At one point, the acronym WAGMI–short for “we’re all going to make it”–was commonly used on crypto Twitter as a way to express optimism towards various projects.
Echoing comments from other Web3 figures that WAGMI is dead, Doodles CEO Julian Holguin told Decrypt that he was aware of the headwinds that numerous projects currently face.
“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.”
One recent challenge Holguin pointed out is that competition between NFT marketplaces like OpenSea and Blur has led to creator royalties taking a backseat, possibly constricting some projects in terms of available cash.
“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.”
Taking refuge in Paris NFT
Still, it’s not all bad. NFT Paris and other real events can provide a much-needed breath of fresh air, he said.
After digital asset prices reached all-time highs in 2021, last year was a steep fall from grace for much of the Web3 industry, amid the collapse of numerous firms like cryptocurrency exchange FTX and projects like Terra.
Flipping from doom-scrolling to face-to-face encounters, in-person events allow folks to step outside of their echo chambers, where the chills of crypto winter take center stage, explained Holguin.
“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 serving as president of Billboard–a popular music and entertainment magazine– for nearly two years, Holguin joined Doodles as CEO in May of last year. Doodles unveiled Holguin’s role around the same time that Terra’s UST and LUNA imploded.
Holguin said that events like NFT Paris are key because they help “perpetuate a lot of positivity” and provide a space for community members to gather together at a time when perseverance is a priority for many.
“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.”
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