While the marketing industry continues to keep its glaze focused on the South of France and the Cannes Lions International Festival of Creativity, a few thousands of kilometres further away in Manhattan there’s another “festival” going on. NFT.NYC is the biggest conjunction of Web3 artists and investors in the world and by the looks of it, it’s here to stay.
What’s happening right now in Cannes seems to matter very little to all those who have gathered in New York for the NFT.NYC four-day event, as they appear to be too focused on what’s going on in their own industry.
The digital world of NFTs, Web3 and the Metaverse is constantly expanding and at a shocking pace, giving companies who have a head start in this game a clear advantage and a full wallet.
The wide variety of people from within the digital creative industry that have all gone to Manhattan is a clear statement of that rapid growth, as they range from independent NFT designers and artists all the way to cryptocurrency business executives and industry legends.
According to The Wall Street Journal, this year over 12,000 people are expected to attend the four-day event. That may not be anywhere near what Cannes Lions – which has been around since 1954 – averages, but it’s still far more impressive than the measly 300 they managed to attract on their first time around, which was four years ago. Crypto-exchange firm Coinbase have dubbed the event as “the Superbowl of NFTs”.
Some of the most well-known names of the metaverse also have a big presence at the event. These include the Sandbox (an open-world platform that allows individuals and companies to invest in digital properties), who booked out the Gotham Hall near the Times Square and had their own event that included a digital counterpart of rap artist Snoop Dogg that took photos with those who attended.
Sandbox’s event also featured a panel of experts from the digital marketplace who shared their insights on the recent crash of several NFTs and cryptocurrencies. Surprisingly, the panellists, but also the whole vibe of NFT.NYC, doesn’t really scream out “impending doom”, despite the significant drop in value that many digital assets have seen in the last few weeks, a trend that doesn’t seem to be slowing down anytime soon.
Most notably, Bitcoin, one of the most stable cryptocurrencies, has seen its value drop below $US20,000 for the first time in ages. But, as William Quigley, co-founder of stablecoin Tether and blockchain Wax says, that’s really no reason to sweat, but could even present a potential opportunity for investors: “It’s rare that an entire industry’s prospects disappear in weeks. Now, [if] over five years, you just see this erosion, that you should worry about … But when it drops super fast, you should just be salivating.”
NFT.NYC carries on strong, bringing in a wind of change to an industry that continues to celebrate its more old-fashioned ways at Cannes Lions at the same time.
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