Autor Cointelegraph By Tom Farren

NFT​.NYC expecting ‘diverse and eclectic audience’ to drive utility narrative of NFTs

NFT.NYC, one of the largest nonfungible token events, is preparing to open its doors for a fourth year, celebrating the diversity of NFTs across 16 sectors, including art, film, sports and ticketing. Held from June 20 to 23 in New York City, the blockbuster event will serve as a global melting pot of everybody who’s anybody in the NFT world, showcasing 1,500 speakers across panels, talks, fireside chats and hundreds of pop-up events. Attendance figures are expected to soar from last year’s 5,600 to over 15,000 this time around.Cointelegraph spoke to Jodee Rich, co-founder of NFT.NYC; Quinn Button, its vice president of growth; and Web3 entrepreneur Michael Litman to hear more about their expectations for the New York event. They also discussed how the current market conditions could impact the momentum of the NFT movement and the artistic conversations it cultivates. With a conscious emphasis on prioritizing the desires of the community over brands or corporations, the NFT.NYC team selected 221 emerging international artists from an application pool of 5,000 to display their work on a Times Square billboard and throughout the Marriott Hotel. Following the event, these artists will have the opportunity to mint their work at a price of their choosing and retain 75% of all revenue generated from the primary and subsequent sales. Specific details on purchasing are ye to be announced. In collaboration with 221 Community Artists, we are very excited to launch “The https://t.co/1IrDLHe1py 2022 Diversity of NFTs Art Collection”.Artworks will be displayed on Times Square and throughout the event. Some pieces will be available to mint.https://t.co/cup0e2EYF7— NFT.NYC (@NFT_NYC) June 9, 2022Speaking on the ubiquitous community of NFT fanatics scheduled to converge on the Big Apple, Rich proudly shared that it’s a “very diverse and eclectic audience”:“Our thing is about giving the community a voice. That’s what we wanted to do since the beginning. We’re not an event that goes hunting for celebrities — we want the community to feel that this is a place where they can be on stage and talk to the rest of the community.”This resolute intent to empower youth and passion with a platform is perhaps most aptly witnessed by the introduction of Unconference — an impromptu, non-scheduled stage welcoming all guests for a 10-minute slot to share their ideas and visions for the space.Related: We saw mainstream adoption for NFT art kicking off in 2021, says NFT.NYC co-founder Cameron Bale Ether (ETH) is arguably the most integral asset within the NFT space, yet it’s precariously sustaining a $1,200 price level at the time of writing, having already fallen 35% over the week.This decline has had cascading consequences on the price floors and purchasing sentiment of leading NFT collections — most notably, profile-picture-projects — plunging the space into its inaugural bear market. Speaking on the potential impact this misfortune could have on the overall narrative, Rich was keen to express that art is the primary utility of NFTs and that his excitement remains for the connections and friendships that will be formed at the event — especially, for instance, those during serendipitous moments in casual conversations in line and between speakers on the same stage.Button concurred with the assessment that countless use cases for utility would be showcased throughout the different sectors, highlighting music as one to watch:“I think one interesting utility of NFTs will be how they will disrupt the music industry, whether that’s royalty rights, merchandise or generating new revenue streams to really connect musicians with their fans.” NFTs used for good have experienced a rapid acceleration into the spotlight this year, especially in relation to the support of Ukraine’s humanitarian relief effort and cultural diversity agendas.At NFT.NYC, topics within that realm — such as sustainability, mental health and wellness, and philanthropy — will be highlighted across a total of 28 panel discussions and talks at the Edison Ballroom South hosted by Chingari from June 21 to 22.Cointelegraph’s senior reporter Rachel Wolfson will be hosting a 15-minute fireside chat on June 22 titled “Breaking the Boys Club Culture in Crypto: How NFTs are Bringing Women into Web3” at the Edison Ballroom Main.

