This week, the crypto community headed to Nassau within the Bahamas for the inaugural Crypto Bahamas conference. In the course of the conference on Wednesday the topics ranged from nonfungible tokens (NFTs) to crypto in sports and to asset allocation in Web3.
To put the Crypto Bahamas conference into context, Sam Bankman-Fried’s cryptocurrency exchange FTX moved its headquarters from metropolis to the Bahamas in September 2021. It recently inked a multi-year partnership with Anthony Scaramucci’s investment trust SkyBridge Capital and its events arm SkyBridge Alternatives, or SALT. They jointly presented the conference.
Experts Speak on The Future of NFTs
In the course of a particular discussion with the title “Evolution of NFTs: Culture, Utility and Regulation,” which was moderated by Zack Guzman, a writer for a newsletter platform Bulletin owned by Meta. The panelists came up with insightful thoughts on the NFT market.
Roham Gharegozlou, the CEO at Dapper Labs opined that the NFT market was in its infancy which makes valuations very immature. he also added that “utility, rewards and how we value an NFT is based totally on the strength of that of the community.” Speaking on creating powerful NFT communities he suggested that an honest way for an NFT community to make a perfect community is to have multiple tiers of scarcity.
Tristan Yver, head of strategy at FTX US, and a panelist also contributed to the discourse. He stated that the present valuation and pricing model for NFTs are a collective perception valuable, supported the quantity of individuals willing to shop for an asset for a particular amount.
Furthermore he anticipated that a “movement removed from this consensus view to a more unique singular view where people buy things that resonate with them instead of what resonates with a bigger community.”
Joseph Doll, attorney at Fenwick house spoke extensively about the need to democratize NFT communities and reducing barriers to entry into projects. “communities have to be thoughtful about democratizing access. there are some massive barriers to entry to certain projects, including not being early enough or not having enough capital at the time.” He also added that this reality is the opposite of what crypto is all about. Suggesting that NFT projects can achieve democratization by the creation of derivative projects at better price points.
Further speaking on security in the face of the recent phishing attacks on NFT projects. Tristan Yver remarked that there were a lot of scams in the NFT space, especially on discord and on Twitter. “we must move past security aspects to be able to herald the following large mass of users.” he said. Yver recommended that users should talk to friends or the Discord Moderator before clicking on links. this is to ensure they click on the correct link while minting NFTs.
Adopting The NFT Business Model
Sarah Hammer, who leads the Cypher Accelerator at Wharton graduate school, said that the college is launching an incubator specifically for NFT projects in partnership with Dapper Labs because the “NFT model could be a business model for the longer term.” She emphasized that the best way to grow and innovate within the space is to extend education efforts so as to urge more people learning and dealing together.
Bahamas a New Crypto Hub
The Prime Minister of the Bahamas Hon. Phillip Davis addressed the conference and outlined the steps taken by the country to be in the forefront of crypto adoption. Speaking on the newly released policy whitepaper on crypto adoption released by the country he said: ” This paper sets out our vision and the supporting framework to transform the Bahamas into the leading digital asset hub in the Caribbean and a global leader in the progressive regulation of businesses in this profoundly innovative space.”
