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<ul class="summary-list"><li>The three-day Messari Mainnet conference in New York was less expensive and less fun than it was a year ago.</li><li>Gone were the Reddit bros and yacht parties, and in their place came suits and talk of regulation. </li></ul>Crypto isn't dead, it's just growing up. That's the sense I got after spending three days rubbing shoulders with crypto founders, blockchain pros, politicians and executives at Messari Mainnet in New York City. In contrast to previous years when the halls were full of tech bros and Reddit enthusiasts, most of the 3,000 attendees were buttoned-up professionals representing companies or brands. At <a href="https://markets.businessinsider.com/news/currencies/messari-mainnet-yacht-parties-and-2100-tickets-2022-bear-market-2022-9">the same conference last September</a> — when the events seemed more well-attended and tickets were more expensive — many of the conversations I had were about speculative bets, NFTs, and the <a href="https://markets.businessinsider.com/news/currencies/metaverse-property-decentraland-sale-price-mana-coin-cryptocurrency-2021-11">metaverse</a>. I couldn't keep up with inbound interview requests, happy hours, and party invites. I had even secured a ticket to a networking event aboard a yacht — a level of opulence that was absent at this year's event. While crypto has come back from a brutal bear market in 2022, prices are still far below their peak, and some markets, like NFTs, are faring even worse – a recent report showed that <a href="https://markets.businessinsider.com/news/currencies/nft-market-crypto-digital-assets-investors-messari-mainnet-currency-tokens-2023-9">95% of the digital collectibles are probably worthless</a>.Dozens of attendees told me this week that they found last year's conference buzzier, more lively, and more fun — though not necessarily more productive for the industry players that are still standing.A more boring scene, it seems, could be a good thing."There is less of the hype, speculation, costumes, and boat parties, and more serious discussion about opening up real-world assets like private equity, private credit, fixed income, and other alternatives to investors for the first time," Carlos Domingo, the chief executive of Securitize, told me. "The work to make this possible went on without notice the past few years, while the focus was on the hype stuff."<h2>No more get-rich-quick schemes</h2>When money comes easy and liquidity is high, there's no shortage of snake-oil salesmen convinced they're sitting on the next big thing. But in a bear market, it's a lot harder to stomach a half-baked project or obscure alt-coin.At Messari this week, Skybridge Capital founder Anthony Scaramucci, a Wall Street bigwig and former White House communications chief, seemed to be the only one who <a href="https://markets.businessinsider.com/news/currencies/anthony-scaramucci-bitcoin-outlook-skybridge-capital-crypto-messari-mainnet-conference-2023-9">gave an outlook on a specific asset</a>, but the majority of speakers didn't talk about investments. The focus instead seemed to be on regulation, policy, and building practical tools that could help bring nascent technology into mainstream. Panels had titles like "Crypto Tax and Accounting," "What's the SEC's End Game for DeFi?," and "How to Make Crypto Actually Useful."In a press breakfast hosted by Coinbase, executives demonstrated how to pay for coffee using crypto, and unveiled a new messaging feature for digital wallets that aims to streamline communication for peer-to-peer transactions. "The thing that will encourage skeptics is crypto as a technology, and moving away from crypto as an asset and speculation," said Jesse Pollak, the creator of Base, Coinbase's layer 2 ethereum blockchain. "We're moving more toward how crypto is helping small businesses, restaurants, advocacy groups. Those use-cases are what move the needle for everyday people, not another get-rich-quick scheme."<div type="image" title="Messari Mainnet, Coinbase Lounge, No Fiat accepted" height="3976" width="7952" msid="103891798" hostid="261"></div>Crypto as an industry, he told me Thursday, has entered a new era. Bear market or not, more products and startups with real-world applications are springing up. Jess Houlgrave, the chief operating officer of WalletConnect, told me the heads-down mindset has been reflected in the conference, which she thinks was quieter than last year but higher quality. "You have key decision makers here from businesses, less noise around the edges, less retail investors," Houlgrave said. "Events continue to happen in a downturn, but they're smaller, more curated events rather than splashy parties."The notion of "invisible technology" kept coming up in conversations. Crypto applications, the idea goes, will gain mainstream adoption once people use it without realizing it. "There's less gimmicky things, which is reflective of the maturity of the industry," Houlgrave said. "The business-to-business focus we're in right now is here to stay, since crypto won't be consumer-facing anyway. Eventually, consumers will be interacting with blockchain everyday but they just won't know it."Crypto's biggest obstacle now, attendees said, has nothing to do with price action or investing in the next winning project, but figuring out how to keep innovating under the eye of increasingly tough US regulators. <h2>The long shadow of Gary Gensler</h2>Gary Gensler, the chairman of the Securities and Exchange Commission, did not attend Messari Mainnet, but no one could stop saying his name. Scaramucci likened him to Jiminy Cricket, and presidential candidate Vivek Ramaswamy called out the regulator as a government redundancy. The SEC, Ramaswamy said in a fireside chat, should be chopped down to 25% of its staff because Gensler has "a bunch of people showing up to work that shouldn't have a job in the first place."<a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-grayscale-trust-gbtc-crypto-etf-conversion-sec-lawsuit-2023-8">Gensler most recently lost a battle with Grayscale</a> after the SEC had rejected its bitcoin ETF proposal. Attendees said that their problem with the SEC chief lies with his inability to articulate clear guidelines for crypto. "Gary Gensler cannot state whether ethereum is a security or not," Ramaswamy told the audience. "Tomorrow, is a bank deposit a security? The US dollar? You have an agency that is purposely obscuring."The lack of clarity is what cripples innovation particularly in the US, Coinbase's Pollak told me, and it's capping potential on those already in the industry while keeping skeptics sidelined. Singapore, Hong Kong, and some European countries are all becoming more attractive destinations for crypto companies looking to grow and make an impact. <div type="image" title="Vivek Ramaswamy speaking at Messari Mainnet 2023." height="2016" width="4032" msid="103891799" hostid="261"></div>"We need a clear policy framework so people can innovate," Pollak said. "Innovators are moving outside the US, moving to regions that are being more proactive from a policy perspective."To that point, the Singapore conference <a href="https://www.asia.token2049.com/" target="_blank" rel="noopener">Token 2049</a> happened days before Messari Mainnet. Asia's crypto scene, apparently, has no shortage of festivities and hype, according to people who attended.While I didn't find Messari Mainnet as fast-paced or fun this year — a consensus view shared by many other attendees — that isn't necessarily a bad thing. It just shows how priorities have shifted. The industry is growing up, and the grown-ups appear to be taking the lead."In a bull market there's so much noise and it's so distracting, no real building gets done," Pollak said. "The people showing up to Mainnet now are people who have their heads down, building awesome products."

