How can two Web3 startups maintain momentum during a bear market?

According to chubby penguins CEO luca schnetzlerit’s less about competing with each other and more about “joining arms and pioneering as a unit”.

“I love this moment,” Schnetzler said, referring to the current crypto winter in which the price of non-fungible tokens (NFTs) plummeted.

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“Space is in its infancy,” Schnetzler told the crowd Wednesday at Benzinga’s Future of Crypto event in New York City. Traders will “move on”, while “real players” will “step up”.

One of those players is pixel vault CEO Sean Gearin who joined Schnetzler onstage for a panel discussion, “Using NFTs To Foster Community And Build On-Ramps Into Web3,” moderated by Benzinga reporter Chris Katje.

“No one likes to see prices go down,” Gearin said. The average price of an NFT sale in 2022 fell from $3,894 in May to $293 in July. That’s a 92% drop in a span of just two months.

From January to September, NFT trading volume collapsed by 97%, from $17 billion in value to just $466 million.

Still, “the community has grown stronger during the bear market,” Gearin insisted. “We’re staying with people who are passionate about what we’re trying to build.”

In fact, Schnetzler said the space was ready to start competing with companies like Walt Disney Company. DIS — at least when it comes to memorable characters and the development of valuable intellectual property (IP).

Whether it’s stuffed penguins, toys or games, the goal is to appeal to everyday consumers, adults and children alike, Schnetzler explained.

“Find them on their brand,” he said, referring to Disney. “Take away market share.”

For Gearin, the Pixel Vault also has multimedia aspirations. The company, backed by 01 Advisors Y Velvet Sea AdventuresIt features a giant collection of NFT superheroes and comic characters.

It also has partnerships with renowned brands such as Adidas AG – ADR ADDYY, DraftKings Inc. DKNG Y Ultimate Fighting Championship.

“The positive vibes will come back,” Gearin said. “In many ways, we’re in a better place than we were eight or 12 months ago.”

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Photo: Chris Katje, Luca Schnetzler and Sean Gearin, photo by Joseph Parks for Benzinga