Archive for 2021

Tech Creators, Artists, and Tomorrow’s Entrepreneurs Flock to Miami for NFT BZL

         An attendee poses outside of NFT BZL in Miami

Whether they’re the future billionaires building the new digital world, or young people with big ideas and crypto-induced riches, money-hungry twenty-somethings showed up in droves to the FTX Arena on Tuesday for what some called the biggest NFT event to ever take place in Miami.

“NFT’s are almost like a hyper version of insurance for authenticity,” said Casey Craig, Global Head of Communications at CoinDesk and speaker during the ‘Culture Converges with Blockchain and Fashion’ panel. Craig spoke about her personal thoughts on the value NFTs provide to everyone involved in NFT buying and selling processes.

“When you think of NFTs and how you authenticate something, and how they’re preserving that rarity, it’s such a game changer,” Craig said. “I think it’s super practical. I think we need this authentication and creativity. I think it will enable not only the creators, but the people that are purchasing these NFTs.”

Other attendees were focused on using the flamboyant nature of the NFT space to sell their projects to those attendees whose goal was to find their next big tokenized investment. An artist who goes by Oona was at the event to promote her NFT project, strutting around in an outfit that covered her in real cash from head to toe.

“I make video art, and for a long time galleries didn’t quite know how to add value to

or create a unified system of value,” said Oona. “I think a lot of artists like myself are coming to the NFT space because it’s finding a way [for artists] to not give up on their dreams yet, you can actually survive and make a living from art, and connect with others through it.”

Oona spoke on the art community’s history of attaching themselves to great innovations, and how blockchain technology is just another example of creators utilizing new ways to showcase their work. “NFTs are going to become a normal part of our lives and as per usual, artists have found it first.”

Other individuals in attendance were critical of the media’s take on NFTs, and how the press has built an outside perception of NFTs being of over-the-top art that has little tangible value. Raymond Chen, Community Manager of Nansen, a blockchain data management software tool, spoke on the media’s apparent naive perception of blockchain tech and how real world usage of the technology is more relatable to everyday people than most would think.

“The media’s perception of NFTs is some [nonsense] art that is worth like a hundred thousand dollars, it’s so insane. It’s not just some JPEG on the internet, there is real utility value behind it.”

Chen spoke extensively about the value blockchain tech has for everyday consumers. “If you NFT your house, you can bypass a selling agent, buyer agent, and just cut out the middleman for these things,” Chen said.

“If you NFT your car, you can cut out the middle men when you want to sell your car when it’s used. You’re going to get low balled at a dealership, they’re going to up-charge it, and sell it to someone else for more. If you sell peer-to-peer, you cut out all the middle men, and all this slippage and transaction fees in the middle.”

Those in the fintech-esque field are also taking an interest in the NFT space,  like Adam Hanna of Circle Internet Financial; who was there representing a software that allows instant payouts of crypto to dollars, or vice versa, for businesses who wish to accept crypto style payments. Hanna spoke about the next great innovation in crypto, and how whoever can figure that out is in store to cash in at an astronomical level.

“I wish I knew,” said Hanna, when asked what that next big idea is. “The NFT space as a whole is something that is still so young, really, like it’s in the past couple of months that it really took off, it hasn’t even been a full year at this point. So it’s just seeing how it’s constantly evolving, what those next projects are, and how different companies are using their own platform, or other platforms, to really promote NFTs in a different way, that’s where it’s at.”

Notable attendees that deBanked bumped into included Miami Mayor Francis Suarez, child actor turned crypto-tycoon Brock Pierce, rapper Kosha Dillz, and UFC fighter Ali AlQaisi. Members of the Miami Dolphins and Los Angeles Sparks were also in attendance, signing NFT-inspired autographs.

Whether you buy into the hype or think it’s equally as ridiculous, the NFT community will continue to be the loudest, most animated, and exuberant group in the world of modern finance.