Bermuda needs NFT and blockchain policies, says entrepreneur – The Royal Gazette
Updated: Oct 31, 2022 07:41
Panelist Chris Christmas, left, uses panelist Karee Luna’s sneaker to illustrate a point at the 2022 Bermuda Tech Summit (Photograph by Jessie Moniz Hardy)
Bermuda could be a leader in the blockchain industry, but the island needs a progressive and meaningful policy first, according to a newly settled tech entrepreneur in Bermuda.
Chris Christmas, founder of Bloktime, said The Royal Gazette it is not so much the absence of a specific policy as the absence of a general policy.
“I will be sitting down with the Bermuda Monetary Authority to discuss how to develop a policy and be more progressive so that more companies invest in this market, due to your NFT and NFT friendly policies. chips,” he said. . “I have about five or six patents on this platform, so they’re looking into that.”
Bloktime uses non-fungible tokens to help brands authenticate products and grow revenue over multiple cycles.
Speaker in the panel In conversation about NFTs at At the Bermuda Tech Summit 2022, Mr. Christmas said that blockchain and web3 are so new that Bermuda could lead the innovation.
“You could introduce new ways of politics and new ways of funding,” he said. “You have insurance companies that could also be part of it. If you understood the power of blockchain and its impact on a global scale, this country could be the leader. You just have to be open-minded.
“Technology is a big thing for us, it’s not a restriction. It allows us to do more things. And you have to look at today’s youth as assets.
Bermudian Karee Luna, graphic designer and founder of Hai Tyde, was also a panelist. Hai Tyde helps artists and businesses bring an NFT component to their product and project launches.
“There needs to be a lot more education in Bermuda about NFTs,” she said.
This week, she organized What is NFT workshops, designed to educate the local community about NFTs.
“Even just trying to organize the event, it took almost a year to do it because people didn’t quite understand it,” she said. “Now they’re starting to do it. But I think a year ago it’s going so fast. Later today at What is NFTwe will learn what an NFT is, what a wallet is.
Moderator Simone Smith-Bean, Managing Director of Smith-Bean Co, said that when NFTs first hit the market, people were puzzled that people were spending large sums of money on GIF and in pictures.
“It changes so much over the years,” Ms. Smith-Bean said. “Now NFTs are used in many other ways.”
Mr Christmas said: “I almost think we should change the word to something that lets people understand that this is a digital certificate that has features unique to that certificate and allows for open transparency .”
Ms. Luna said many young people already understand the concepts involved in NFTs and blockchain.
“It’s actually older people like me who struggle with the concept,” she admitted. “Some of the young people tell me yes, I told my dad what to invest in. In a year you will be sitting here and someone much younger than me will talk about it.”
Mr. Christmas said one problem is that many programmers today are not trained in Solidity, one of the most common programming languages for Ethereum.
“If you don’t learn to program for Ethereum, you won’t be able to upgrade in the future,” he said. “So today we need to move our education systems towards blockchain programmers, and get young people into 3D, graphic design and animation, things that will prepare them for the future so that Bermuda can be a leading country in blockchain.”
The three-day Tech Summit 2022 ends today. It is presented by the Bermuda Business Development Agency in partnership with the government’s Department of Economic Development and fintech industry association, NEXT Bermuda.
For more information see www.bda.bm/events/bermuda-tech-summit-2022