Crypto is growing up: Goodbye yacht parties and NFTs, hello regulation and practical tech

<ul><li>While no decision has been made yet by the Government to ban Cryptocurrency platforms and their ads yet, if banned in the ongoing winter session in the parliament, it is likely to have a larger impact on India’s advertising sector.</li><li>Here’s a look back at how much Cryptocurrency platforms contributed to ad revenue pie from January to November 2021, as per TAM AdEx.</li></ul>A <a href="http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf">proposed </a>bill in India indicates that the government is mulling over introducing a facilitative framework for the creation of an official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses. This uncertainty has already caused price declines on the local exchanges and crypto advertisers have decided to take it slow until the next hearing. While Union Finance Minister Nirmala Sitharaman had said that no decision has been taken on banning crypto advertisements, there is a new Bill in the making, which implies there will be stringent policies in place. FM Sitharaman further said that the new Bill will take into account the rapidly changing dimensions in the virtual currency space. She had also mentioned that it will be presented to the Cabinet and introduced in the Parliament during the ongoing winter session. Until the next hearing, crypto platforms have either halted or slowed their advertising activities, which is likely to impact advertising revenue collection. As per exclusive data shared by TAM AdEx with Advertising and Media Insider, there was a spike in cryptocurrency-related digital advertisements by 36 times between Jan to Nov 2021. Due to the festive season and IPL 2021, crypto platforms were at their peak during October. The month of Diwali, which was October this year, nearly had a 30% share of the category and it took a dip by 6% in November 2021, whereas on television, there wasn’t a single ad from Crypto platforms in 2020. In 2021, television has seen 33.4 hours of advertising from Crypto platforms. The festive season proved to be bountiful for television too as October had more than 75% share of Crypto platforms, up from 2% in June and 23% in September. More than 85% of cryptocurrency advertisements were on Sports channels, with the rest appearing on News channels, GEC stations, and Movies channels. Cricket was the most popular genre amongst all, with 84% of <keyword id="6376163" type="General" weightage="20" keywordseo="cryptocurrency-advertising" source="Orion">cryptocurrency advertising</keyword> airing in Y 2021. Ad insertions of cryptocurrency grew from 0.01% share in overall Digital advertising during Jan-Nov'20 to 0.27% in Jan-Nov'21, indicating that the competition is getting intense and there’s a wider consumer base for brands to woo now. Simultaneously, the count of advertisers grew fivefold from 15 in Jan-Nov'20 to 59 in Jan-Nov'21 on digital mediums, revealed TAM AdEx. <keyword id="10245463" type="General" weightage="20" keywordseo="CoinSwitch-Kuber" source="Orion">CoinSwitch Kuber</keyword> had the lion’s share of 44% in digital crypto advertising from Jan to Nov, followed by <keyword id="12656736" type="General" weightage="20" keywordseo="coinswitch-co" source="Orion">CoinSwitch.Co</keyword> at 18% and <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> at 18%. <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">Wazirx</keyword> and Zebpay had 8% and 6% share respectively in digital advertising Between Jan to Oct, CoinSwitch Kuber had the biggest share of 58% on television too, followed by CoinDCX at 36%, Zebpay at 5% and WazirX at 1%. Prime Minister Narendra Modi in the meeting conducted on November 13 had reviewed key issues concerning cryptocurrency. He had discussed misleading, non-transparent advertising practices. It was also discussed that unregulated crypto markets should not become avenues for money laundering and terror financing. In the past few months, we have seen a lot of high decibel campaigns from a lot of crypto players including WazirX, CoinSwitch Kuber, CoinDCX, Zebpay to name a few. Many of the platforms have used prominent faces like Ranveer Singh, Kunaal Kapoor Roy, Vishnu Kaushal to woo young consumers. A lot of people have been speaking about the risks of investing in the currency without fully understanding how the crypto ecosystem works. The government’s move therefore could help bring about more transparency and accountability into the ecosystem.

CoinSwitch Kuber, CoinDCX and WazirX were the top crypto advertisers on digital mediums this year: Report

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Crypto is growing up: Goodbye yacht parties and NFTs, hello regulation and practical tech

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