Cashing In On Cryptocurrency And NFTs: Buyer Beware

by Lisa Chau

Cryptocurrency is going mainstream, as evidenced by the high attendance at the recent NFT NYC conference. Indeed, more and more companies accept digital currency which takes the form of coins or virtual tokens.

There are over 11,000 cryptocurrencies, with over 400 exchanges for this digital currency, financial site Motley Fool reports. About 14% of American adults own cryptocurrency, and many more say they are considering buying it. El Salvador recently made Bitcoin legal tender.

One of the most popular concepts in these circles is NFTs (non-fungible tokens). dominated research for information related to cryptocurrency.

While Dogecoin firmly captured the public’s imaginations during the second quarter – with ‘Dogecoin’ search volume surging to rival ‘Bitcoin’ in early May, the dog token fever was on the rise. calmed down quickly in the third trimester, “wrote Kiera Wright for the Cointelegraph site, whose self-proclaimed mission is to cover” the future of money. ”

James Haft is the president of DLTx, which deploys blockchains and technology infrastructure used to lay the foundation for Web 3, the next iteration of the Internet. DLTX is a public company listed on the Oslo Børs stock exchange in Norway, hosted an investor satellite event at the NFT conference with LD Capital, GDA Capital and Akash Network. The attendee list included guests from Coinbase, FTX, Facebook, PayPal, Bitfinex, Grayscale, Pantera Capital, Fenbushi Capital, Consensys, Polymath, BlockFi, Blocktower Capital, Republic, Wax.io, IOTA, Hedera Hashgraph, Valhalla Capital, Sovryn , Yugen Partenaires, Casper Labs, BitMart Exchange, Huobi, Shima Capital, 6th Man Ventures, Graph Protocol, Yield Ventures, EY, Coindesk, Forbes, Insider and others.

Haft believes the high attendance at the conference and its satellite events not only highlighted the strength and growing momentum of the new NFT economy, but also demonstrated that the world is coming back to face-to-face business transactions.

“The uncontrollable growth of NFTs and memes stocks and tokens illustrates the path to mass adoption of crypto. These new economies are recruiting more new users faster than traditional crypto markets, ”Haft said. “The enthusiasm of these new users for NFTs and content-based memes will likely wane, and then these users will move in droves to mainstream markets.”

Gumi Cryptos Capital general partner Miko Matsumura highlights the Axie Infinity game as a reflection of the growth of the industry. The NFT-based online video game developed by Vietnamese studio Sky Mavish has around 23 million monthly active users. Matsumura sees a future where users will ditch internet services that do not include them as owners.

Instead, users began to focus on more personally rewarding work. This trend is reflected in a Civic Science poll published on BeInCrypto, which showed that 4% of Americans quit their jobs based on crypto earnings.

“It’s an unusual part of an economic recovery that represents the power of nerds and technology in the name of art and meaning. Crypto nerds have become wealthy rulers who are now fueling a new renaissance, ”says Matsumura. “Right now the ‘bored monkeys’ are the kings of pure NFT culture. They will thus go down in history. Eventually, this kind of culture will breathe everything and be less “radical”, but for now, it’s the tip of the spear. “

As the blockchain industry grows, it remains a point on the radar for the general population, said BettymediaFounder and Creative Director Bettinna (who goes by only one name). For example, a few members of his team were baffled by the NFTs. They had heard her talk about bitcoin, crypto, NFT, but they didn’t fully understand those concepts until NFT NYC this year.

One of his colleagues was delighted to open his first crypto-wallet and got a free NFT at Palladium. Although excited, he didn’t know what it really meant until Bettinna gave him a thorough explanation.

“My team said the NFTs are like a massive underworld that they don’t know about,” Bettinna said. “I’m not sure if NFT or NFT NYC is signaling an economic recovery for the industry, as the NFT community thrived before the pandemic and during the pandemic. It’s just a large portion of the general public who didn’t know about the NFT community and crypto before Covid-19 found out during the pandemic. “

Amid all the newfound excitement, observers say it’s important to be careful when investing in NFTs. Scams are everywhere and in all industries, and tricks include impersonators, fake accounts and misinformation. Bettinna believes the NFT community does a decent job of calling people out, but sometimes the major social media companies don’t act quickly enough to stop scammers.

She recalled the Fame Lady Squad incident that happened over the summer. The $ 1.5 million NFT project claimed it was created for women to support women. But collectors discovered that the founders and their female avatars were in fact Russian men. Collectors said they felt duped and that the founders ultimately turned the project over to a team of women in the community.

“I bring up this story because some saw it as a scam and I think they have every right to feel what they felt, but I didn’t see it as a total scam,” Bettinna said. “Collectors got some nice crypto art early on. They all got their investment and after this controversy these NFTs in this project will live on in the history books. I see the positive side of it all, at the same time I think people should pay attention to the NFT world. “

With that in mind, Gumi Cryptos Capital’s Matsumura offers this advice to those considering entering the cryptocurrency realm:

“If someone offers you a return or a profit and you don’t understand where it’s coming from, YOU are the return.”

Lisa Chau is author and founder of Clover Canal.

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