How can two Web 3 startups keep the momentum going during a bear market?
According to Pudgy Penguins CEO Luca Schnetzler, it's less about competing with each other and more about linking arms and trailblazing as a unit. I love this moment, Schnetzler said, referring to the current crypto winter when the price of non-fungible token NFTs plummeted.
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Schnetzler told the crowd at Benzinga's Future ofCryptocurrency event in New York City that the space is in its infancy. The traders will move on, while the real participants will step up to the plate. One of the players is Pixel Vault CEO Sean Gearin, who joined Schnetzler on stage for a panel discussion, Using NFTs To Foster Community And Build On-Ramps Into Web 3, moderated by Benzinga reporter Chris Katje.
Gearin said that no one likes to see prices go down. The average price of an NFT sale in 2022 fell from $3,894 in May to $293 in July. That's a drop of 92% in a span of just two months.
From January to September, the NFT trading volume collapsed by 97%, from $17 billion in value to $466 million.
Gearin insists that the community has grown stronger during the bear market. We're left with people who are passionate about what we're trying to build. Schnetzler said that the space was poised to compete with the likes of Walt Disney Co. DIS — at least when it comes to memorable characters and developing valuable intellectual property IP - whether it's penguins, toys or games, the goal is to appeal to everyday consumers, adults and kids, alike.
He said they met them at their mark, referring to Disney. For Gearin, Pixel Vault has multimedia aspirations. The company, backed by 01 Advisors and Velvet Sea Ventures, has a giant NFT collection of superheroes and comic characters.
It has partnerships with big-name brands like Adidas AG ADR ADDYY, DraftKings Inc. DKNG and Ultimate Fighting Championship.
Gearin said that the positive vibes will come back. We're in a better place than where we were eight or 12 months ago. Next: Web 3 Music Stars Illmind And Spotie WiFi On Why We Need To Evolve Past Collectibles To Bring Creators And Fans Closer