FTX and SALT are holding their maiden conference in the Bahamas, and Cointelegraph was on hand to capture some of the most important takeaways.
This week, members of the crypto community gathered in Nassau, Bahamas, for the first Crypto Bahamas conference.
On Wednesday, panels at Crypto Bahamas discussed NFTs, bitcoin in sports, and Web3 asset allocation. During a panel discussion titled “Evolution of NFTs: Culture, Utility and Regulation,” panelists discussed the NFT industry.
In comparison, Sam Bankman-FTX Fried’s bitcoin exchange will relocate to the Bahamas in September 2021. Additionally, SkyBridge Alternatives (SALT), Anthony Scaramucci’s investment firm, has been working with the company for several months. They both co-presented the conference.
Dapper Labs CEO Roham Gharegozlou and Sarah Hammer, managing director of the Stevens Center for Innovation in Finance, were among the NFT panelists. Zack Guzman of Meta-owned mailing platform Bulletin moderated.
NFT Market Valuations are “Immature”
Gharegozlou called NFT market valuations “very immature”. He noted that most people had only been thinking about them for a year and a half. Gharegozlou observed while heading Dapper Labs’ NBA Top Shot division that utility, incentives, and NFT are all significantly dependent on community quality.
Multiple levels of scarcity, he says, help build a strong community around an NFT collection. If you’re willing to pay for NBA Top Shot, you can have your first NFT experience for a reasonable price.
Tristan Yver remarked that NFTs are now valued and priced based on a collective perception of value based on the number of people ready to pay a specific amount for an asset. People will buy things that resonate with individuals rather than products that resonate with a larger group, he said.
Derivative Projects Affordability for Electricity Diffusion
Joseph Doll adds that communities must be mindful about democratizing access. Selon says, some ventures are inaccessible due to late start or inadequate investment. He asked if it isn’t that the whole point of cryptocurrency. That’s not the case. His theory says lower-cost derivative projects can achieve electricity diffusion.
Yver also mentioned scammers, especially on Discord and Twitter. He claimed that companies must move past security concerns to attract the next great mass of consumers. In doubt about whether you’re visiting the right link while minting an NFT, he advocated asking around or contacting a Discord moderator.
Gharegozlou even suggested that Twitter’s new owner, Elon Musk, use Web3 to combat fraud, as Discord does. A more robust system may emerge after NFTs become the identity bridge connecting diverse social networks, he explained.
For Doll, being a part of these NFT communities, even if perilous, is “part of the experience.”
The Cypher Accelerator at Wharton’s business school is launching an NFT incubator alongside Dapper Labs, according to Sarah Hammer, the Cypher Accelerator’s director. Moreover, increasing educational activities would help attract more people to the industry and help them grow and create.
The Bahamas recently allowed residents to pay taxes in digital assets, including the world’s first central bank digital currency, or CBDC.