Julian Holguin, CEO of Doodles, says that events like NFT Paris can help the industry recover from what happened last year.
At one point, people on crypto Twitter would often use the acronym WAGMI, which stands for “we’re all going to make it,” to show that they were optimistic about different projects.
Julian Holguin, CEO of Doodles, concurred with other Web3 figures that WAGMI is dead, when he told Decrypt that numerous initiatives are currently facing headwinds.
“I think a lot of people are certainly feeling pain,” he said. “The unfortunate reality is that most projects that started are not going to be able to make it through these times.”
Holguin noted that the competition between NFT marketplaces such as OpenSea and Blur has resulted in creator royalties taking a backseat, potentially limiting the available funds for certain projects.
“We definitely feel for a lot of the projects that were relying on secondary royalty revenue and things like that, but I think brighter days are coming,” he said, adding the bear market has led communities surrounding some NFT projects to feel a “deeper sense of connection.”
Getting away to Paris NFT
Still, not everything is bad. He said that NFT Paris and other real events can be a welcome breath of fresh air.
After digital asset prices hit an all-time high in 2021, many companies and projects in the Web3 industry had a steep fall from grace last year. Companies such as the cryptocurrency exchange FTX and projects like Terra went out of business.
Holguin explained that the flipping from doom-scrolling to face-to-face interactions allows individuals to leave their echo chambers, where the chills of crypto winter are at the forefront.
“It’s really important for Web3 communities to come together in person from time to time,” he said. “A lot of the negative sentiment around the space is really what rises to the top.”
After nearly two years as president of the prominent music and entertainment magazine Billboard, Holguin became CEO of Doodles in May of last year. Holguin’s role was revealed by Doodles around the same time that Terra’s UST and LUNA imploded.
Holguin said that events like NFT Paris are important because they “perpetuate a lot of positivity” and give people in the community a place to get together at a time when many people are trying to be more persistent.
“While the space is going through a tough time, I think it’s also a really exciting time,” Holguin said. “I know so many companies in this space are working really hard behind the scenes to build something that their communities can ultimately be proud of.”
Content Source: decrypt.com