NFTs and crypto are around to stay, said the former BitMEX CEO: “It’s almost like a religion”
Speaking at Coindesk’s I.D.E.A.S conference, former BitMEX CEO Arthur Hayes offered some interesting advice to the audience — “invest with the living, not with the dead.”
During his virtual keynote presentation on NFTs and culture, Hayes spoke on the importance of investing in products that were aimed at younger generations that had wealth to spend in the future, rather than an older, more traditional generation that will soon exit the markets for good.
To illustrate his point, Hayes projected two photos side by side in his presentation: 3D NFTs on the left as "The Future", and a red carpet photograph of Vogue’s Anna Wintour on the right as "The Past." He then stated: “Do you want to invest in a platform that caters to dead people?” Note that Anna Wintour, the editor-in-chief of Vogue since 1988, is still alive at 72 years old.
The overall trading volumes of NFTs has taken a hit over the past few months as the crypto bear market continues. Data on CoinMarketCap shows that NFT sales volume is down a little more than 63% in the past 30 days.
However, when asked how to reconcile the recent big dips in NFT trading volume, Hayes countered that even if “99%” of NFT projects are down and “people [think] the art you like is tacky, these ‘worthless JPEGS’ are still being traded.”
NFTs and crypto are around to stay, said Hayes:
“It’s almost like a religion”
In Hayes’s opinion, harnessing the excitement that celebrities bring to public culture and adding in a financial aspect is what makes investing in NFT businesses so attractive. Using the example of Michael Jackson — whom Hayes put forward as his favorite singer — he noted that creating NFTs associated with MJ would bring instant monetization to simply being a fan. The excitement for a star is there either way, Hayes noted, so why not get rich while being excited?
Hayes then added that businesses enabling NFT-powered culture in this way also cater to a wider audience than just the small subset of the financially savvy:
“I don’t need to learn about derivatives or what an option is — I just want to buy my favorite star’s tokens.”
Hayes is far from the first to point out the money making opportunities by linking NFTs and celebrity fandoms. K-pop band BTS’s parent company announced plans earlier this year to mint NFTs despite blowback about environmental concerns, Muse’s NFT album topped the U.K. charts this fall and Paris Hilton will soon sell digital goods and interact with her fans in metaverse platform The Sandbox.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
