Non-fungible tokens (NFTs) have been generating a buzz in the crypto world for some time — and now, a conference is being established where enthusiasts and entrepreneurs can delve deeper into these digital assets, exploring the latest trends and uncovering new opportunities in the market.
NFT.NYC is taking place on Wednesday, Feb. 20 at the PlayStation Theater in New York City’s Times Square, and organizers say more than 50 speakers have accepted invitations to share their insights. In describing what the event sets out to achieve, the objective is simple: “How unique digital assets on the blockchain will transform gaming, licensing, art and finance.”
The event will enable attendees to “meet and hear from some of the biggest names in the collectibles space” — including Cassidy Robertson from Axiom Zen, the company behind CryptoKitties. During her talk, she plans to chart the platform’s journey so far — a story that saw the company sell some of its most exclusive kittens for $120,000, and become the largest decentralized app (DApp) on Ethereum in the process.
Other talks are going to focus on getting mainstream gamers excited about non-fungible tokens, how these assets could reimagine philanthropy, NFTs’ potential in reshaping the sports experience for fans, and the process of tokenizing real-world assets on the blockchain. Dozens of other topics are also up for discussion.
The 411 on NFTs
Non-fungible tokens have attracted interest because they are different from the fungible assets commonly used by the crypto community and the fiat world today. Bitcoin is fungible, as it can be divided into smaller chunks and it is interchangeable. You can buy a fraction of this cryptocurrency if you want to — and if you were to lend a Bitcoin to a friend, it wouldn’t matter if you received the same one back.
All of this changes when it comes to non-fungible tokens, which are often ERC-721-compliant rather than built to ERC-20 technical standards. NFTs can carry unique types of information that make them rare and, in some cases, unlike any other token that’s out there in circulation. They are also sold whole rather than in chunks. Real-world examples could include plane tickets and baseball cards — and they achieve this non-fungible criteria because half of one cannot be purchased.
Lumi Collect is a crypto wallet for NFTs, and the company has sought to both educate users on its potential while giving them a way to store all of their tokens in one place.
Setting out the opportunities that await the market, Lumi Collect’s CEO, Diana Furman, told Cointelegraph: “Probably, there will be a new class of NFTs that allows for shared ownership and its original value would also be shared. A whole new industry for presenting digital art could emerge. What’s the point in owning a piece of art or another collectible if you cannot display it in a proper way and enjoy what you’ve spent hard-earned money on? NFTs can put an end to the era of digital piracy as they can act as licenses and regulators. Maybe, our digital personalities will be presented on the web as NFT.”
“Leading names and brands in blockchain”
At the PlayStation Theater, NFT NYC is planning to bring together key players in this burgeoning industry — including financial influencers who believe that non-fungible tokens have the potential to “drive the next wave of blockchain value.” Developers who built the infrastructure for NFT projects will also be in attendance, as well as social influencers who have expertise on driving engagement with communities.
One of the sectors that has enjoyed some success with non-fungible tokens already is the collectibles industry. Counterfeiting has often meant that collectors face substantial challenges in verifying whether an asset that catches their eye is authentic, but the rich metadata associated with NFTs can give investors confidence when it comes to authenticity, and this helps drive value in the market. NFTs can be used to represent real-world items, such as pieces of art, but pioneering startups like CryptoKitties have also created a new class of digital kittens that can be bought, sold and collected through a decentralized marketplace.
To generate buzz about its event, NFT NYC is giving participants a chance to design their very own coin — and the most liked will win.
Tickets are now being sold for the event, with general admission available for $299 and a VIP pass — complete with an exclusive dinner and airtime on a billboard in Times Square — costing $499. Tickets can also be purchased in NFT form.
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