Unfortunately, this was not the best moment to celebrate the bitcoin market. However, the venue was reserved and the audience had come, so the performance went on as planned.
On Wednesday, a few hundred people gathered at the Faena Forum in South Beach, Miami, for the Crypties, an awards ceremony billing itself as the Oscars for Web 3.0. This came shortly after Sam Bankman-Fried gave a livestreamed interview to The New York Times to dispel the notion that he was the Bernie Madoff of the blockchain.
Winners in 10 categories, such as NFT Project of the Year and Metaverse Project of the Year, will be announced at the end of the night. Cryptocurrency platform Ethereum co-founder Joseph Lubin backed the event’s organiser, film and production business Decrypt Studios.
By the time June rolled around and the Crypties were announced, Bitcoin and Ethereum had both lost almost half their peak value in an industry-wide crisis that had sent over $1 trillion up in virtual smoke. This was followed by the recent multibillion dollar collapse of Mr. Bankman-trading Fried’s platforms, Alameda Research and FTX, which has further shook the sector.
The Crypties were not cancelled due to the financial disasters. Rem Koolhaas’s Forum, a cultural centre open to the public, sold out months in advance. A large number of invited guests flew in from different parts of the nation.
It wasn’t like the photographers were camping out on the red carpet outside the venue, but the organisers had to make the most of a bad situation.
Sipping a hurricane, Decrypt Studios’ founder Alanna Roazzi-Laforet observed, “There is always danger in the financial markets.” This was on the Forum’s second level.
Black tie attire was recommended but not required. But in a field where sweats are considered formal attire, and with comedian Josh Ostrovsky, aka The Fat Jewish, chosen as the gala’s M.C., the spotlight was firmly on non-required.
A DJ played Avicii’s remix of Coldplay’s “A Sky Full of Stars” at around 7 o’clock, with a violinist named Tamara providing live accompaniment. Miniature lobster rolls were served by the wait staff. Between bouts of macabre humour, the attendees at the cocktail party talked shop about how the next generation of technology would usher in the end of the world as we know it.
At that that moment, visitors began making their way up the stairs to a white, domed room that resembled an art deco planetarium. Three enormous LCD panels were set up centre stage, each showing a picture of a volcano that was designed to evoke an image of the disruptive metaverse. After many minutes of nonstop EDM, a voice blared out of the speakers.
All these coins will be useless in the future, he added, since “your dubious friends and your out-of-touch parents have informed you that cryptocurrency was a fleeting craze.” “Right? However, here at the Faena Forum tonight, we boldly declare, “Only some of them!” Right? Are my assumptions correct?
Odell Beckham Jr., the NFL wide receiver who revealed in November 2021 that he would be paid in Bitcoin just as its value was beginning to fall, was shown on the displays behind him. Then in 2018, the Securities and Exchange Commission penalised boxer Floyd Mayweather Jr. and rapper/music producer DJ Khaled for promoting digital tokens without disclosing that they had been paid to do so.
The screen next showed a photo of Kim Kardashian, who settled with the SEC in October for $1.26 million for violating the SEC’s guidelines on the advertising of investment opportunities.
Odell Beckham Jr., the football star who stated in November 2021 that he would accept his wage in Bitcoin just as its value was beginning to collapse, was shown on the displays behind him. Then, in 2018, the Securities and Exchange Commission penalised boxer Floyd Mayweather Jr. and rapper/music producer DJ Khaled for promoting digital tokens without disclosing that they had been paid to do so.
The screen then showed a picture of Kim Kardashian, who settled with the Securities and Exchange Commission in October for $1.26 million for violating the S.E.C.’s regulations on the advertising of investment opportunities.
