The crypto community headed to Nassau in the Bahamas this week for the inaugural Crypto Bahamas conference.
Like most conferences, panels fill up the agenda and on Wednesday the topics at Crypto Bahamas ranged from NFTs to crypto in sports and to asset allocation in Web3. During one particular conversation, titled Evolution of NFTs: Culture, Utility and Regulation, panelists had some insightful musings on the NFT market.
To put the Crypto Bahamas conference into context, Sam Bankman-Fried’s cryptocurrency exchange FTX moved its headquarters from Hong Kong to the Bahamas in Sept. 2021. It recently inked a multi-year partnership with Anthony Scaramucci’s investment firm SkyBridge Capital, and its events arm SkyBridge Alternatives, or SALT. They jointly presented the conference.
That’s why the NFT panel consisted of multiple perspectives from Tristan Yver, head of strategy at FTX U.S., Joseph Doll, attorney at Fenwick law firm, Roham Gharegozlou, the chief executive officer at Dapper Labs, and Sarah Hammer, the managing director of The Stevens Center for Innovation in Finance at The Wharton School. Zack Guzman, writer for the Meta-owned newsletter platform Bulletin, moderated.
Great to have the opportunity to speak about #NFTs & their evolution @CryptoBahamas! Excited about the many applications for NFTs & other #digitalassets, esp. for #education, #healthcare, #socialimpact. @jackshaftoes @FTX_Official @dapperlabs @zGuz #CryptoBahamas @WhartonCypher pic.twitter.com/tQVlDOb29g
— Sarah Hammer (@FinanceHammer) April 27, 2022
Gharegozlou pointed out how new the NFT market truly is when “most people have only been thinking about it for a year and a half,” making valuations “very immature.” As the CEO of Dapper Labs, the company behind NBA Top Shot, Gharegozlou recognized that “utility, rewards and the how you value and NFT is primarily based on the strength of that of the community.”
He added that a good way for an NFT collection to build a strong community is to have multiple tiers of scarcity. In the case of…