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A Fool's Game: Bill Gates criticizes the intangible value of NFTs

Tech billionaire, and currently the world’s fourth-richest person, Bill Gates, spoke at the TechCrunch climate change conference Tuesday about the progress society has made in supporting the climate movement, his assessment of current global economics, alongside his skepticism of NFTs. The NFT market has closely correlated the tumultuous financial decline of cryptocurrencies over the past few months, as previously sought-after collections resort in the vicinity of 60-80% reductions in value. As a result, cynical attitudes have emerged to dominate the industry narrative.In his interview, Gates singled out the market’s most popular collection, Bored Ape Yacht Club, sarcastically stating, “Obviously expensive digital images of monkeys are going to improve the world immensely,” adding, “We all agree on that.” “I’m used to asset classes where like a farm they have output, or a company where they make products. Having an asset class that’s 100% based on […] greater fool theory that somebody is going to pay more than it than I do — and where it has at its heart this sort of anonymity that you avoid taxation or any sort of government rules about kidnapping fees or things […] I’m not involved in that. I’m not long or short, or any of those things.” In financial terms, the greater fool theory refers to the inflated valuation of assets — whether that be stocks, real estate or indeed NFTs — distributed between the hands of foolish willing participants. Microsoft’s inaugural affiliation with NFTs came while Gates occupied a seat on the board in December 2019 with the launch of Azure Heroes, an Ethereum-based digital collectible on the Azure cloud platform designed to promote and reward inclusive behaviors between developers. The beaver avatars ascend in rarity level determined by the difficulty of attainment, with the learner being the entry-level asset, and the prized possessions being the Mentor and Maker Badgers. Just over two years later, Microsoft released “Azure Space Mystery” a digital game in partnership with Enjin and interoperable with Minecraft which educates players on prominent female scientists throughout history. Related: Xbox head Phil Spencer is skeptical about NFTs in video gamesAs for Gates, he has consistently advocated for cryptocurrency investors to adopt cautious discretion when investing in the market, most recently in February declaring that “I do think people get drawn into these manias who may not have as much money to spare”, and that “I’m not bullish on Bitcoin”.

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Jack Dorsey and Jay-Z collaborate on Bitcoin Brooklyn educational program

Legendary New York hip-hop artist and producer, Jay-Z has joined forces with the founder of Cash App, Jack Dorsey, to launch “The Bitcoin Academy,” an educational program advocating for the democratic vision that “education is power.”Exclusively available for residents of the Marcy Project public housing complex in New York City, the scheme will commence June 22 and run until Sept. 7 with options for both in-person and online attendance. The free educational program is designed to enhance access to financial information and promote inclusive opportunities. Taught by educators Lamar Wilson of the Black Bitcoin Billionaire and Najah J. Roberts of the Crypto Blockchain Plug, the specific details of the lessons are sparse at this time, but topics surrounding the necessity, utility and vision for Bitcoin as well as general financial literature are all expected.Children aged five to 17 have also been encouraged to join the “Crypto Kids Camp” on two of the Saturday events, while adult attendees will receive a portable WiFi hotspot device, a one-year limited data plan and a smartphone, if required.Mr @sc and I are funding The #Bitcoin Academy, a program for residents of Marcy Houses in Brooklyn New York where Jay grew up, designed in collaboration with @CryptoPlug3 and @BlkBTCBillions: https://t.co/hKfq1jqii7— jack (@jack) June 9, 2022Dorsey said he was inspired by the results of Bitcoin initiatives that have supported a small-section of African and Central and South American populations. He stated that the overarching goal is “to prove that making powerful tools more available to people enables them to build greater independence.”Settling potential fears of favoritism, or maximalism towards the leading cryptocurrency asset, Dorsey expressed that the program aims to go beyond the teaching of Bitcoin to conversations surrounding “long-term thinking, local economies and self-confidence.”Related: Jack Dorsey on UBI: Bitcoin encourages transparency, long-term thinkingDorsey and Jay-Z — personal name Shawn Carter — are both vocally conscious figures within the cryptocurrency and Web3 landscape. The former has made strides in spotlighting crypto across the Block and Cash App, while Carter is synonymous with his CryptoPunk avatar and passion for artistic autonomy on the blockchain.The duo co-own a multi-million-dollar music record label called Tidal, which hinted at a desire to integrate nonfungible tokens (NFTs) onto its streaming service last year.

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Polygon taps Airbnb’s director of HR to spearhead its decentralized workforce

