Uncovering Web3 Opportunities at F1 and TIEcon
By Greg Kahn
Emerging Tech Exchange
Founder & CEO
Published on May 9, 2023
My past week was all about shifting time zones between east and west, as well as between web2 and web3.
As I mentioned in last week’s newsletter, I headed down to Miami for Formula1’s mega Miami Grand Prix motocross racing spectacle and then to Santa Clara, CA to moderate in a panel at TIEcon 2023.
My perspective at both events were that web3 and the metaverse offer investors, entrepreneurs, brands, and media companies unique opportunities to merge immersive digital and physical experiences to capitalize on fans’ passions. (Note: the FIFA Women’s World Cup is happening from July 20 to August 19 — if your business is not building a web3 experience now, you’re going to miss out.)
F1 seemed to be a bit stuck in web2. There was nothing special offered that allowed fans to get closer to either the racers or each other. Still, there was plenty of star power, from Patrick Mahomes to Tom Cruise to Serena Williams to LL Cool J to blockbuster movie producer Jerry Bruckheimer (the Top Gun film franchise, Pirates of the Caribbean, and many more). On the tech side, Elon Musk and Jeff Bezos were seen there.
The drivers were dressed in high-fashion. The food looked good (and relatively pricey).
But for most people, there was a lot of pre-race hype and then … not much else. Given the intensity of the attention there, and F1’s executives’ ability to generate excitement, there could have been even greater value with just a few touches of emerging technology. It was a chance for the sport to prove its advanced stance. This is something to build upon for the inaugural Las Vegas race this November.
Separately, at TIEcon, I moderated a session called Web3, Metaverse, and the Future of Consumer Experiences. It was refreshing to be surrounded by so many forward-thinking entrepreneurs.
I was particularly impressed by a keynote by Nikil Viswanathan, co-founder & CEO Alchemy, a powerful web3 platform. It’s gained the confidence of top-tier investors including a16z, Lightspeed and Coatue: they’ve raised $563 million and have a valuation of $10 billion. Definitely a company I’ll be watching.
Speaking of companies to watch, last month I joined the advisory board of Virtualness, a truly groundbreaking tech company that’s charting the next phase of web3 and the Creator Economy. The company won a Top 50 Global Startup Award from TIE Silicon Valley. There are plenty more wins ahead for Virtualness and its exceptional leaders, Kirthiga Reddy, and Saurabh Doshi.
Greg Kahn
Emerging Tech Exchange
Founder & CEO
