Vibes hold steady at crypto conferences amid bearish market – TechCrunch

It’s been a tough month for the global cryptocurrency market. And yet, community members are non-stop gathering to network, learn, and celebrate in what feels like a seemingly never-ending loop of crypto conferences.

But there seems to be a slight shift in sentiment between a few weeks ago when I attended the joint FTX and SALT conference, Crypto Bahamasuntil last week when thousands of people gathered in West Palm Beach for the Permissionless Conference co-hosted by Bankless (and, disclaimer, my former employer) blocks.

There were mixed feelings at the event from people deeply rooted in the crypto world. Some attendees were cranky, others fresh, vivacious, and excited to meet others in the room, while many had their heads in their laptops or faces close to their phones as they attempted to work amid crypto winter conversations and hookups to tie. But overall, many participants seemed unfazed by the current market volatility.

The past month has been a rough one for the crypto market, whose total market cap has fallen 29% from $1.9 billion the previous month to $1.35 billion on May 22, according to CoinGecko Data.

“Whenever crypto conferences happen, you never know if the market will be bearish or bullish during the week of the event,” Ty Blackard, chief product officer at NFTY Labs, told TechCrunch.

To Permissionless’ credit, the main stage space was packed with over 2,000 people – not to mention smaller breakout rooms that crammed with hundreds of people – and there was standing room only for many of the sessions. I can’t remember the last time I went to a conference with a crowded room – but first-hand, the people who attended couldn’t get enough of the content.

“That [time] sucks, but also good for removing some scum from the ecosystem,” Ed Sim, founder and managing partner of boldstart ventures, told TechCrunch. “True builders and believers will stay and continue to build.”

I spoke to a handful of attendees at the event who lost their jobs — or feared layoffs — and their entire crypto investments after Terraform Labs’ algorithmic stablecoin TerraUSD (VAT) and cryptocurrency LUNA crashed over 99% in a matter of days, shaking and bring down the entire crypto ecosystem with you.

What was supposed to be a fun event for many attendees suddenly became a job fair for some as they meandered through the sponsored booths, shaking hands and making small talk in hopes of meeting future potential employers.

Don’t get me wrong – there was plenty of fun throughout the event too, from a series of open-tab barcrawls to invite-only parties on $40M yachts and multi-million dollar estates. But in a way, it felt wrong to celebrate while the crypto economy was crashing or coming close.

Vibes hold steady at crypto conferences amid bearish market – TechCrunch Source link Vibes hold steady at crypto conferences amid bearish market – TechCrunch

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