Consensus Conference Brings Light on Cryptocurrency, DAOs, NFTs, Metaverses and More in Austin

NFT Gallery at Consensus 2022 in Austin

Consensus 2022 begins in Austin this week.

This is a conference organized by media company CoinDesk, focusing on Web 3, Cryptocurrency, Decentralized Autonomous Organizations, known as DAOs, Non-Fungible Tokens or NFTs, Metaverses, and more.

Several hundred people attended the first Consensus in 2015, and it had more than 17,000 registered ticket holders. A total admission ticket costs nearly $ 1,600, and the more expensive ProPass and Piranha passes are both on sale.

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The consensus has more than 600 speakers on 23 stages and is spread across the Austin Convention Center, Hilton, Fairmount and various downtown locations. It has a southwestern feel on a smaller scale.

There’s a specific FOMO feel to all the lines and exhibits happening at once, in addition to lots of fun hours, parties, gallery movies, DJs, bands, and even an evening of except.

The activity will also take place during a turbulent period in the US economy with the ongoing COVID-19 pandemic, rising inflation, rising gas prices and tensions created by the war between Russia and Ukraine, as by Michael Casey, Chief Content Officer for CoinDesk. , during his opening speech on Friday. Cryptocurrency, like the stock market, has also experienced some turmoil. Bitcoin flew around $ 29,333, from a long -term high of $ 68,990 in November 2021. And Ethereum fell to $ 1,676, from a long -term high of $ 4,865, also in November 2021.

What’s more, there are cryptocurrency failures and scams, Casey said.

Recently, the collapse of the Terra project “resulted in a combined loss of approximately $ 60 billion between stablecoin, also known as UST, and its sister cryptocurrency space,” according to CNBC. Some Consensus sessions looked at what was wrong.

“Since the start of 2021, more than 46,000 people have reported losing more than $ 1 billion in crypto to scams,” according to the Federal Trade Commission.

But despite huge volatility, bankrupt companies, and scams, cryptocurrency is gaining traction around the world and growing in the United States. In September 2021, the Republic of El Salvador became the first country to adopt Bitcoin as a legal tender. Consensus has members of Congress and the Biden administration present and as speakers discussing regulation and consumer protection. But they also talked about building stablecoin and making a digital dollar.

Recently, China unveiled the digital yuan or e-CNY, a digital version of its sovereign currency that is not cryptocurrency but is issued and controlled by the People’s Bank of China, according to CNBC.

And NFTs open up a whole new way for artists and creators to make money in the digital age. Some major brands, including Mastercard, Anheuser-Busch, Pepsi, and the NBA, have also embraced NFTs as a way to engage with their audiences.

There were also a lot of talks at the Metaverse conference, which was never a topic when Consensus held its last conference in New York in 2019.

The consensus organizers decided to move the event to Austin because it has the infrastructure to manage a lot of people, Casey said.

“It was a big decision to leave New York. But Austin made a smooth move,” he said.

Mayor Steve Adler said Austin is known as a town with a tolerance to take risks and that’s what creates innovation and drives growth.

“It’s a town that’s innovative, creative and entrepreneurial at its core,” Adler said.

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