Coinfest Asia 2023: Baring It All in a Bear Market

Off the beaten track is a term suited to many of our investment routes in 2023, but it's also where we found Coinfest Asia this year. Perched atop the dusty and hilly landscape of rural Jimbaran, juxtaposed against picturesque sunset views, Coinfest Asia 2023 offered a more rustic experience than last year.

Loyal readers of Blockhead will know that we had a blast at last year's Coinfest. Perhaps a reflection on early 2022's raging bull market, indulgence, extravagance and debauchery were rife last year. Sure, Coinfest was technically held during last year's market crash but preparations and sponsorships were likely already sealed when Bitcoin was higher than $40K.

Bali, Beach, Blockchain – Coinfest Asia Epically Hit the (Full) Moon

With the promise of sea, sand and shilling, Blockhead packed our bags and exchanged our sheltered Singapore lives for an unforgettable Bali blowout. This is what we’ve learned.

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This year, it was a different story. Instead of coming off the back of an ATH bull market, Coinfest 2023 took place after a year of a cold, cold crypto winter. Consequently, budgets were noticeably cut for sponsors as well as the conference's (in)famous side events.

Maybe we were spoilt rotten last year (not gonna lie, we were) but Coinfest 2023 struggled to fill the shoes of its predecessor.

Location, Location, Locca-tion

Lush beaches, luxurious family-friendly resorts, gorgeous scenic clifftop views - Jimbaran is unquestionably a stunning side of Bali. However, its draw doesn't necessarily appeal to crypto-festival goers who are looking to get rekt whilst getting alpha. For one, Jimbaran is devoid of debauchery. Bars are few and far between, and certainly can't replicate the party vibes of Seminyak.

Uluwatu hosted the most convincing after-parties, including Coinfest's official finale. However, most were a 40-minute drive along Bali's bumpy roads from the Coinfest venue - enough time to sober up and get sleepy. Companies tried their best to host their own side events at their extravagant (often OTT) villas but if Coinfest's location was remote, these villas were even more ulu (ulu-what-tu indeed). We even trekked to GSR's super remote villa only to be informed that their neighbours threatened to call the police due to the amount of noise. It took us 45 minutes for a Grab to even agree to pick us up from there. Gone were the bar-hopping escapades that featured so heavily last year.

What's more, instead of hosting the main event at last year's Cafe Del Mar's tropical beachfront, Coinfest itself comprised of makeshift pop-up tents and booths, built across rough and dusty terrain. It wasn't an eyesore as such but certainly wasn't as pretty as last time. Sure, its hilltop elevation exposed festival goers to quaint sunsets, but Coinfest just wasn't as pleasant a place to hang out as last year.

Perhaps the most redeeming venue was Coinfest's main after-party at Locca Sea House. Granted, it took us 45 minutes to get there, but with its own pool adjacent to the beachfront, Locca Sea House felt like a throwback to Cafe Del Mar for last year's attendees. Its intimate outdoor lounging booths that doubled up as tables for companies to splash their cash proved to be useful for networking and butterflying whilst retaining the chilled vibes you'd expect from a first-class beach club.

Fewer Bulls, Less Bullsh*t

It's been a bear market for far too long now, and we've reluctantly become accustomed to it. As a result, spending budgets were cut severely. Or at least it felt like it. Ripple and Fireblocks took the lead as prominent brands on display but were swamped with B-grade projects and even cigarette and vape booths.

But the lack of so-called bulls was rather refreshing. Last year, everyone and their uncle was shilling their NFT project. This year, the tone was different. There were more mature conversations with more representation from TradFi institutions. Sure, we can never rid degens from such events, but their presence was muted compared to last year.

Instead of bulls declaring the market will moon imminently, this year's participants shared more of a conservative (and realistic) outlook. Not a single person we met anticipated full market recovery by the end of the year.

Singapore Slung

We'd like to preface this section with: We love Singapore. One People, One Nation etc. But we're exposed to enough Singaporeans here in Singapore to satisfy our fill. So you can understand our frustration that upon landing in Bali, we were surrounded by Singaporeans. Yes, this is a common occurrence for Singaporeans holidaying in Bali, but we quite enjoyed the more international demographic of Coinfest 2022. Crypto enthusiasts from all around the world gravitated to Coinfest last year, with many representing Dubai, the US, Australia, as well as Asia. This proved to be a valuable aspect of Coinfest, allowing local firms to expand their network globally.

But alas, Coinfest 2023 was oversaturated with Singaporeans. Again, perhaps a sign of tighter budgets with firms unwilling to fly out their lackeys to the other side of the world, but it was certainly a shame.

Coinfest 2024?

OK, perhaps we've been too critical of Coinfest 2023, but it's only because Coinfest 2022 set the bar so high. It's worth noting that the majority of our gripes this year are not the fault of Coinfest either but are rather consequences of a downbeaten market. Festivals are only as strong as their participants and sponsors.

What's frustrating, but also somewhat encouraging, is that Coinfest 2023 had a great deal of potential. Despite the pitfalls (and potholes), Coinfest organisers certainly understand what crypto-festival goers want from them. Quite rightly, it took the formula from last year and applied it to an eager community seeking the vices of last year. But sadly, its fulfilment was dampened by a damp market.

That's not to say we had a bad time at Coinfest. For some of us, Coinfest 2023 was our first Coinfest. Compared to last year, the event fell short, but compared to all the other crypto festivals this year so far, Coinfest 2023 still sits in the top spot.

In any case, we can't wait for what Coinfest 2024 has to offer, hopefully bolstered by a more robust market.

Your turn, Token 2049.