Web3 Culture Is 'Not Dead' but as Strong as Ever, Say Brand Leaders

AUSTIN, Texas — While the latest market cycle included the collapse of several major crypto firms and the slowing of non-fungible token (NFT) sales, brand leaders are confident that Web3 culture is not dead.

NFT project Deadfellaz co-founder Betty; chief marketing officer of Alo Yoga Angelic Vendette; director of emerging technology of Diageo North America Devin Nagy; founder of Studio LOGIK Julian Gilliam, and Web3 head of United Talent Agency Lesley Silverman shared the stage Wednesday at CoinDesk’s Consensus 2023 Festival, highlighting the amount of energy currently flowing in the crypto ecosystem.

"I've seen a lot of narratives online saying that the culture is dead," Betty said. "And people have been saying that since I started. It's not dead. The underlying ethos and the underlying desire to disrupt and to build something new and to challenge systems have been around forever."

What is unique about the Web3 space, according to Betty, is that people have a chance to empower the community “so that it doesn’t just stem from the brand itself.” Community members are “stepping up in building alongside you and authentically getting value out of it."

Read full coverage of Consensus 2023 here.

Gilliam noted multiple signals that demonstrated the resiliency and vitality in Web3, such as the recent moves by Starbucks, MasterCard and Adidas.

“When you take all these top brands creating case studies and proof of concepts and exploring the space, that creates another entry point for someone who's in another part of the world operating the culture in a different way," said Gilliam. "The leaders that we have in the space right now, whether it’s an NFT project or a [decentralized application], they’re solving problems for a specific group of people.”

While the Web3 culture is alive, what is dead are organizations with "platforms that build without looking at the ecosystem as a whole," said Betty. Organizations seeking to only benefit one group of people are "dead," she added.