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This week was marked by another crypto conference. The Crypto Bahamas Conference was held south of the previous Bitcoin Conference, the crypto community gathered in Nassau in the Bahamas.

The conference consisted of diverse panel discussions. Crypto Bahamas participants talked over various topics in the field of crypto, including NFT, Web 3 integration and the use of cryptocurrencies in sports. It is worth noting that a separate slot was allocated to discuss the topic “NFTs: Culture, Utility and Regulation”.

The initiators and organizers of the event were one of the world’s leading crypto exchanges FTX and the SALT project a.k.a SkyBridge Alternatives. A little less than a year ago, in September 2021, FTX moved its headquarters from Hong Kong to the Bahamas, and also signed a long-term partnership contract with Anthony Scaramucci’s SkyBridge Capital, SALT’s founding company.

The panel discussion on the prospects of the NFT could boast interesting speakers with different points of view. Tristan Yver, head of strategy at FTX U.S., Joseph Doll, attorney at Fenwick legal firm, Roham Gharegozlou, chief executive officer at Dapper Labs, and Sarah Hammer, managing director of The Stevens Center for Innovation in Finance at The Wharton School, were among the NFT panelists. Zack Guzman, a writer for Meta’s Bulletin newsletter platform, served as the moderator.

The presenters discussed a lot on the growth of the NFT community, as well as how to protect it in the face of growing fraud and scams on predominant platforms like Discord and Twitter, where the audience gathers.

The CEO of Dapper Labs, Roham Gharegozlou, emphasized how immature the assessments of this area can be when “most people have only been thinking about it for a year and a half.”  He also stressed that “utility, rewards and the how you value and NFT is primarily based on the strength of that of the community.”

Tristan Yver spoke on the topic of community security, especially when buying NFTs. He believes that for the audience to grow, it is necessary to make sure that the environment they are immersed in is safe.

We need to move past security aspects to be able to really bring in the next large mass of users.” – Yver said.

He advised users to use the help of family and friends or moderators in the Discord to make sure “you click the right link when minting that NFT” because “wallet security sucks right now.” According to Yver, it is not worth relying on the security of the wallet now. However, Joseph Doll pointed out that getting scammed is a “part of the journey.”

Gharegozlou also suggested that Twitter’s new owner, Elon Musk, adopt Web3 to solve the company’s fraud problem, just as Discord should employ Web3 authentication and verification. “Once NFTs are the sort of identity bridge across all these different social networks, identity and assets, authenticity, provenance,” then the system can be more resilient he added.

The head of the Cypher business accelerator at Wharton business school announced the creation of a special incubator for NFT projects in collaboration with Dapper Labs. She is confident that to develop NFT as a business model of the future, it is necessary to strengthen educational processes.

The Bahamas’ government has announced that people would be able to pay taxes in 2022 using digital assets, including the world’s first central bank digital currency (CBDC).

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