‘This Is a Great Time To Buy’: NFT.NYC Attendees See Opportunity In Crypto Chaos
Even by the standards of a Times Square conference, NFT.NYC feels chaotic. Inside the New York Marriott Marquis, thousands of lovers of Bored Apes and cartoon Doodles rush by one another, up and down escalators, although it isn’t always clear in search of what. Ravers dance in the lobby and a marching band plays on the floor above. People don T-Shirts that exclaim “Satoshi is a female,” baseball caps that warn “This is not financial advice,” and stickers that read “WAGMI”—the crypto-friendly acronym for the rallying cry “We're all gonna make it.” (“PLEASE DO NOT PUT STICKERS ON WATER COOLERS,” ownership states throughout the premises.)
Whether they will all make it remains a matter of debate. Outside the walls of the conference, the broader cryptocurrency economy is grappling with a string of injuries, controversies, and embarrassments. Bitcoin and Ethereum have crashed. Stablecoins suddenly don’t seem so stable. The $10 billion crypto hedge fund Three Arrows Capital made overleveraged bets so catastrophic that it now threatens the financial stability of its associated lenders. A broader inflationary crisis has led to rising interest rates, emergency plans to reduce national gas prices, and whispers of recession.