NFT.NYC has always been the premier annual meeting in the nonfungible token (NFT) and digital blockchain art industry for the past three years. This year’s program drew nearly 5,500 people and 135 sponsors, who participated in discussions, speeches, workshops, and briefings. Cameron Bale, co-founder of NFT.NYC met subscribers in a unique ask-me-anything event to share his views on the NFT sector. Have a look at the F&Q, what Bale had to comment about it.
You have certainly incredible panelists at NFT.NYC 2021. Will you enlighten us a little bit about the ideas offered by some of those highly significant people?
Cameron Bale (actor): Some folks are unaware that 2021 was our third year holding the event. Nobody really realizes!! We had 500 participants in the inaugural year (I assume that past those 500, most folks assume that NFTs had just been operating for a year or two!) Frankly, I believe we recognized from our first year that NFTs will impact numerous sectors other than gaming and art. The most fascinating aspect was witnessing real-world implementations of NFTs in some of those sectors.
Justin Herzig, provided a “formula” for valuing NFTs. Is that kind of a thing possible? How might NFT.NYC assists initiatives in developing a sense of community?
CB: I believe that’s a great concept, provided folks don’t take it literally. Some signs, such as news reports, social buzz, and a developing Discord community, might hint or assist forecast the growing worth of a project. Individuals who depend on this knowledge and spend money they can’t stand to miss are taking a risk, and indications like Justin’s should come with a warning, as I’m certain he does!
What are the top essential use cases for NFT that are not related to art?
CB: There are some fairly interesting use cases out there. Anyone who has been in the area for a while may recognize these cycles of NFTs infiltrating various businesses. First and foremost, there was art and collectibles. This, in my view, is due to the fact that they are palatable and very simple to grasp use cases. After that, there will be blockchain games, followed by more targeted businesses such as tickets, leisure, genomics, and all sorts of wonderful stuff. Ultimately, in 2021, we witnessed the beginning of mass art acceptance. Thanks for exposing it to the public’s attention, Beeple, Metakovan, and Christie’s!
We are currently witnessing incidents that shed a spotlight on those other businesses. Gaming and metaverses are emerging, among other things. The aforementioned question concerning Zuckerberg and Meta is intriguing. Anybody who owns land in The Sandbox or other metaverse ventures will have observed an increase in interest in their properties as a result of Facebook’s statements.
The NFT community is intrigued and hopeful about how NFTs might impact these many sectors. Yet, we won’t see the influence we desire unless mainstream media and businesses can approach millions/billions of people and teach them how to do it
What are the main NFT projects you’ll be keeping an eye on in 2022?
My own preferences are guided by three factors. (1) Does it offer significant usefulness that provides worth to mine or somebody else’s life – I’m enthused regarding virtual land currently, given that the globe is catching on to metaverses! (2) Is there a tribe – this might be real, such as Discord groups or online communities, or aspirational, such as receiving an NFT from a business you respect and being a member of “the tribe.” (3) Do I adore the artwork?
How will NFT be applied in the retail industry? What are serialized products?
Wow, that’s a big one! A fascinating use case is digital twins/NFT registration of high-value or luxury products. We did a test at NFT.NYC, where we distributed 1,000 hats, each with an NFC tag that could be read by touching your phone on it.
The initial time you tapped it, you received an NFT that effectively registered the product. Further taps subsequently revealed who possessed the merchandise to anyone who scanned the tag (via the NFT). That is a fantastic illustration, in my opinion, since you can check the authenticity of the actual thing by validating that the connected NFT was issued by the authorized brand. Coupons are another option for consumer goods. Obviously, digital coupons have been available for a long time, but utilizing NFTs as the store of value makes them marketable and composable.
Will NFT.NYC 2022 tickets are issued in the form of NFTs?
This was a frequently asked issue during NFT.NYC 2021. Every year since the event’s inception, we’ve dabbled with NFT ticketing. There are several excellent crypto-related items available (we had an amazing experience with Mintbase in 2020). Nevertheless, in my opinion, I have yet to come across a platform that meets the commercial requirements of a large-scale event (think communications with participants and badge printing, etc., or to mainstream audiences). We’re working hard to draw in both mainstream media and newcomers.)