The NFT.NYC event runs June 20-23, with a conference at Palladium Times Square. Could it bring in new investor interest and help NFTs go up in value again?
NFT.NYC (with a website of the same name nft.nyc) has been described as the Superbowl of NFTs and like Woodstock for NFT investors, traders and collectors. It’s supported by Polygon Studios and Moonpay.
This year’s NFT.NYC is the 4th annual NFT industry get together, with the event having been founded in 2019. It centres around the largest NFT conference in the world held at Palladium Times Square, 1515 Broadway, on June 21-23.
The Doodles NFT collection artists will be making a keynote presentation, premiering new products and holding an after party.
Other speakers are set to include 0age, Head of Protocol at the largest NFT marketplace OpenSea, co-founder of Rarible marketplace Alexander Salnikov, Nansen CEO Alex Svanevik, product designer at Coinbase NFT Alexander Mayes, Amy Wu of FTX Ventures, and more.
Will NFTs Recover?
Many blue chip NFTs have corrected in floor price after topping in early May 2022. The Bored Ape Yacht Club hit an over 150 ETH floor on May 1st, and Doodles topped at 24ETH on May 3rd. Now as of June and day one of NFT.NYC those are at 92 ETH and 13 ETH.
On May 12th the crypto market was rocked by the Terra (LUNA) and UST crash. That was followed by Bitcoin losing $30k, the Celsius and Three Arrows Capital FUD, and then Bitcoin dipping under $20k.
Those had a knock on effect on Ethereum, especially as Celsius held large amounts of ETH. The ETH price hit $881 on Binance on June 18th.
NFTs are a separate asset class to crypto in some ways, but also related – and their value being linked to ETH caused many to be sold off in the panic. OpenSea was also hit by allegations of NFT insider trading on the part of one ex-employee.
The NFT event in NYC could however be a show of strength for non-fungible tokens and bring in more retail investor interest. Some NFT collections also still succeeded during the NFT bear market, such as Goblintown.wtf.
One of the most respected crypto traders on Twitter DonAlt (@CryptoDonAlt) bought the BAYC dip, buying a Bored Ape NFT. Also despite the wick under $900 this weekend ETH put in a strong bounce to recover and close at $1,128 on the weekly chart.
In the past 24 hours, many of the floor prices of the top 10 NFTs are up by double digit percentages – all ten are in the green today, up from 8-35%.
Update – NFT NYC 2022 ended up pulling in 5000 attendees, the largest showing to date.
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