Consensus 2022 began this week in Austin.
This is a conference held by media company CoinDesk and focuses on Decentralized Autonomous Organizations known as Web 3, Cryptocurrencies, DAOs, Non-Fungible Tokens, or NFTs, Metaverse, etc.
Hundreds of people participated in the first consensus of 2015, with more than 17,000 registered ticket holders. The general admission ticket costs about $ 1,600 and both the more expensive ProPass and PiranhaPass are sold out.
The consensus has more than 600 speakers on 23 stages and extends to the Austin Convention Center, Hilton, Fairmount, and various other venues in downtown. On a smaller scale, it has a South by Southwest atmosphere.
There’s a solid sense of FOMO, all programming and exhibitions happening at the same time, with dozens of happy times, parties, gallery shows, DJs, bands and even casino nights.
Michael Casey, Chief Content Officer at CoinDesk, said the event also occurred during periods of turmoil in the U.S. economy, the COVID-19 pandemic was still protracted, inflation soared, gas prices soared, and Russia. Tensions have arisen from the war between Russia and Ukraine. , During his Friday opening remarks. Like the stock market, cryptocurrencies are experiencing some turmoil. Bitcoin has been around $ 29,333, up from a record high of $ 68,990 in November 2021. Ethereum also fell from a record high of $ 4,865 in November 2021 to $ 1,676.
Besides, there were cryptocurrency failures and frauds, Casey said.
According to CNBC, the recent collapse of the Terra project “has caused a total loss of about $ 60 billion between Stablecoin, also known as UST, and its sister cryptocurrency Luna.” In some consensus sessions, we’ll find out what went wrong.
“Since the beginning of 2021, more than 46,000 people have reported losing more than $ 1 billion in cryptocurrencies in fraud,” according to the Federal Trade Commission.
However, despite massive fluctuations, failed companies and fraud, cryptocurrencies have gained a strong foothold globally and increasingly in the United States. In September 2021, the Republic of El Salvador became the first country to adopt Bitcoin as legal tender. The consensus is attended by several members of Parliament and the Biden administration as speakers to discuss regulation and consumer protection. But they are also talking about establishing stablecoin and creating digital dollars.
According to CNBC, China recently announced the Digital RMB or e-CNY. This is not a cryptocurrency, but a digital version of the sovereign currency issued and controlled by the People’s Bank of China.
And NFTs have opened up a whole new way for artists and creatives to make money in the digital age. Several major brands such as Mastercard, Anheuser-Busch, Pepsi and the NBA are also adopting NFTs as a way to interact with their viewers.
There’s a lot to talk about the Metaverse conference, but when the consensus held its final conference in New York in 2019, it wasn’t really a topic.
The consensus organizer has decided to move the event to Austin because it has the infrastructure to handle a large number of people, Casey said.
“Leaving New York was a big decision, but Austin made the transition smooth,” he said.
Mayor Steve Adler said Austin is known as a risk-taking tolerant city, which creates innovation and drives progress.
“This is an innovative, creative and entrepreneurial city,” Adler said.