CoinGecko had its first GeckoCon last week and things went pretty well. The focus of the “NFTs Gone Wild” conference was of course to better educate the masses on the state of the NFT market. For the most part, this was a success as each panel was able to clearly express the information and leave anyone that was interested more knowledgeable about the NFT space than previously. We here are Solanews want to break down all of the major points of the conference in a quick review here in this article.
The State Of NFT
Gauthier Zuppinger, COO and Co-Founder of Nonfungible.com started our journey with a breakdown of the state of the NFT market as of Nov17.2021.
With more than $10 Billion and 5.8 million sales, all across 611,092 different wallets, you can safely assume that NFTs had a busy year in 2021. With so many projects being introduced to various buyers and communities it doesn’t seem that there is a lack of NFT sales at all. Within the NFT market distribution collectibles are the main source of sales followed by art and games. These are the 2021 Q3 results after the August NFT craze.
There are many projects that have multiple assets out in the marketplace and the value of these assets is going up. With the massive profits made by Bored Apes, Degen Apes, and Cryptopunks the state of NFT is doing very well. Mr.Zuppinger also went on to show the market share by each NFT with Cryptopunks commanding a very large share of the market at the time of his recording.
Creating New Job Opportunities
Sandali Handagama interviewed Miles Anthony Founder and CEO of Decentraland and Sathya Peri who works for Gather a decentralized social platform.
Mr. Anthony explained the difference between an open metaverse and a closed metaverse. An open metaverse is the more traditional decentralized form whereas the metaverse offered by META would not be open but more closed. He stated there is a divide between people in crypto about the designation of each time. An open metaverse would use most of the crypto-based projects you know of now.
Mr.Anthony did however state that he believed META could be helpful in onboarding millions of people to the metaverse and hopefully then they would find the open metaverse. A lot of discussions were made about the potential for new careers and jobs in the metaverse with Mr. Anthony declaring how his company pays people to “be there and play.” As is well-known in the NFT and crypto sphere by now many can make money playing games and redeeming tokens. This is a process that Mr. Anthony definitely believes in. Sathya was also very helpful in stating that the metaverse would be critical in erasing borders and providing everyone with opportunities they might not have originally had.
Finally, they spoke on energy and climate change with the metaverse. Mr. Anthony responded that he believes the metaverse could definitely reduce emissions though he is not sure about how much. Mr.Peri stated that before any change happens that conversation would need to be the first step in order to correctly implement a solution.
NFT empowering a New Digital Economy
This panel was moderated by Shashwat Gupta the founder of Altcoin Buzz, Aleksander Leonard Larsen, Co-Founder &COO at Axie Infinity, and Sebastian Borget, Co-Founder and COO at The Sandbox. Gupta got straight to the point and asked Larsen what he thought the future of gaming would be in the next few years. Larsen started off by saying it was apparent that Axie has changed gaming for the foreseeable future, he stated that as more people become aware of Axie the higher the numbers rise. He stated that this is just the beginning and the market is massive enough for more companies to take notice and jump in on the market. Borget acknowledged the growth of Axie and said that the base has been set up for many developers to create more games and adopt new models for play-to-earn.
Another good question was the question on Steam banning all types of blockchain games from their platform. The question was if Steam was generally concerned for their audience or if they were trying to build something of their own? Borget stated that they did send an open letter to Steam stating there could be a better way to cooperate, they are actively trying to get this decision overturned, he hopes that they will rethink their decision and not block innovation. Larsen conversely, explained his thoughts on how this was actually good for Sky Mavis the company that distributes Axie. He stated that it was more of a necessity to create their own distribution platform and that non-blockchain platforms are not really a threat to his company.
The next question touched on what was planned for gaming on the metaverse. Borget expressed his hope to have an open metaverse which is less of what we are seeing now with projects such as Fortnite, Roblox, and other MMORPG that are very centralized withholding user data and closed economies, he is against strict regulations on gamers. Borget also touched on all of the monetary opportunities that have been created by The Sandbox since its inception. The ability to have autonomy over your creation and your NFT is something he states will change the way games are seen. Larsen spoke more on how to actually get the metaverse to be more communal and that a big company has no ability to do that and that we have several years to get to that point.
There were many many more great panels and you can rest assured we are going to cover the best ones for you in case you missed out! Stay tuned to Solanews for more on GeckoCon 2021!