth with their wallets to have their digital assets printed. Technology allows the project to bring digital works to life.

The team behind Cross The Ages, a new blockchain game that mixes fantasy and science fiction, has also caused a stir. Many conversations took place between enthusiasts and curious on the stand. After raising $12 million, the project team is now stepping up their efforts to release their game and exceed player expectations.

The next Serena Williams?

The program included over 45 presentations related to the relationship between NFT, finance and marketing. As part of his “Funding the Next Serena Williams” appearance, tennis player Patrick Mouratoglou made a proposal: Ultimate Tennis Showdown (UTS). With his project, Mouratoglu wants to modernize tennis so that even more people watch. According to the player, the average age of tennis fans is increasing and is currently 65 years old. That’s partly because there’s no big show and 80% of the game time players aren’t playing.

In his proposal, Mouratoglou therefore wants to adapt the rules of traditional tennis. One of the biggest changes is that the format is now set at four rounds of eight minutes each. Then there is only one serve to encourage more trades, and players can play bonus cards to tip the game in their favor.

In addition to these new rules of tennis, Patrick Miratoglou also wishes to register his project in the Web3 culture. A whole series of NFTs will be developed alongside the tournament, which should bring players and spectators closer together. While Miratoglou has yet to reveal the benefits of NFTs, he explained his idea during a panel discussion with Alexandre Dreyfus, director of According to the tennis player, the owners with their different tokens will be able to help the players in the next edition of the UTS. Miratoglou therefore wishes to create a new Australian Open by using blockchain technology to innovate in its sport.

Emerging NFT solutions

Cointelegraph CEO Jay Cassano opened the conference by announcing the launch of the French version of the news site. In the first round of discussions, answers were sought to the question of why NFTs exist. Panelists, including Nancy Beaton, Senior Vice President of Strategy at Together Labs, and Alejandro Gutierrez, Co-Founder of Defactor, presented their definition of NFT and its revolutionary aspect, among others. Although their answers have already been reproduced at the beginning of the article, some things deserve to be explained more clearly.

For example, the discussion focused on the impact of NFT on a company, a brand or a personality. The main objective is not to ride a current wave, but to develop a long-term strategy. Jay Cassano has repeatedly clarified that you have to “create real value” by finding ways to connect the digital and physical worlds.

Example Louis Vuitton

Take Louis Vuitton for example. The company is a world famous luxury brand and has introduced an NFT solution to combat counterfeiting. The AURA blockchain, developed in partnership with ConsenSys, aims to issue NFTs for each physical product sold. This allows the brand to ensure and prove the provenance and authenticity of each of its pieces anywhere in the world.

It was then discussed whether NFTs are still a niche, at least in terms of purchase. Beaton said the market will explode once NFTs become much easier to buy, store and display. According to her, however, NFTs with a real function are more likely to take hold in real life, for example as a nightclub entrance fee for owners, discounts on certain group offers or a membership. monthly.

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