The crypto community is attending the inaugural Crypto Bahamas conference in the Bahamas this week.
Various topics ranging from nonfungible tokens (NFTs) to asset allocation in Web3 to the role of digital assets in sports were discussed on the panel similar to most conferences.
Panelists provided some great insights during one particular conversation titled: “Evolution of NFTs: Culture, Utility, and Regulation.”
The headquarter of Sam Bankman-Fried’s owned exchange FTX is shifted from Hong Kong to the Bahamas in September 2021. Recently, it has made a multi-year collaboration with SkyBridge Capital, an investment firm owned by Anthony Scaramucci and its events arm SALT or SkyBridge Alternatives. They together hosted the conference.
Therefore, the NFT panel consisted of various viewpoints from Joseph Doll, attorney at Fenwick law firm, Sarah Hammer, the managing director of The Stevens Center for Innovation in Finance at The Wharton School, Roham Gharegozlou, the CEO at Dapper Labs and Tristan Yver, head of the strategy at FTX US. While Zack Guzman acted as a moderator. Guzman is a writer for the Bulletin, the Meta-owned newsletter platform.
Gharegozlou noted that “utility, incentives, and how you value and NFT primarily depends on the endurance of that of the community” as the CEO of Dapper Labs, the firm behind NBA Top Shot.
Gharegozlou emphasized how new the whole NFT market is, stating that the majority of people are only “thinking about it for a year and a half,” hence the valautitatios are not matured yet.
Multiple levels of scarcity, he added, are a fantastic approach for an NFT collection to establish a strong community. In the instance of NBA Top Shot, there is high scarcity at the higher price end, but there are also millions of “common” moments so that individuals can “try out their first NFT without breaking the bank.”
The present valuation and pricing mechanism for NFTs, according to Yver, is based on a collective perception of value based on the number of people looking to buy an asset for a particular price. He projected a “trend away from this consensus view toward a more distinct individual view,” in which people buy goods that “resonate with them rather than with a larger group.”
In a recent development, the Bahamian government has declared that users can now accept payments in cryptocurrencies as well as the world’s first central bank digital currency, or CBDC.