Home Business Bullish Event Draws Crowds to New York Amid Crypto Bear Market

Bullish Event Draws Crowds to New York Amid Crypto Bear Market

Bullish Event Draws Crowds to New York Amid Crypto Bear Market
  • Crypto enthusiasts, Web3 founders and investors gathered at the Messari Mainnet in New York this week.
  • The tone was decidedly optimistic, despite bitcoin, ether and other digital assets struggling in a bear market.
  • Here’s a preview of the event from Insider’s Phil Rosen.

The Messari Mainnet crypto conference in New York drew around 2,000 in-person attendees this week, with optimism still high and conference attendees ready to party — even though bitcoin and ether, the two most major cryptocurrencies by market cap, are each down more than 60% this year.

“The enthusiasm is definitely back to where we were before the bear market,” said Shahzad Nathani, head of partnerships at the blockchain firm. Shardeumsaid Insider at Pier 36, the conference venue in east Manhattan.

The NFT market, like crypto, crashed in 2022. In the week leading up to Mainnet, the stock market valuations for two of the most popular collections, Bored Ape Yacht Club and Cryptopunks, were down 21% and 19% respectively.

A ticket to the three-day Mainnet conference costs $2,100, providing access to three days of panels featuring nearly 300 speakers ranging from Ethereum co-founder Vitalik Buterin to small asset managers and industry executives. space.

Mainnet Conference 2022

A view of a stage at the Mainnet 2022 conference.

Phil Rosen / Insider

“There’s a lot of excitement,” Nathani said. “People are focused on how to build for the future, so we don’t fall into the trap of just being a speculative space. I think we’re ready for the next leap in the next six months at a year.”

“The bear market just means more construction”

Nathani, like a dozen other attendees I spoke to this week, is oblivious to the crypto winter and is increasingly optimistic about what’s next.

Some pointed to promising venture capital funding – how angel investors are always willing to invest in promising startups. Others highlighted new partnerships that came to fruition this week at late-night parties, on rooftops, or over handshakes and coffee.

“The bear market just means more construction,” Brandon Rochon, senior data scientist at Covalent, told Insider.

Echoing this, Brandon Neal, COO of Euler Labs, explained that Mainnet feels optimistic as the industry continues to mature. Those who have been in the crypto space long enough, he said, understand that the next wave of crypto adoption is always coming whether the economy is choppy or not.

Messari Mainnet Conference 2022

Messari Mainnet, 2022.

Phil Rosen / Insider

Lisa Fridman, President of the Metaverse Society quadratesaid an unstable market actually opens the door for founders, as investors have a clearer picture of winners and losers in the space.

“In a tougher environment, it’s easier to identify stronger, more attractive opportunities, because in a stronger market, there’s just a lot of hype and capital around so many projects,” Fridman said. to Insider.

“We’ve had many deep conversations about where the space is heading, how to improve products, how to increase adoption, and how to retain new users in the next cycle,” Rochon added. “There is less noise to sift through and everyone is focused on creating better products.”

After parties, rooftop parties, yacht parties

As with events in any industry, Mainnet had its fair share of festivities once the day’s discussions were over.

From Tuesday to Thursday, I attended 10 occasions and satellite events sponsored by Mainnet. Most of the people I spoke to at these receptions were still bullish on crypto, even as it struggled against its bear market, but were also keen to stress the importance of community events as highlighted by Mainnet.

At a cocktail party on the 76th floor of the World Trade Center, an employee of a blockchain company told me that she expected the sense of community around the conference to remind people why they got involved. in the digital asset space first.

Messari Mainnet Conference 2022, World Trade Center

The view from an outdoor terrace of the World Trade Center.

Phil Rosen / Insider

On every rooftop I found myself in throughout the week, I had similar conversations with speakers. I spoke to founders in the crypto and Web3 space who promised to deliver projects with tight-knit communities and real-world utilities. Others told me about new play-to-earn video games based on blockchain technology, while others turned to “phygitals”, a new mix between physical and digital spaces or products. The focus and enthusiasm for new projects was high and seemingly undeterred by this year’s tough market.

Thursday night, a party on a yacht charged $1,000 per person to attend (a separate cost from the $2,100 Mainnet ticket). The boat took guests for four hours of festivities on the East River.

While surely brilliant, more than one attendee noted the disconnect in tone between these lavish events and the reality of a crypto market that has gone from a total value of $2.8 trillion last November to less than $1 trillion this week.

Philip Shoemaker, founder of Identity, a nonprofit focused on identification services, admitted the bubble burst this year but said it could build momentum.

“That’s when this community comes together in a unique and supportive way,” he said. “We have been through this type of market before and we will continue to grow together.”


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