Ethereum layer-2 scaling solution Polygon (MATIC) has announced the hiring of Bhumika Srivastava in a bid to consolidate its strategy and cultural ambitions for the company’s 500-employee global workforce.Serving as the head of human resources and director for employee experience at Airbnb for the past five years, Srivastava arrives with an illustrious portfolio and plethora of experience from her work in Web2, having occupied senior roles at Adobe, Yahoo, Tesco PLC, and Snapdeal.Srivastava’s appointment marks a consistent trend in Polygon’s hiring strategy of prominent figures within the Web2 space, such as the former head of gaming at Youtube, Ryan Wyatt, being hired as CEO of Polygon Studios in January and, more recently, Tyler Sellhorn being brought on to promote Polygon’s decentralized working model as head of remote. In an interview with Cointelegraph conducted on Zoom, Srivastava spoke candidly about the necessities of leadership, Polygon’s parabolic employee growth over the past year, and her ambitions to cultivate a thriving decentralized culture which operates with sustainable high-performance. The weekly stats:• #Polygon network TVL maintains a solid $2.5Bn. • The @PolygonStudios & @BoomLandGames collab will bring 33MM users to blockchain gaming.• Avg gas fees saved using #Polygon: $26.58MM daily ($10 per txn)#PolygonInsights https://t.co/aFOZztq68N— Polygon Ecosystem Updates (@0xPolygonNews) June 8, 2022Cointelegraph: Albeit only being in the role for two days, how do you expect your position with Polygon to differ from that of Airbnb? And what are your anticipations in transitioning into the Web3 space? Srivastava: “I would say that Web2 to Web3 is very redefining for HR. […] The teams are distributed, remote-first, working in a hybrid space, and everyone is responsible for their own piece of work.What will be different is creating an employee experience for distributed teams, a sense of engagement belonging to the teams which are working in silos, and also empowering teams to take decisions to work in an agile fashion, and not just, you know, ingrained in a very structured way of processes.” CT: What do you believe are your best qualities as a leader, and what’s your timeline of achievement? Srivastava: “I think short-term results and motivation [are] definitely required, especially in a startup. We have a line of sight for about two to three months. How do you create clarity on the priority-setting for your employees? You pay for their performance – rewarding them in the short term is going to be critical. As for the long term, how do you engage the workforce to retain [them]? How do they get a sense of purpose in defining and achieving the vision for the organization in the long run?” “So, it’s going to be a combination of both. How do we achieve both short term in terms of attraction and retention, and long term in terms of belonging and engagement?” CT: Are you planning to interact and engage your employees in the Metaverse space, or will it be solely via video conferencing platforms such as Zoom? Srivastava: “I don’t have to have that experience. It’s new for me, and a transition, but I’m really excited to try out new things in the Web3 space.” CT: Polygon has recorded an employee increase of 400% over the past year to 500 team members. Do you believe that’s a sustainable strategy moving forward bearing in mind the current crypto bear market, and increase in layoffs we’re seeing at companies such as Coinbase and Gemini? Srivastava: “We are very conscious of the way we are operating. We want to scale the organization, and not just the number of people that we want to hire, [but] to create high-performing, lean teams. For now, I won’t say that we are going to continue with a 400% growth rate, but whatever makes sense for us to create a sustainable Web3 platform, we will definitely do that.” Related: Polygon launches ‘Supernet’ chains, pledges $100M to Web3 developersCT: What do you believe will be your biggest challenges in the role, and what are your biggest ambitions? Srivastava: “I would say in terms of the biggest challenge, […] how do we create an ecosystem where we are able to employ people, keeping in mind the legality and regulations of a particular country? “The second one is bringing together all the teams who are based across the world in a remote-first environment and create a sense of teamwork, cohesiveness, engagement and a sense of purpose.” So, these are two top-of-mind things at the moment. And then later on, how do we re-look at HR technology for a Web3 organization, especially given how distributed platforms are working?” 

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Tether deploys new USDT token on the Tezos blockchain

Leading cryptocurrency stablecoin Tether has announced the launch of a new asset, Tether (USDT) tokens built on the Tezos blockchain, and with the ambition of expanding their digital footprint across the digital payments and decentralized finance (DeFi) sector.According to the press release, “USDT on Tezos will power revolutionary applications across payments, DeFi, and more.” In conversation with a Tether representative, greater context was provided as to the intended utility of Tether tokens:“Tether tokens are not an investment but a utility for engaging in internet commerce, combating volatility, and providing a safe haven for remittances. Tether tokens can be securely stored, sent, and received across the blockchain and are redeemable for the underlying asset, subject to the terms of service and fee schedule.”The representative continued onto reveal the names of the 12 blockchains, including Tezos, on which the asset will become accessible:Related: Tether’s reported bank partner Capital Union shares its crypto strategy“Tether currently supports transfers on a diverse and growing list of blockchains including Solana, Ethereum, Kusama, Avalanche, Polkadot, Algorand, EOS, Liquid Network, Omni, TRON and Bitcoin Cash’s Standard Ledger Protocol.”CTO at Tether, Paolo Ardoino, spoke highly of the launch, anticipating that it will support Tether’s growth across the coming years.“Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.”

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