Web3 a hot topic at SXSW despite bear market and declining interest in NFTs

Web3 a hot topic at SXSW despite bear market and declining interest in NFTsCredit: cointelegraph.com

cointelegraph.com

a year ago

Web3 was a hot topic at SXSW 2023, yet industry experts explain why NFTs and building during a bear market have contributed to the rise of Web3.

Giant rabbits wearing trendy outfits situated alongside cartoon characters with rainbows flowing out of their mouths lined the streets of South by Southwest (SXSW) last year. This is because two nonfungible token (NFT) projects — Doodles and Fluf World — dominated SXSW 2022 .  Yet these projects were nowhere to be found at SXSW 2023, demonstrating the lack of interest in NFTs this year. This shouldn't come as a surprise, though. With crypto prices down, coupled with declining NFT prices and trading volumes , very few projects seem to be focused on digital collectibles.

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